Hollow Glass Microspheres Market size was USD 1,938.3 million in 2019 and will grow at a CAGR of 4.4% from 2020 to 2026. Rising demand of energy efficient buildings and reducing greenhouse gas emission will positively impact on increase product demand over the forecast timeframe.
Hollow glass microspheres are also known as bubbles, microbubbles and micro-balloons. These are typically made of borosilicate-soda lime and offer various benefits such as low density, chemical resistance and high heat. Glass microspheres walls are quite rigid and have a thickness of over 10% of overall diameter of a sphere.
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Based on application, the market is classified into paints & coatings, plastics, composites & rubber, transportation, insulation & buoyancy, healthcare, and others. The industry is likely to witness a high demand in Russia, China, Brazil, and India owing to the growing manufacturing sector and heavy infrastructure spending. Latin America is also forecast to achieve a high growth rate over the forecast period owing flourishing to oil & gas industry in the region, which offer lucrative growth opportunities to the major players of global hollow glass microspheres market.
Increasing demand for reduction of greenhouse gas emissions is the major factor responsible for rising adoption of hollow microsphere systems worldwide. Multiple countries have implemented a variety of policies for mitigating greenhouse gas (GHG) emissions. Various countries have enacted legislation by establishing greenhouse gas emissions reduction, which requires state agencies to report GHG emissions. Several American states, such as North Carolina, New Mexico and Pennsylvania, have recently committed for reduction of GHG reduction emissions through executive action plans.
|Hollow Glass Microspheres Market Size in 2019:
|1,938.3 Million (USD)
|2020 to 2026
|Forecast Period 2020 to 2026 CAGR:
|2026 Value Projection:
|2,418.8 Million (USD)
|Historical Data for:
|2015 to 2018
|No. of Pages:
|Tables, Charts & Figures:
|Product, Application, Region
|Pitfalls & Challenges:
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In the light of COVID 19 impact on various economies, global share is also expected witness a downfall in the year 2020. The reason behind declining demand in the current year is due to less number of construction activities in impacted countries such as China, India, the U.S. and many others. Lack of cash flow and trade barriers are few other concerns causing disruption in raw material supply which in turn is impacting overall supply chain.
COVID-19 has impacted almost evert industry throughout the globe. As the product has a huge demand from the transportation industry, a dip in the transportation sector is directly impacting market growth. Due to nationwide lockdown in many countries, the transportation sector is going through a bad phase, negatively impacting the hollow glass microspheres market demand across the world. The paints & coatings industry has also been going through hard times due to declining construction activities amid the COVID-19 pandemic.