Microspheres Market Sales, Revenue, Price, Market Share and Growth Rate to 2025
The global Microspheres Market was estimated at USD 3.2 billion in 2015 and is anticipated to grow at a CAGR of 10.4% from 2017 to 2025. The growth of market can be attributed to the rising demand for advanced drug delivery systems and drug transportation. In addition, increasing demand from paints and coatings segment on account of advantageous properties such as rising solid content rate and flow maintenance.
Microspheres market is achieving great momentum owing to increasing demand from various application industries such as healthcare and construction. Superior properties and low price of microsphere are one of the key factor driving the market growth. This rise in the penetration of microspheres in healthcare application is credited to growing drug delivery system demand due to its superior properties such as reduced toxicity, improved efficacy, and improved patient compliance.
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Economic growth, rise in the total spending, increasing healthcare awareness & needs, increasing population and healthcare sector improvements are the crucial drivers of the industry development. The market is also characterized by constant R&D activities in the polymer market. The constant efforts to make modifications in molecular properties of microspheres are encouraging industry players to invest in the R&D activities on micro and nano materials.
In terms of revenue, the major share was acquired by hollow spheres in 2015 andis projected to grow at a rate of 10.4% over the years ahead. Hollow microspheres have been dominating the global market in recent past on account of its abilities to save material costs as compared to other resins.
Hollow microspheres are applied as sensitizers in building and construction, extracting and mining uses for water gel explosives and emulsions. This is anticipated to be a key driving factor in thegrowth of the market. Approximately 40% of the total revenue share was shared by solid type in 2015.
The superior features of solid microspheres such as decreasing water absorption, increasing abrasion and scratch resistance helped to increase its market share of coatings segment. The application and utility of solid type microspheres depends on their size and construction.
Fly ash, glass, metallic, polymer and ceramic are the key raw materials used for the manufacturing of microspheres. The coating applications which require attractive appearance utilizes ceramic microspheres. Their higher crush capability and high hardness are accountable for the improvement in durability in coatings.
The features of glass segment such as its tight tolerances, and increasing demand from evolving industries including high-tech equipment & specialty, automotive, life sciences application, biomedical and microscopy have helped to witness healthy growth in the recent past. This will increase the demandof the product over next nine years.
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Healthcare segment is expected to be the largest segment on account of the increasing funding in R&D in the drug delivery systems. The construction sector is projected to be the fastest growing industry as a result of the ability of microspheres to impart higher capabilities in construction composites. The development of the construction sector in the evolving economies such as China and India is anticipated to be a critical factor for the market growth.
Robust growth in theoverall healthcare industry in developing countries especiallyAsia Pacific, which consists of China, Thailand, India, Vietnam, Indonesia and Philippines will boost the product demand. Increasing capital investment by key players will further boost the market penetration over the forecast period. These economies are also expected to experience a stable development in other application areas such as paint & coatings and cosmetics segment. Market participants such as AkzoNobel and 3M Company are funding and conducting innovative research in the area of microspheres to support coatings and healthcare and other end-use industries.
The major revenue share is captured by North America in global and is anticipated to contribute more than 45% in the near future. Increasing demand for affordable healthcare resources coupled with increasing construction industry mainly in Mexico and the U.S. is anticipated to fuel growth of market. Another major market for microspheres is Europe. It is expected to experience cumulative gains on account of increasing demand from construction segment.
APAC is expected to experience the rapid growth rate on account of healthcare awareness, longer lifespan desires, increase in the purchasing power and the growing occurrence of long-lasting world diseases related with fluctuating lifestyles.
The major players in the market includes 3M, Sigmund Linder, AkzoNobel Expancel, Luminex Corp, Potters Industries LLC, Momentive Performance Materials Inc. and Chase Corp. The market participants are heading in the way of expansion owing to the robust growth in paints and coatings, automotive, construction composites and healthcare industries. In addition, most of the producers are trying to manage costs and hence backward as well as forward integration will be vital. As a result, integration through the value chain is predicted to be a critical factor in the industry.
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