North America Microspheres Market Size

North America Microspheres Market Size

North America microspheres market size to surpass USD 1.5 Billion, in 2019 and is estimated to grow over 9% CAGR between 2020 and 2026. Growing demand for light weight and eco-friendly components in manufacturing industries will drive the industry growth.

Microspheres are classified as freely flowing powders that are contains proteins or synthetic polymers that are biodegradable. Microspheres consists of various types including magnetic, polymeric, bio adhesive, biodegradable polymeric, radioactive, synthetic polymeric and floating microspheres. These microspheres generally have particle spheres less than 200 μm.

The booming pharmaceutical and medical industries, along with the increasing demand for innovative drug delivery systems, are projected to drive the North America microspheres market growth. Microspheres are witnessing demand growth for bone tissue engineering and radioembolization to treat liver cancer along with the development of biopharmaceuticals.
 

However, companies are investing  in new technological developments and production capacity expansions to enhance their product portfolio. For example, in September 2015, 3M released its latest 3M glass bubble which is a low-density and high strength additive. Through this launch, the company will be able to enhance its product portfolio.
 

COVID 19 outbreak has led to imposition of shutdown of manufacturing units, travel ban and offices & marketplaces by governments across the world. Owing to such measures has resulted in undermining value chain across the globe. This has adversely affected raw materials supply for  microspheres. This outbreak has led to global manufacturing plants shutdown which may decrease microspheres utilization.