The market for solid buoyancy is expanding as a result of numerous causes. The rising demand for scuba diving gear is one of the main factors. This is because recreational scuba diving is becoming more and more well-liked. The offshore oil exploration sector is also a significant market driver for SBM. This is due to the fact that SBM is utilised in numerous offshore oil exploration applications, including floating rigs and platforms. The usage of SBM in the construction of floating bridges and coastal defence projects is also anticipated to fuel market expansion.

This is due to the fact that SBM can be used to build structures like breakwaters, piers, and jetties that require considerable buoyancy. Likewise, this industry has expanded as a result of the growing demand for lightweight boats.

Many industries, including the maritime industry and the oil and gas industry, depend on the Solid Buoyancy Material (SBM) Market. Offshore constructions include floating production platforms, subsea trees, risers, and moorings that use SBM, a type of buoyancy material. For boats and other items that need to float or stay afloat in water, it gives flotation. SBM contributes significantly to operational safety by giving maritime activities a steady base. Additionally, by preventing unneeded damage from waves and currents, it can aid in environmental protection.

A substance used to provide buoyancy in water is known as a solid buoyancy material (SBM). Typically, foam or a substance with a high density and poor compressibility, like glass beads or metal pellets, is used to make it. Diverse uses for SBMs include scuba diving gear, offshore oil exploration, ocean buoys, and other flotation devices. Additionally, they are utilised in wakeboards and life jackets, two pieces of sporting goods.

By 2031, it is projected that the global market for solid buoyancy material (SBM) would be worth USD 6.7 billion, growing at a CAGR of 5.0% from 2021 to 2031.

The market is being driven by rising offshore activity as well as the marine industry's preference for lightweight gear. This expansion is related to both quick urbanisation and the rising energy demand.

The offshore oil exploration sector limits the SBM market. This is due to the fact that the offshore oil exploration sector uses a significant amount of solid buoyant material for a variety of purposes, including scuba diving gear, ocean buoys, and other items. The market for SBM is additionally constrained by the scuba diving equipment sector.

This is due to the fact that scuba diving gear employs a significant amount of solid buoyant material for a variety of purposes, including flotation devices and life jackets. Additionally, the ocean buoy business places additional restrictions on the SBM market.

This is due to the fact that ocean buoys make extensive use of solid buoyant material for a variety of purposes, including navigational aids and weather monitoring equipment. Finally, the high cost of production limits the growth of the SBM market. This is because the manufacture of SBM necessitates the utilisation of costly labour, raw materials, and other resources. The rise in offshore oil exploration activities and the rising demand for life jackets and buoyancy aids, however, are projected to drive up demand for SBM in the near future.

BASF SE (Germany), DowDuPont Inc. (U.S.), Huntsman International LLC (U.S.), Evonik Industries AG (Germany), and Sinopec Ltd. are the major market participants (China). These businesses are well-represented in North America and Asia Pacific, which are the two biggest markets for solid buoyancy materials. In the market for solid buoyancy materials, they too have varied product portfolios. Others who stand out among the competition are Solvay (Belgium), Lubrizol Corporation (U.S.), Mitsubishi Chemical Corporation (Japan), PolyOne Corporation (U.S.), Ashland Inc. (U.S.), Kraton Corporation (U.S.), NOVA Chemicals Corporation (Canada), and CABB Group AB (Sweden).

Segment Analysis

The Chemical Foam Buoyancy Material Segment emerged as the Most Lucrative Type

The market is segmented by type into, among others, composite lightweight buoyancy material, hollow glass bead buoyancy material, and chemical foam glass buoyancy material. Due to its excellent qualities, including cheap cost, recyclability, and environmental friendliness, chemical foam buoyancy material held the biggest market share among these sectors in 2020 and is expected to maintain its dominance during the anticipated time frame.

