The overall demand for microspheres market is expected to grow at a healthy rate during the forecast period, 2018-2023. The market has more relevance today because of its application in the cancer treatment drugs. Microspheres are most commonly used in the oil & gas industry, and the expansion of end-user industries into new and emerging markets has led to new opportunities for the growth of the microspheres market.
Growing Usage in Medical Industry
Microspheres are used in the medical industry due to qualities, such as chemical resistance, heat resistance, enhanced processing, thermal stability, size, and the ability to deliver active materials. The usage in the medical industry is increasing due to the increasing R&D in effective drug delivery technologies is a major factor for driving the market. Microspheres are used as tracers and particles in medical devices made from glass, polymers, and ceramics. Additionally, they are used in testing and developing medical devices as they are available in a wide range of colors, accompanied by controlled opacity, particle size distribution, fluorescence, electrostatic charge, and specific gravity. Increase in the number of new hospital constructions, along with the demand for medical equipment is expected to play a key role in driving the market growth. However, factors like fluctuating raw material prices and high production costs act as a roadblock for the market.
Soaring Demand for Hollow Microsphere
Hollow microspheres are lightweight and possess low thermal conductivity, smooth mobility and high compressive strength. Owing to these properties, they are mostly used in to be useful in rubber, plastics, steel, automotive, building and construction, healthcare, cosmetics & personal care, and aerospace & defense industries etc. They are also used to construct low density drilling fluid and low-density high-strength cement slurry in oil & gas extraction sectors. Apart from this, they are also used as lightweight fillers in lightweight concrete, syntactic foam and other composite materials. In Asia-Pacific, the hollow microspheres market is expected to register the fastest growth in the forecast period, mainly in China and India, owing to the flourishing manufacturing industries and heavy infrastructure spending. The increasing demand from automobiles, manufacturing industries and aerospace is likely to promote the demand over the forecast period.
North America to Lead the Market
North America is expected dominate the global market as the single largest market for microspheres. Increasing applications in medical technology and composites of the construction and aerospace sectors are boosting the industry. The United States has the highest market share in the North America. Moreover, the country is expected to be the fastest growing market in the region, during the forecast period.
Notable Developments in Market
- July 2017: AkzoNobel increased capacity for expandable microspheres to meet growing demand
Major Key Players in Market: 3M, AkzoNobel, Potters Industries LLC, Sigmund Linder, and Luminex Corporation, among others.
Reasons to Purchase the Report
- To understand the impact of end-user applications on the market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Countries expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Indstry Value Chain Analysis
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
4. Market Dynamics
4.1.1 Advancements in Medical Science & Technology
4.1.2 Growing Usage in Medical Industry
4.1.3 Recyclability and Reusability
4.2.1 Fluctuating Prices of Raw Materials
4.2.2 Huge Investments in R&D
4.2.3 High Production Costs
4.3.1 Growing Demand in Cancer Treatment Drugs
4.3.2 Expansion of End-user Industries into New and Emerging Markets
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 By Type
5.2 By Raw Material
5.2.4 Fly ash
5.3 By Application
5.3.4 Oil & Gas
5.3.5 Paints & Coatings
5.3.6 Medical Technology
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1.4 South Korea
6.1.5 Australia & New Zealand
6.1.6 Rest of Asia-Pacific
6.2 North America
6.2.1 United States
6.2.4 Rest of North America
6.3.2 United Kingdom
6.3.5 Rest of Europe
6.4 South America
6.4.3 Rest of South America
6.5 Middle East and Africa
6.5.1 Saudi Arabia
6.5.2 South Africa
6.5.3 Rest of Middle East & Africa
7. Competitive Landscape
7.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
8.3 Asia Pacific Microspheres
8.4 Aveka Manufacturing Inc.
8.5 Bangs Laboratories Inc.
8.6 CeloNova BioSciences, Inc.
8.7 Chase Corporation
8.8 Cospheric LLC
8.9 Luminex Corporation
8.10 Matsumoto Yushi Seiyaku Co., Ltd
8.11 Merit Medical Systems, Inc.
8.12 MO-SCI Corporation
8.13 Momentive Performance Materials Inc.
8.14 Potters Industries LLC
8.15 Sigmund Linder
8.16 Sirtex Medical Limited
8.17 Sunjin Chemical
8.18 Swarco AG
8.19 Trelleborg AB
*List not exhaustive
**Subject to availability on public domain