Albany, NY -- (SBWIRE) -- 10/17/2016 -- This review is based on a Transparency Market Research report, titled, "Microspheres Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023." The global microspheres market is expected to expand at a 12.4% CAGR from 2015 to 2023. In 2014, the market stood at US$2.72 bn and is likely to rise to US$7.77 bn by the end of 2023. Based on raw material type, the glass microspheres segment emerged dominant with a share of almost 50% in the global microspheres market in 2014. Ceramic microspheres and polymer microspheres are likely to emerge as the leading segments in terms of growth.
In the applications segment, composites accounted for the leading share in 2014. As the structural properties of microspheres are of superior quality, their consumption is relatively high in advanced construction and composite materials.
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North America to hold Leading Share in terms of Consumption of Microspheres
Geographically, North America dominated the global microspheres market in 2014 and is expected to maintain a lead until 2023. The North America market for microspheres was led by the U.S. Owing to the growing investments in research and development projects by leading companies to develop advanced and high quality microspheres, the applications for microspheres are further expected to expand over the forthcoming years. The growth of the North America microspheres market can be attributed to the mounting demand for high-end micro materials from the building and construction industry of the region. However, Asia Pacific is expected to lead the market in terms of growth due to the rising number of applications of microspheres across several industries.
Rising Consumption of Microspheres in Life Science and Biotechnology to Bode Well for Market Growth
The growth of the global microspheres market can be attributed to the advancement in biotechnology and life science and medical technology. Microspheres are used in several biotechnology and life sciences applications such as skin treatments, drug delivery systems, and embolization. Medical technology is expected to emerge as the most lucrative market for microspheres over the coming years. The demand for microspheres is likely to rise in the aerospace application segment owing to the growing demand for ablative materials, syntactic foams, and light-weight materials. Owing to features such as low specific gravity and auto-reflectiveness, the demand for microspheres is expected to rise from end-use industries.
Raw Material Price Volatility to Act as Barrier to Market Growth
Microspheres are available in a wide range of materials such as metals, polymers, glass, and ceramics. The fluctuating prices of raw materials are the primary factor that is expected to act as a hindrance to the growth of the global microspheres market. For instance, polymer is a derivative of crude oil, thus the fluctuating prices of crude are likely to adversely affect the productivity of the polymers industry. Additionally, stringent policies imposed by FDA regarding the quality and standard of microspheres are likely to act as a bottleneck in the growth of the global microspheres market.
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The global microspheres market is highly consolidated with the presence of several large and small scale organizations striving to achieve an established position in the market through the development of innovative products, says Transparency Market Research (TMR) in a new report. These companies are engaging in backward integration to produce advanced microspheres. The leading players operating in the global microspheres market are Glass Microspheres, Polymer Microspheres, Ceramic Microspheres, Fly Ash Microspheres, Metallic Microspheres, Potters Industries LLC, Momentive Performance Materials Inc., Dennert Poraver GmbH, Akzo Nobel N.V., and 3M among others.
The microspheres market has been segmented as follows:
Microspheres Market – Product Segment Analysis
Microspheres Market – Material Segment Analysis
-Fly Ash Microspheres
-Others (Including Biodegradable Microspheres, etc.)
Microspheres Market – Application Segment Analysis
-Life Sciences & Biotechnology
-Paints & Coatings
-Cosmetics & Personal Care
-Oil & Gas
-Others (Including Marine, etc.)
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