The research on the Microspheres Market further validates other prime factors including investment feasibility, production capability, product pricing, production volume, demand and supply, import and export status to help business evangelists make the multi-dimensional marketing strategy more robust.
New York, NY -- (SBWIRE) -- 04/30/2021 -- The global Microspheres market is forecast to reach USD 10.24 Billion by 2027, according to a new report by Reports and Data. It is expected that the superior structural properties of microspheres, growth & modernization, and increased demand from existing and emerging applications would boost demand for microspheres globally. The increasing need for advanced drug delivery systems and drug carriers over the forecast period is expected to be a significant factor in the growth of microspheres. Growing demand from the paints and coatings sector due to their different capabilities, including improving solid coating quality and retaining flow properties, is also one of the factors driving the market.
Microspheres are used in medical devices, which are made of glass, polymers, and ceramics as tracers and particles. They are also used in the research and production of medical devices due to their availability in a broad range of colors with controlled opacity, particle size distribution, fluorescence, electrostatic load, and specific gravity. Increasing new hospital building projects along with demand for medical equipment would drive market growth.
Key participants include AkzoNobel Expancel, Chase Corporation, Trelleborg AB, Mo SCI Corporation, Momentive Performance Materials Inc., Sigmund Linder GmbH, Potters Industries LLC, 3M Company, Luminex Corporation, and, Matsumoto Yushi-Seiyaku Co. Ltd., among others.
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Rising demand in other applications such as cosmetics & personal care, oil & gas, and life sciences is expected to fuel the growth of the market during the forecast period. Enhanced care enforcement, decreased toxicity, and usability of the microspheres have resulted in increased consumer demand. They are lightweight, portable, and highly compressive and so they are used in the manufacture of elastics, plastics, steel, automobiles, beauty treatments, and personal care products. They are often used to produce low-density liquid and concrete slurry for extracting oil and gas. Besides, extensive applications are identified across the aviation, aerospace, defense, and construction sectors.
Fluctuating raw material prices and massive R&D expenditures are expected to hamper the demand growth seriously.
The COVID-19 impact:
The Microspheres industry has suffered some impact but maintained a relatively positive performance; analysts believe that the size of the market will be further expanded in the next few years. The pandemic's debilitating effect has negatively impacted production and demand, established supply chain, and market disruption. Its economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the sale for Microspheres. But the increasing demand in the healthcare sector would keep the market floating. The market size due to the high demand in the medical segment is anticipated to boom. The need for masks, shields, and various equipment has increased the market.
For the purpose of this report, Reports and Data have segmented into the global Microspheres market on the basis of material, type, application, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
Glass
Polymer
Ceramic
Fly ash
Metallic
Type Outlook (Revenue, USD Billion; 2017-2027)
Hollow
Solid
Application Outlook (Revenue, USD Billion; 2017-2027)
Automotive
Medical Technology
Construction Composites
Life Sciences & Biotechnology
Paints & Coatings
Cosmetic % Personal Care
Oil & Gas
Aerospace
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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Further key findings from the report suggest
Medical applications dominated the market and represented 21.5% of the total market in 2019. The rapid evolution of the drug delivery system is expected to drive the market in the medical segment over the forecast period.
A key factor driving market growth in the booming pharmaceutical and medical industries is the development of biopharmaceuticals, microspheres are gaining popularity for bone tissue engineering and radioembolization to treat hepatic cancer.
North America emerged as the leading market, followed by Europe. The growing healthcare sector, mainly due to the rising elderly population along with the numbers of domestic manufacturers in the region assisted by government guidelines, will drive growth in the market.
In the Asia Pacific, the construction segment has acquired the market. With the increasing urbanization and industrialization, the region has excellent growth potential in the near future and is expected to grow from 2019 to 2027 at an estimated 9.4% CAGR.
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Microspheres Market Segmentation & Impact Analysis
4.1. Microspheres Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Rising number of implant surgeries
4.2.2.2. Growing demand from paints & coating
4.2.2.3. Increasing need for advance drug delivery
4.2.3. Market restraints analysis
4.2.3.1. Fluctuating raw material cost
4.2.3.2. Lack of product quality
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Continued…
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