Global Buoyancy Material Market Size By Type (Chemical Foam, Hollow Glass Beads, Light Composite), By Application (Deep Submergence, Marin Oil Exploration, Ocean Buoy), By Geographic Scope And Forecast

Buoyancy Material Market Size And Forecast

Buoyancy Material Market size is valued at USD 1.49 Billion in the year 2021 and it is expected to reach USD 2.49 Billion in 2030, growing at a CAGR of 6.40% from 2023 to 2030.

The buoyant material industry is being propelled by expanding several sectors, including offshore oil and gas, defense, deep-sea mining, and maritime transportation, among aquaculture. The need for buoyant materials is expected to grow as demand for these sectors grows, creating several chances for market participants to build their businesses. The Global Buoyancy Material Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Buoyancy Material Market Definition

Buoyancy materials offer buoyancy or flotation to buildings or objects submerged beneath water or other liquids. Because of their low density and solid compressive property, these substances can displace a considerable volume of water while bearing huge loads. Offshore constructions, marine boats, subsea cables, pipelines, buoys, and other applications employ buoyancy materials. They are often utilized when the weight of an item must be offset by a force larger than the mass of the displaced liquid.

Polyurethane foam, expanded polystyrene (EPS), and syntactic foam are some of the most prevalent buoyancy materials. Because of its excellent strength-to-weight ratio and resilience to water acceptance, polyurethane foam is often employed in maritime applications. Because of its inexpensiveness and ease of setup, EPS is a lightweight foam frequently used in floating docks and buoys. Syntactic foam is a mixture of hollow ceramic or glass microspheres attached to a matrix of epoxy or polyurethane. It is often utilized in deep-sea situations requiring exceptional strength and stress resistance.

Global Buoyancy Material Market Overview

Buoyancy materials have a wide range of uses in various sectors, and their popularity is growing. Expanding the offshore oil and gas sector is a primary driver of the buoyant material business. Exploration operations in offshore areas are expanding in response to increased energy needs, and buoyant materials are widely employed for subsea purposes. These materials aid in the buoyancy of pipelines, risers, and various other subsea buildings, making them more stable and reducing damage from underwater solid currents. Furthermore, the use of buoyant materials in offshore constructions minimizes the requirement for heavy lifting devices, lowering installation and maintenance costs.

The rising need for unmanned underwater vehicles (UUVs) is another key driver of the buoyant material industry. Underwater assessments, maintenance, as well as exploration are common uses for such vehicles in the defense and oil and gas sectors. UUVs are designed using buoyancy materials to offer the required buoyancy and stability. The growing usage of UUVs will likely boost buoyant material demand in the future.

The growing use of deep-sea mining operations also raises the demand for buoyant substances. Deep-sea mining is gathering resources from the ocean floor, where buoyant materials are employed to sustain and maintain the mining equipment’s location. As the requirement for mineral resources and metals grows, so will the necessity for deep-sea mining, fueling the demand for buoyant materials.

Furthermore, the buoyant material market is predicted to increase in tandem with the rise of the maritime transport sector. Buoyancy materials are employed in building ships, boats, and other marine vessels to provide the buoyancy required to keep them afloat. With the growth of international commerce and the tourist sector, the need for ships is likely to expand, driving the demand for buoyant materials.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Buoyancy Material Market. We cover the major impacting factors driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Buoyancy Material Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global Buoyancy Material Market Segmentation Analysis

The Global Buoyancy Material Market is Segmented on the Basis of Type, Application, And Geography.

Buoyancy Material Market, By Type

• Chemical Foam
• Hollow Glass Beads
• Light Composite

Based on Product, the market is segmented into Chemical Foam, Hollow Glass Beads, Light Composite. The Light composite segment held a significant market share in the Buoyancy Material Market in 2021. Because of its lightweight and great strength, light composite buoyancy elements are growing more popular. They are employed in offshore oil and gas exploration, maritime building, and undersea exploration. Buoyancy chemicals are used in the oil and gas sector to maintain risers, pipelines, and various other equipment floating. Light composite buoyancy compounds have multiple benefits over traditional buoyant materials, including lower weight, increased longevity, and higher resistance against water absorption.

Buoyancy Material Market, By Application

• Deep Submergence
• Marin Oil Exploration
• Ocean Buoy
• Other

Based on Application, the market is segmented into Deep Submergence, Marin Oil Exploration, Ocean Buoy, Other. The deep submergence industry segment dominated the global Buoyancy Material Market with the highest market share in 2021. The rising need for oil and gas drives the usage of buoyant materials in maritime oil exploration. As land-based oil and gas stocks deplete, exploration turns to offshore sites, where resources remain plentiful. As a result, demand for subsea machinery utilized in discovering and extracting oil and gas deposits has increased.

Buoyancy Material Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the global Buoyancy Material Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North American region accounted for a significant market share in the global Buoyancy Material Market in 2021. The development of offshore oil and gas operations, rising demand for renewable energy resources, and the rise of the marine transportation industry are all predicted to increase North America’s buoyant material market in the future.

Key Players

The “Global Buoyancy Material Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are 3M Company, Airex AG, Armacell International S.A., BASF SE, BMT Group Ltd., Cellofoam GmbH & Co. KG, Diab Group (Röko AB), Gurit Holding AG, Hennecke GmbH, JSP Corporation, Recticel NV, Sekisui Chemical Co., Ltd., The Dow Chemical Company, Trelleborg AB, Zotefoams PLC, among others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

Key Developments

• In September 2022, Akadeum Life Sciences, Inc., a global pioneer in buoyancy-based cell separation technology, announced introducing of an industry-first early access program for the Microbubble Leukopak Human T Cell Isolation Kit. This innovative research-only kit was created to provide scientists with a crucial answer to physical and lab workflow difficulties.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of c