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North America Microspheres Market size worth over USD 2.5 billion by 2026

  • Published Date: October 19, 2020

According to a new research report by Global Market Insights Inc., the North America Microspheres Market size is set to surpass USD 2.5 billion by 2026. Growing construction spending and demand for residential construction should the market growth.

Growing preference for creative processes and innovative raw materials among paint formulators to address stringent regulatory environment, changing consumer demands and stiff competition should trigger North America microspheres market growth from paints & coating applications. Paint formulators routinely prefer microspheres to enhance the solid content of a coating while maintaining desirable flow and application characteristics.

Widening penetration in end-use applications to augment the share of North America glass microspheres

Glass microspheres segment garnered market size over USD 671.62 Million in 2019, rising with a significant CAGR of 11.2% in the North America microspheres market by 2026. Glass microspheres are projected to witness excellent growth owing to increasing demand from new high-value and growth industries such as automotive, healthcare, biomedical, microscopy, specialty, high-tech equipment and life sciences application. These products offer persuading characteristics including low density reduces weight, lowers costs, and enhances properties for finished parts.

Solid glass microspheres are produced by the direct burning of glass powders while hollow microspheres are produced by the addition of blowing agent in glass powder. Solid microspheres accounted for North America microspheres market share surpassing 19% in 2019. Glass powder finds widespread adoption primarily as a concrete additive in the North American construction sector for the development of buildings, bridges and roads.

Glass powder is majorly from municipal waste streams or rejected glass containers which are further ground down, owing to its cost effectiveness. Rising environmental concerns have led cement manufacturers to incorporate glass powder in cement as a substitute for other raw materials and to promote recycling which is likely to strain the availability of glass powder for microsphere production.

Browse key industry insights spread across 165 pages with 90 market data tables and 35 figures & charts from the report, “North America Microspheres Market By Form (Solid, Hollow), By Material (Polymer {Natural, Synthetic}, Glass, Ceramic, Metallic, Fly Ash), By Application (Construction, Paints & Coatings, Healthcare, Oil & Gas, Cosmetics & Personal Care, Automotive), Industry Analysis Report, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

Increasing demand for microspheres in drug delivery systems to propel the growth of North America microspheres market share

Microspheres are widely used in healthcare industry for applications including medical devices testing, pharmaceutical manufacturing and others. Healthcare application accounted for market size of USD 352.7 Million in 2019, growing with a revenue CAGR of 9.7%. Microspheres, owing to its favorable properties such as heat and chemical resistance enhanced processing, size, and the ability to deliver active materials, are widely used in the medical industry.

They are used as tracers in medical devices with key material used being glass, polymers, and ceramics for microspheres. Additionally, they are used in testing and developing medical devices, as they are available in a wide range of colors, and equipped with uniform particle size distribution, controlled opacity, fluorescence, electrostatic charge, and specific gravity.

Enhancing usage of polymer microspheres in healthcare sector in drug delivery system, due to its ability to encapsulate variety of drugs, as well as biocompatibility and high bioavailability will foster North America microspheres market growth. U.S. health care industry in 2019 generated USD 2.4 trillion in which 47.6% of the revenue was generated by the subindustry "Hospitals ".

Rising geriatric population along with increasing prevalence of chronic diseases among the population across the region should promote regional health care industry. Thus, these aforementioned factors should drive the market from healthcare application.

Supportive governmental norms in Mexico to augment growth of North America region

Mexico accounted for market size of USD 84.14 Million in North America microspheres market. Mexico is one of the largest oil producers in the, and the fourth largest in the Americas after the United States, Canada, and Brazil. In 2018, the United States accounted for imported stats of 210 million barrels of heavy crude and exported to Mexico over 1.2 million barrels of refined petroleum products.

Supportive reforms implemented in country’s oil & gas industry by Mexican government which permits international energy companies to operate in Mexico and includes provisions for competitive production sharing contracts and licenses have resulted in boosting country’s oil and gas industry.

Companies invest in research to launch new products that will enhance their product portfolio. It is a strategy followed by the companies to gain a competitive edge over other players and strengthen their market position. In January 2019, Luminex Corporation completed the acquisition of Millipore Sigma. Through this acquisition, the company enhanced its product portfolio and market position in the North America microspheres industry.

Authors: Kunal Ahuja, Harneet Mehar

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