Northbrook, IL -- (SBWire) -- 12/07/2017 --High demand from current and emerging applications, superior structural properties, and development & modernization of infrastructure are expected to drive the microspheres market.
Hollow microspheres segment captures largest share of the microspheres market
The microspheres market is segmented based on type into hollow and solid. In 2016, the hollow microspheres segment captured the maximum share of the overall market and is projected to witness high growth rate during the forecast period. The demand for hollow microspheres is increasing because of its low crush strength, density, and absorption that make it suitable for use in various applications.
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Growing demand from medical technology application to boost the microspheres market
The microspheres market is segmented based on application into construction composites, medical technology, cosmetics & personal care, oil & gas, automotive, life science & technology, and others. Medical technology is the leading application segment of the microspheres market due to the growing demand for microspheres inform the healthcare industry for drug delivery systems. Growing healthcare industry in the North America and Asia-Pacific will increase the demand for microspheres in the medical technology application.
North America is the largest microspheres market
The microspheres market is broadly segmented into six regions, namely, North America, Western Europe, Central & Eastern Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America is the largest microspheres market, closely followed by Western Europe, in terms of value. Rising demand from applications such as medical technology and cosmetics & personal care in this region is driving the microspheres market.
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Currently, various market players such as 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.) dominate the global microspheres market.
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Microspheres Market Worth 6.68 Billion USD by 2022
Microspheres Market by Type (Hollow, Solid), Raw Material (Glass, Ceramic, Fly Ash, Polymer, Metallic), Application (Construction Composites, Medical Technology, Cosmetics & Personal Care, Automotive, Oil & Gas) - Global Forecast to 2022