According to a new research report by Global Market Insights Inc., the Hollow Glass Microspheres Market size will likely reach USD 2,418.8 million by 2026.
Escalating building and construction activities to augment industry growth
Global hollow glass microspheres market is project to achieve high momentum on account of increasing use of product in providing thermal insulation for buildings. The product has good resistance to external environment impact and help in reducing noise, weight, vibration as well as thermal expansion in buildings. It also provides high thermal insulation to building structures.
Rising construction activities along with increasing population in emerging nations is the key reason propelling global hollow glass microspheres market growth. Asia Pacific is a combination of both emerging as well as developed economies and hence have a growing construction sector. Emerging countries are now looking for highly efficient, productive, and eco-friendly technologies in construction industry. By 2020, almost one-half of overall global construction spending is expected to arise from Asian countries, with China, Japan, India, South Korea, Indonesia, and Malaysia exhibiting high growth potential.
COVID-19 has impacted almost evert industry throughout the globe. The global hollow glass microspheres market is also highly impacted by this ongoing pandemic. As the product has a considerable demand from the transportation industry, a dip in the transportation sector is negatively influencing the market growth. Due to nationwide lockdown in many countries, the transportation sector is going through a turmoil, which subsequently impacts the hollow microsphere 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.
Browse key industry insights spread across 164 pages with 165 market data tables & 24 figures & charts from the report, “Hollow Glass Microspheres Market By Product (Uncoated, Coated), By Application (Paints & Coatings, Plastic, Composites & Rubber, Transportation, Insulation and buoyancy, Healthcare) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Coated microspheres following an inclining demand trend
Metal coated microspheres are manufactured by deposition of metals or its alloys on all types of porous or dense glass such as silica, soda lime, aluminosilicate and borosilicate. The properties of metal coated microsphere are close bulk metals. These microspheres are generally used as laser fusion targets, catalysts, and materials for preparing electrically conductive polymers & adhesives, reinforced polymers, composites etc.
Microsphere can be coated of various metals such as nickel, silver, aluminum, titanium oxide etc. although among all the types, titanium oxide is mostly used for coating of hollow glass microsphere followed by aluminum. Aluminum coatings on microspheres offer benefits in developing retroreflective surface for high and ultra-high visibility materials as well as applications. Thus, coated hollow glass microspheres shall exhibit promising gains of 3.6% CAGR over the forecast timeframe.
Insulation and buoyancy as a lucrative application area in global hollow glass microsphere market
Insulation & buoyancy segment will account a share of 8% in 2026 on account of increasing product adoption from this segment. Hollow glass microspheres are in used in many types of syntactic foam compositions in thermal insulation & buoyancy due to its lightweight and high strength. Furthermore, these foams offer improved reliability to equipment in deep water applications. These microsphere reduce cost by improving reliability of multiple applications such as underwater pipelines, moorings, risers and in many other components in deep water oil production and exploration activities.
Asia Pacific projected to follow highest demand growth in hollow glass microsphere market
Asia Pacific is likely to witness significant demand of hollow microsphere due to developing infrastructure facilities & surging real estate industry. The region will hold a decent share of over 25% in 2026. Furthermore, the region is projected to foresee increased demand for residential & non-residential building spaces, which can be attributed to population growth and urbanization.
Asia Pacific accounted for 32.9% of the global construction business in 2016 and is anticipated to be the fastest growing hollow glass microspheres market segment owing to increased development of infrastructure facilities that will provide significant gains to the real-estate industry of India and China. Moreover, the region is projected to foresee increased demand for non-residential building spaces.
Global hollow glass microsphere market exhibits moderate industry rivalry
Industry rivalry in the market is moderate as there is no brand loyalty in the customers due to presence of various regional and domestic suppliers in the value chain, which offers low switching cost. Although with technological advancements and new players entering the hollow glass microspheres industry, the rivalry can go high in coming years.