Solid Buoyancy Material (SBM) Market Size, Share, Growth, and Industry Analysis by Type (Chemical Foam Buoyancy Material, Hollow Glass Bead Buoyancy Material and Composite Lightweight Buoyancy Material) By Application (Scuba Diving Equipment, Offshore Oil Exploration, Ocean Buoy, and Others), Regional Insights, and Forecast To 2031

Updated On: 13 November 2023

Solid Buoyancy Material (SBM) Market Report Overview

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The global solid buoyancy material (SBM) market size is expected to be USD 644.1 million in 2022 and is projected to touch USD 847.69 million by 2031, exhibiting a CAGR of 3.1% during the forecast period.

The inorganic light weight filler material and the organic polymer material undergo a physical and chemical interaction to create the solid buoyant material, a type of solid compound. Solid buoyancy materials are frequently used in civil, commercial, and military applications due to their low density and high-pressure properties. Examples include the counterweight of equipment in water, floating or suspended floating cables and buoys, submarine cable burying equipment, zero buoyancy towing bodies, unmanned remotely operated submersibles, etc. Different usage circumstances necessitate different performance standards. High strength buoyant materials have several potential applications as marine technology advances. Additionally, because the solid buoyant material is necessary for later processing.

Generally speaking, the processing charge varies greatly depending on the many processing needs. The price we determined for this report mostly pertains to the ex-factory price of the solid buoyancy material itself and excludes processing expenses. The market share of chemical foam buoyancy materials is steadily decreasing, and at the moment hollow glass bead floating materials hold the highest market share in the manufacturing end. Hollow glass beads floating material clearly offers benefits over chemical foam buoyancy material. Increasing demand across various industries will boost the solid buoyancy material market growth in the future.

COVID-19 Impact:  Supply Chain Disruptions Damaged Market Outlook Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with solid buoyancy material experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 outbreak impacted the market in a negative way due to lockdowns and disrupted supply chains. The halt in travel and tourism industry due to government restrictions led to the reductions in earning both for the local people out there as well as for the industry and material market. Supply chain disruptions, workforce shortage, and lower-than-anticipated production across industries led to a negative demand in the market, causing the solid buoyancy material market share to decline during the COVID-19 pandemic.

LATEST TRENDS

"Growing Popularity Across Tourism Industry will Fuel Market Expansion"

As more tourists look to improve their seaside holidays, the diving equipment business is growing in popularity around the globe. The best diving locations are typically found along warm coastal zones. Additionally, there will likely be a lot of diving in the coastal areas with a good coral reef. The U.S. market is the most important one for diving equipment, while Australia is one of the major countries in the Asia-Pacific area for diving equipment. However, the number of diving activities is increasing in ASEAN nations like Thailand, Indonesia, and the Philippines. Increasing sea adventure and sports including sea diving and deep sea diving will create promising opportunities for the solid buoyancy material market in the forthcoming years. 

Solid Buoyancy Material (SBM) Market Segmentation

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• By Type Analysis

By type, market is segmented into chemical foam buoyancy material, hollow glass bead buoyancy material and composite lightweight buoyancy material. The chemical foam buoyancy will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is scuba diving equipment, offshore oil exploration, ocean buoy and other. The scuba diving equipment segment will lead the global share through 2028.

DRIVING FACTORS

"Expansion of Worldwide Tourism Industry to Support Market Growth"

The emergence of low-cost airlines and government attempts to enhance and promote travel and tourism have had a major influence on the world tourism sector. The expansion of the worldwide tourism business has a significant influence on the economic development of many locations, particularly popular tourist attractions like coastal areas. Travelers from all over the world frequently choose to visit seaside areas, particularly in the winter.

The areas that satisfy the three S criteria—Sea, Sand, and Sun—have the most demand from tourists travelling along the coast. Additionally, as more extreme sports emerge, recreational diving becomes increasingly popular among tourists, backpackers, and honeymooning couples. The solid buoyancy material market is expected to expand as a result of the spike in recreational demand.

"Rising Scuba Diving Activity to Push the Market Growth"

The scuba diving equipment industry is anticipated to rise due to the sport's positive effects on one's health. Scuba diving boosts the diver's oxygen intake and enhances the breathing process. When compared to unrestricted breathing, the process of breathing when scuba diving entails some resistance and a lot of effort. Maintaining physical fitness is made easier by scuba diving. Divers benefit from increased strength and endurance, a decrease in tension, and an hourly calorie burn of roughly 300. Scuba diving speeds up heartbeat and fortifies cardiac muscle. Consequently, the chances of coronary heart disease, heart failure, excessive cholesterol, and high blood pressure are decreased. Scuba diving also aids in lowering tension and anxiety levels. The regulated breathing necessary for scuba diving relieves physical tension. During the projected period, the advantages of scuba diving will favourably impact the expansion of the worldwide solid buoyancy material market during the forecast timeframe.

RESTRAINING FACTORS

"Performance Limitations Could Limit Product Adoption in the Future  "

Despite rising demand across various applications, including sea diving equipment and oil & gas exploration, several disadvantages could impact the market growth. Firstly, solid buoyancy materials do not cycle well. In addition, although a solid buoyancy material can be utilized for complete ocean depths, a macro foam syntactic or a combination, is not accepted beyond 10,000 fsw. Such factors could impact the solid buoyancy material market share in the future.

Solid Buoyancy Material (SBM) Market Regional Insights

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"North America to Dominate Owing to Rising Sea Adventure Activities"

North America is projected to dominate the solid buoyance material market share during 2022-2028. The regional growth is mainly driven by increasing participation in sea diving activity. In 2020, North America had the top spot in the market for scuba diving gear, followed by Europe, APAC, South America, and MEA. The U.S. led the North American scuba diving equipment market in 2019. In addition, growing deep water and ultra deep water exploration in the offshore industry will positively influence the market growth.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Trelleborg (Sweden)
• Matrix (U.S.)
• Balmoral (U.K.)
• Engineered Syntactic Systems (ESS) (U.S.)
• Diab Group (Sweden)
• Gurit (Switzerland)
• Floatex (Italy)
• Syntech (South Africa)
• Hubei Haishan Technology Co.,Ltd. (China)
• CBM Future (U.S.)
• AMMT (U.S.)
• Qingdao Evergreen Maritime Co., Ltd (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.