The global syntactic foam market size was US$ 115.1 billion in 2021. The global syntactic foam market is forecast to grow to US$ 218.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2030. 
Syntactic foam is a composite material created by combining hollow glass or ceramic matrices. It is an organized cluster of spheres, whereas foam describes a closed cellular structure. Due to their gas or air-filled material, syntactic foams have a low coefficient of thermal expansion, a high specific strength, and a lower overall density. PVC, metals, polymers, and other materials can all be substituted with syntactic foams. The highly ordered syntactic foams can be used in designs with several functions, such as those involving radar transparency, aeronautical constructions, microwave electronics, and EMI shielding.

Factors Influencing the Market
The growing application of syntactic foams in subsea activities is forecast to fuel the growth of the syntactic foam market during the forecast period. Moreover, the fact that syntactic foams offer unique mechanical properties makes them suitable for subsea applications below 700-meter depth. Apart from that, the extraordinary properties of syntactic foams, such as high compressive strength, high buoyancy per kilogram, and low water absorption will drive the growth of the market during the study period. 
Apart from that, syntactic foam is also considered ideal for application in underwater vehicles, spacecraft, boat hulls, Deepwater pipe insulation, and even soccer balls. All of these factors will significantly fuel the growth of the syntactic foam market during the study period. 
Due to its high hygroscopic and hydrostatic strength, impact absorption, and high stiffness at low density, hybrid syntactic foams are becoming more and more popular today. These are suitable for a variety of applications, such as thermal insulation, subsea, and marine applications. Because of their continuous dielectric characteristics at extreme depths, they are also utilized as guide insulators in the aerospace and aviation industries.
On the contrary, the high costs associated with transportation and logistics may limit the growth of the syntactic foam market during the forecast period.

COVID-19 Impact Analysis
The market for syntactic foam registered a significant decline in terms of revenue. This loss is attributed to the disruption of raw material supply and unavailability of labor. Thus, it negatively affected the syntactic foam market.

Regional Analysis
North America is forecast to hold the largest share in the syntactic foam market, owing to the growing use of syntactic foam in the marine & subsea industries, majorly in Canada, the US, and Mexico.

Competitors in the Market
• Trelleborg AB
• Engineered Syntactic Systems
• Diab International AB
• SynFoam
• Floatex
• ALSEAMAR
• Deepwater Buoyancy
• CMT Materials
• Other prominent players

Market Segmentation
The global syntactic foam market segmentation focuses on Matrix, Form, End-User, and Region. 
By Matrix Type
• Metal
• Polymer
• Ceramic
By Form
• Sheet & Rod
• Blocks
By End-User
• Marine& Subsea
• Automotive & Transportation
• Aerospace & Defense
• Sports & Leisure
• Others
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America