The global microspheres market size was USD 3.98 billion in 2016 and is projected to reach USD 6.68 billion by 2022, at a CAGR of 9.02% between 2017 and 2022. Key players in this market have adopted strategies such as expansions and new product launches to meet the demand of end users. They are also focusing on acquisitions to strengthen their market position increasing their share in the microspheres market.
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Major players operating in the global microspheres market are 3M (U.S.), Potters Industries LLC (U.S.), AkzoNobel N.V. (Netherlands), Matsumoto Yushi-Seiyaku Company (Japan), Trelleborg AB (Sweden), Luminex Corporation (U.S.), Momentive Performance Materials Inc. (U.S.), Chase Corporation (U.S.), Sigmund Lindner GmbH (Germany), and Mo-Sci Corporation (U.S.). Other manufacturers of microspheres are Polysciences Inc. (U.S.), Spherotech Inc. (U.S.), Dennert Poraver GmbH (Germany), Bangs Laboratories Inc. (U.S.), Nanjing Jianzun Glass Microsphere Plant Co., Ltd. (China), and The Kish Inc. (U.S.).
Globally, 3M (U.S.) is one of the leading microspheres manufacturers. The company has been focusing on new product launch activities to maintain its leading position in the market. For instance, in September 2015, it launched its new 3M glass bubble product, which is a high strength, low-density additive. This addition widened the glass microsphere portfolio of the company.
AkzoNobel (Netherlands) is another major player in the global microspheres market. The company has been focusing on expansions as a part of its strategic development activities. In March 2013, the company completed the expansion of its manufacturing facility in Sweden for its microspheres product line. This has boosted the capacity to meet the growing global demand and helps the company to cater the rising demand for microspheres from the healthcare industry. In November 2015, Sigmund Lindner completed the acquisition of VitroSphere GmbH (Germany). This helped the company to increase its market share for glass beads.
The global microspheres market size was USD 3.98 billion in 2016 and is projected to reach USD 6.68 billion by 2022, at a CAGR of 9.02% between 2017 and 2022. The microspheres market is segmented based on type, raw material, application, and region.
The construction composites application segment accounted for the largest share of the overall microspheres market in 2016. The growing construction industry in various developing countries such as China and India is the major driver for microspheres in construction composites application. The medical technology segment also accounted for a significant share of the overall market in the same year.
Medical technology is the fastest-growing application segment of the microspheres market. The demand for microspheres is increasing in the medical sector for drug delivery application for treatment of various diseases. The growing healthcare industry across the globe is driving the demand for microspheres in the medical technology application segment. The medical technology application is also expected to be the largest application of microspheres by 2022.
Hollow microspheres are the most widely used microspheres and are expected to continue dominating the market during the forecast period. The hollow microspheres segment is also projected to witness the highest growth rate during the forecast period because of their low crush strength, density, and absorption. These microspheres are made from different types of raw materials and are named after them, such as hollow glass microspheres, hollow ceramic microspheres, hollow metallic microspheres, fly ash, hollow polymer microspheres, and others.
Latin America is expected to be the fastest-growing microspheres market, closely followed by Asia-Pacific. The low-base effect, coupled with growing healthcare and construction industry is expected to drive the microspheres market in Latin America. Similarly, increasing population in the Asia-Pacific region, accompanied with development of new technologies and products, are projected to make this region an ideal destination for the microspheres market to grow. Improved lifestyle, increasing income, growing end-use industries such as construction & automotive, increasing healthcare services, and growing population help the microspheres market grow in developing regions.
Some of the major players operating in the global microspheres market are 3M (U.S.), Potters Industries LLC (U.S.), AkzoNobel N.V. (Netherlands), Matsumoto Yushi-Seiyaku Company (Japan), Trelleborg AB (Sweden), Luminex Corporation (U.S.), Momentive Performance Materials Inc. (U.S.), Chase Corporation (U.S.), Sigmund Lindner GmbH (Germany), and Mo-Sci Corporation (U.S.). Most of the companies have adopted expansions and new product launches as their development strategies to sustain in the global microspheres market.
Apart from the market segmentation, this report also covers the Porter’s Five Forces analysis for an in-depth analysis of the market.
