Europe microspheres market is expected to register a CAGR of 9.87% during the forecast period, 2018 to 2023. Germany dominated the European microsphere market, accounting for almost 30% share of the market.
Accelerating Use in Medical Technology
Microspheres are endowed with properties, such as chemical resistance, heat resistance, enhanced processing, thermal stability, size, and ability to deliver active materials. Owing to such properties, microspheres are used in the medical industry to manufacture medical devices, in various treatments, like arthritis, tissue engineering, drug delivery, cancer therapies, tissue fillers, injectable biomaterials, etc. Continuous progression in medical device manufacturing and growing R&D activities in the field of biomedicine are expected to drive the market for microspheres through the forecast period.
Polymer – The Fastest Growing Raw Material Through 2023
Polymer microspheres are widely employed for medical applications, out of which polyethylene, polystyrene, and expandable microspheres are the common types. Besides medical application, polymer microspheres also find application in the automotive industry in the coatings application, and in the plastic industry in injection molding application. Continuous growth in the medical and automotive industries is expected to drive the polymer segment in the market through the forecast period.
Increasing Application of Composites in the Building and Construction Industries
Building and construction industries dominated the Europe microsphere market, due to the vast usage of microspheres in composites where they are used as fillers. In Europe, Germany, which has the largest construction sector and achieved a 5% revenue growth through 2017. As per industry experts, the demand for new houses is estimated to be around 350,000 per year, until 2020, which is expected to boost the microsphere market in the country in this sector. Furthermore, France is the second largest country in Europe in the construction segment and the sector is expected to grow during the forecast period with increasing number of rail and road infrastructure projects in the country.
Germany to Dominate the Market Growth Through 2023
Germany ranks at the top in the field of medical technology, automotive, and construction in Europe. The country’s economic and innovation policy focuses on digital infrastructure, digital economy, digital workplaces, innovative public administration, and digital environments in various sectors, like society, education, research, science, culture & media, and security, providing opportunities for the microsphere market.
Key Developments
- July 2017: AkzoNobel's specialty chemicals business invested more than EUR 20 million to increase production for its expandable microspheres in order to meet growing global demand for the product
Major Players: 3M, Potters Industries LLC, Chase Corporation, Momentive Performance Materials, and Luminex Corporation, among others.
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