New Materials market report from Markets and Markets: "Microspheres Market By Type (Hollow, Solid), Application (Construction Composites, Medical Technology, Paints & Coatings,Cosmetics, Oil & Gas, Automotive, Aerospace)& Raw Material (Glass, Ceramic & Others) - Global Trends & Forecasts to 2018"
Boston, MA -- (SBWIRE) -- 08/16/2013 -- Rising demand for efficiency and better materials with superior structural properties will drive the global microspheres market to $5.2 billion by 2018. U.S. leads the world in terms of usage of advanced materials to increase the efficiency and reliability of operations which makes it the biggest market for microspheres. The market here is expected to experience highest revenue growth during the next five years.
The factors driving growth in the global microspheres market are: high demand from current & emerging applications, superior structural properties, recyclable & reusable, development & modernization of infrastructure, and increased demand for efficiency. The factors hindering the growth of this market are the fluctuating cost of raw materials, lack of quality control across developing countries, and huge investment in R&D.
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The market is growing slowly in Europe & Eurasia but it will continue to grow at significant rate in the Asia-Pacific region. Asia-Pacific is driven by countries such as China, the fastest growing country in global microspheres market. The microspheres market is still in infancy stage in Latin America. But this region is experiencing high growth on account of increased infrastructure spending. On the whole, it is evident that North America and Asia-Pacific are the most lucrative microspheres market.
Most players in this industry are very small and manufacture highly customized products focusing on particular end user industry. U.S-based 3M is the largest player in terms of volume sales. Every company, big or small, wants to penetrate deeper into the existing market and at the same time expand into new and emerging markets to increase their sales margin; thereby increasing overall revenue. The companies involved in microspheres business adopted this strategy by expanding into emerging markets such as Asia-Pacific and South America. Most of the major companies manufacturing microspheres are headquartered in the U.S. and Europe.
Medical technology will emerge as the most dominant application of the microspheres globally. Within raw material types, glass microspheres offer significant advantages over others and have wide applications in almost all industries such as cosmetics & personal care, paints & coatings, oil & gas and aerospace. Hence these are the market leaders in terms of size. Hollow microspheres being the most used microspheres in the market, captured most of the market.
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