The Most Prominent Application is the Scuba Diving Equipment Segment

The market is divided into Scuba Diving Equipment, Offshore Oil Exploration, Ocean Buoys, and Others based on application. Scuba Diving Equipment is one of these, with a significant market share. This is due to the fact that it has a wide range of leisure and underwater exploration applications.

The Asia Pacific Region to render Ample Financing Opportunities

The Solid Buoyancy Material (SBM) Market is divided into five regions based on geography: North America, Europe, Asia Pacific, South America, and Middle East & Africa. As a result of rising demand from nations like China and India, the Asia Pacific region currently represents a sizeable portion of this market. Another important influencer is the region's abundance of manufacturers, who provide consumers with affordable choices. In the near future, the market is also anticipated to benefit from the region's rising economies.

COVID-19 Impact and Market Status

The global market for solid buoyancy material (SBM) has been significantly impacted by the COVID-19 pandemic epidemic. The market is anticipated to contract in 2020 as a result of a fall in demand for SBM from the offshore oil exploration and scuba diving equipment sectors. The closure of tourist locations and travel restrictions have had a substantial impact on the scuba diving sector. The decline in oil prices and the slowdown in economic activity have both had an effect on the offshore oil exploration business. When demand from these sectors resumes to pre-pandemic levels in 2021, the market is anticipated to recover.

Recent Developments in the Solid Buoyancy Material (SBM) Market

• Dow unveiled N-Tron 3600, a novel solid buoyancy material, in March 2020. It has exceptional mechanical qualities, an ultra-low density, and great water and corrosion resistance. It is developed to give superior performance in offshore buoyancy applications. Additionally, a variety of offshore platforms, including drilling rigs, production platforms, floating structures, and subsea structures have been evaluated and approved for usage with the material.

• Global EPS producer Synthos introduced Styroflex SBM in June 2020 as their latest solid buoyancy material. It is a cutting-edge, portable buoyancy solution that may be applied to a variety of buoyancy applications, such as oil and gas platforms, maritime machinery, and other floating structures. The substance has a great strength-to-weight ratio and outstanding water resistance, flexibility, and thermal insulation qualities.

• Global EPS producer Synthos introduced Styroflex SBM in June 2020 as their latest solid buoyancy material. It is a cutting-edge, portable buoyancy solution that may be applied to a variety of buoyancy applications, such as oil and gas platforms, maritime machinery, and other floating structures. The substance has a great strength-to-weight ratio and outstanding water resistance, flexibility, and thermal insulation qualities.

• ThermoFlex SBM is a new series of thermally insulated solid buoyancy materials that KAP Materials unveiled in December 2020. When compared to conventional foam core materials used in marine applications, the product line is created to provide higher thermal insulation performance while reducing weight. Products made with ThermoFlex SBM have a number of benefits, including increased capacity to conform to complex geometries and increased efficiency in heat transfer control systems.

• BioFoam Technologies introduced EcoFlex SBM, a solid buoyancy material, in May 2020. When compared to traditional foams and other buoyant materials, it offers higher performance and is a safe, non-toxic option for the environment. Offshore wind turbines, maritime vessels, oil & gas platforms, and pontoons are just a few of the possibilities for EcoFlex SBM, which is made from natural plant-based components.

Solid Buoyancy Material (SBM) Market Scope

Key Segments of the Solid Buoyancy Material (SBM) Market

Type Overview (USD Billion)
        • Chemical Foam Buoyancy Material 
        • Hollow Glass Bead Buoyancy Material 
        • Composite Lightweight Buoyancy Material
Application Overview (USD Billion)
        • Scuba Diving Equipment 
        • Offshore Oil Exploration 
        • Ocean Buoy 
        • Other
Regional Overview (USD Billion)
North America
        • U.S
        • Canada
Europe 
        • Germany
        • France
        • UK
        • Rest of Europe
Asia Pacific
        • China
        • India
        • Japan
        • Rest of Asia Pacific
South America
        • Mexico
        • Brazil
        • Rest of South America 
        • Middle East and South Africa