Transparency Market Research has published a new report titled “Microspheres Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”. According to the report, the global microspheres market was valued at US$ 2.72 Bn in 2014 and is anticipated to reach US$ 7.77 Bn in 2023, expanding at a CAGR of 12.4% between 2015 and 2023.
Microspheres are small spherical particles having size (diameter) from 1 to 1000 µm. These microstructures particles have white powdery form. Microspheres are manufactured using different natural and synthetic materials such as glass, polymer, ceramic, fly ash, metals. Owing to the superior structural and mechanical properties, microspheres are majorly used as additives or fillers to reduce the density of a material.
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On the basis of product type, microspheres market can be categorized into hollow microspheres and solid microspheres. Both the product types have comparable growth rate in the global market. On the basis of raw material, microspheres market can be segmented into glass microspheres, polymer microspheres, ceramic microspheres, fly ash microspheres, metallic microspheres, and others. Glass microspheres accounted for the largest market by material in 2014. It held over 50% of the global microsphere market. In terms of application, microspheres market can be classified into composites, medical technology, life science & biotechnology, paints & coatings, cosmetics & personal care, oil & gas, automotive, aerospace, and others. Composites and medical technology are the largest applications for microspheres cumulatively accounting for over 50% of the market in 2014.
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In terms of demand, North America held the largest share of the microspheres market in 2014 out of which U.S. accounted for the majority share. Huge investments in R&D by the key players in North America has led to increasing number of applications for microspheres, hence contributing to overall market growth. Asia Pacific is the fastest growing market for microspheres over the forecast period. Rapid growth in infrastructure, aerospace, and automotive industries in Asia Pacific is the major driver for growth of microspheres market. In terms of demand, microspheres market in Europe followed that of North America in 2014. However, the Europe market is estimated to grow at a slower rate compared to North America and Asia Pacific. The upcoming construction projects in the developing economies of Asia Pacific is expected to drive the demand for microspheres in composites, paints & coatings, and aerospace industry. Microspheres market in Latin America and Middle East & Africa is expected to rise at a moderate rate during the forecast period.
Few of the key players of the global microspheres market are 3M, Akzo Nobel N.V., Chase Corporation, Matsumoto Yushi-Seiyaku Co., Ltd, Luminex Corporation, Sigmund Lindner GmbH, MO-SCI, Cospheric LLC, Nanjing Jianzun Glass Microsphere Plant Co., Ltd., Dennert Poraver GmbH, Potters Industries LLC, and Momentive Performance Materials Inc.