Microspheres Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1829
Microspheres Market size may grow significantly over the forecast timeframe owing to positive application scope in medical technology and healthcare, cosmetics and personal care, and automotive industries. It is free flowing powders consisting synthetic polymers or proteins which are biodegradable.
Microspheres are used as tracers and particles in medical devices which are made from glass, polymers and ceramics. Additionally, they are used in testing and developing medical devices owing to their availability in wide range of colors accompanied with controlled opacity, particle size distribution, fluorescence, electrostatic charge and specific gravity. Global medical device market size is likely to exceed USD 500 billion by 2024. Increasing new hospital construction projects along with medical equipment demand should drive microspheres market growth.
Strong application outlook in pharmaceutical sector should drive microspheres market size. They are ideally used in bone tissue engineering and drug delivery. Radioembolization is an invasive process that combines radiation therapy and embolization to treat liver cancer. Microspheres drug delivery system are commercially valuable in development of biopharmaceuticals and small molecules.
Rise in per capita income supported by improvement in consumer lifestyle should favor cosmetic market size. Global cosmetic market should surpass USD 435 billion by 2024, with gains at over 4.5%. Opaque microspheres have better particle size distribution and excellent sphericity which reduces wrinkles and fine lines appearance.
Microspheres are preferably used in the automotive industry which can reduce part weight by 10% to 20%. Oil and gas exploration depends upon hollow glass microspheres which reduces weight, friction and density.
Hollow microspheres market may witness significant gains over the forecast timeframe. They are used as sensitizers in quarrying, paint & coatings, construction and mining applications for water gel emulsions and explosives, thereby fueling product demand. Global paints and coatings market may exceed USD 180 billion by 2024, with gains at over 6%. Strong application scope in the coatings sector due to increasing scratch and abrasion resistance, reducing staining and water absorption properties will propel microspheres market demand.
3M introduced ceramic microspheres for paints and powder coatings due to high strength and inert fine particles with intrinsic hardness, lower viscosity, burnish resistance and hardness, gloss control and radiation curable properties.
North America, led by Canada and the U.S. microspheres market size may witness significant gains over the forecast timeframe. Increasing healthcare sector owing to rising aging population should drive regional industry growth. Increasing number of domestic players in the region supported by government guidelines should drive industry growth.
Europe microspheres market size, driven by UK, Italy, France, and Germany, may show steady gains owing to rise in construction sector. Increasing construction spending towards new building development may favor regional industry growth.
Asia Pacific, led by India, South Korea, Japan and China microspheres market size may register significant growth owing to increased government spending on healthcare along with consumer health awareness towards growing incidence of chronic diseases should drive regional growth.
Glass, polymer, ceramic, metallic and fly ash are the key raw materials used for manufacturing process. Ceramic microspheres have high hardness and superior crush strength and are used in various coating applications owing to its good appearance and improves durability. Glass microspheres market segment has perceived excellent growth due to its tight tolerance properties. Strong application outlook in military, aerospace, oil & gas, molded plastic components, paint & coatings, and construction industries should drive industry growth.
Fluctuating raw material costs along with lack of product quality may create demand supply gap and affect microspheres market price trend. Also, prices are dependent on packaging and coating by silicone or silane.
Global microspheres market share is competitive with some of the prominent industry participants include 3M Company, AkzoNobel, Sigmund Lindner, Potters Industries, Luminex Corporation, Momentive Performance Materials and Chase Corporation.
Companies are focusing towards integration across the value chain thereby managing production cost. Additionally, companies are expanding their regional presence along with forming strategic alliances or partnerships to expand their business portfolio.
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