Global Microspheres Market: Mounting Demand from Construction Industry to Encourage Mass Production, finds TMR
The presence of numerous large and small-scale companies has made the global microspheres market highly fragmented, with these players striving to achieve an established position by introducing innovative products, states Transparency Market Research (TMR) in a research report. The leading companies are further engaging in backward integration for the manufacturing of advanced and innovative microspheres.
The key companies operating in the global microspheres market are Glass Microspheres, Polymer Microspheres, Ceramic Microspheres, Fly Ash Microspheres, Metallic Microspheres, Potters Industries LLC, Momentive Performance Materials Inc., Dennert Poraver GmbH, Akzo Nobel N.V., and 3M among others. The competition among these players is expected to intensify in the near future.
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The global microspheres market is likely to increase at a 12.4% CAGR from 2015 to 2023. In 2014, the market was valued at US$2.72 bn and is projected to touch US$7.77 bn by the end of 2023.
Glass Microspheres to Hold Leading Share but Polymer and Ceramic to Exhibit Strong Growth
According to a TMR analyst, “The raw material that gained prominence across the world and is likely to grow strongly over the next couple of years is glass microspheres.” The glass microspheres segment held the chief share of 50.0% in 2014 in the global microspheres market. However, in terms of growth, polymer microspheres and ceramic microspheres are anticipated to dominate the market until 2023. In the application segment, composites held the leading share in 2014. Owing to the superior structural properties of microspheres, their deployment is comparatively high in the production of advanced composite and construction materials.
Region-wise, the global microspheres market was dominated by North America in 2014 and is likely to maintain a dominant position until 2023. The North America market for microspheres was led by the U.S. owing to the rising investments by leading companies in the development of advanced and high-end microspheres. As a result of this, the applications of microspheres are further anticipated to expand in the coming years. The progress of the microspheres market in North America can also be attributed to the growing demand for high-end micro materials from the buildings and construction industry in the region. Nevertheless, Asia Pacific is anticipated to exhibit promising growth due to the proliferating number of applications of microspheres throughout various industries.
Market Growth to be Supported by Rising Consumption in Biotechnology and Life Science Sector
The credit of the growth of the global microspheres market can be given to the advancements in biotechnology and medical and life science. Microspheres find application in biotechnology and life sciences for drug delivery systems, skin treatments, and embolization. The upcoming lucrative opportunity for microspheres is likely to be the emerging market for medical technology in the coming years. Due to the growing demand for syntactic foams, ablative materials, and light-weight materials, the demand for microspheres is also expected to gain momentum in the aerospace industry. The consumption of microspheres is expected to rise across end users owing to low specific gravity and auto-reflectiveness.
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However, the fluctuating prices of raw materials is expected to act as a roadblock in the growth of the global microspheres market. Microspheres are available in a wide range of materials such as metals, polymers, glass, and ceramics. For instance, polymer is derived from crude oil. Hence, the unstable prices of crude are likely to negatively affect the polymer industry’s productivity. Likewise, stringent policies levied by the FDA regarding maintaining the quality and standards of microspheres are expected to act as a hurdle in the growth of the market.
This review is based on a Transparency Market Research report, titled, “Microspheres Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
The microspheres market has been segmented as follows:
Microspheres Market – Product Segment Analysis
Microspheres Market – Material Segment Analysis
Fly Ash Microspheres
Others (Including Biodegradable Microspheres, etc.)
Microspheres Market – Application Segment Analysis
Life Sciences & Biotechnology
Paints & Coatings
Cosmetics & Personal Care
Oil & Gas
Others (Including Marine, etc.)
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