Metal foam market are widely used in various vehicular components such as vehicle body sheets, engine hoods, trunk lids, structural parts and others. Moreover, the use of metal foam market helps in reducing the overall weight of the automobile and ensuring fuel-efficiency which leads to the reduction of carbon emission. The product is extremely resistant to thermal shocks and assists in reducing the noise of the vehicle. Metal foam market forecast is driven by key applications in energy storage devices, rocket engines, tools armors, biomedical devices, filters and others.
Emergence of electric vehicles
Rising adoption of electric vehicles is projected to serve as lucrative opportunity for metal foam market manufacturers in various parts of the globe. In order to improve the performance of a vehicle, lightweight auto parts are important in electric vehicles which will drive the use of metal foam markets in electric vehicles.
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With strict government norms established by the governments and heavy investments made by the vehicle manufacturers, many premium automobile brands like BMW, Audi, MG and Mercedes Benz are venturing into the development of electric vehicles, indication notable adoption of metal foam market products.
Titanium metal foam market in aviation
Increase in purchasing power among people as compared to previous decades along with a considerable increase in defense and military budgets has propelled advancements in the aerospace sector. Metal foam markets are used in this industry instead of its alternatives to assist in the production of lightweight aviation parts.
Titanium metal foam market is witnessing exceeding demand due to its wide use in the aerospace sector. Prominent characteristics of the product such as superior resistance from corrosion, excellent strength and biocompatibility make it a viable option for high end applications.
These products carry the ability to offer superior strength at high temperatures. The product used in the aerospace industry comprises of nearly 90% porosity. Due to its excellent functional properties, metal foam market will experience extensive use in aerospace applications.
Improving economic stability in both developed and developing nations had amplified developments in the global automobile sector. Frequently changing consumer demands and the ability to spend on advanced automobile solutions led to unprecedented development in the industry. Reportedly, the production of vehicles across the globe had increased to 95 million units in 2018 as opposed to 77 million in the year 2010.
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Construction activities in Asia Pacific
In terms of regional prospects, Asia Pacific will emerge as a hotbed for metal foam market industry over the years due to a significant increase in the number of construction activities in the region to fulfil the commercial and residential infrastructural demands. Nations like China, Indonesia, India, Singapore and other countries in APAC have witnessed robust construction mainly due to rapid industrialization in the region supported by foreign direct investments from developed regions like Europe and North America.
Recent outbreak of coronavirus has hampered construction activities worldwide. However, metal foam markets are largely used in structural application and the constant increase in the infrastructure development in APAC will support the regional product demand. Another major factor supporting market consumption of metal foam market in APAC is the consistent rise in population and the subsequent need for improved housing solutions.
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