Update News: Demand From Major End-Use Industries To Drive The Microspheres Market Growth
Global Microspheres Market: Key Highlights
- According to the new market research report “Microspheres Market by Raw Material (Glass, Ceramic, Fly Ash, Polymer, Metallic, and Others), by Type (Hollow, Solid), by Application (Medical, Paints & Coatings, Building & Construction, Automotive, Aerospace, Cosmetics & Personal Care, Oil and Gas, and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global microspheres market is projected to reach a value of over USD 10 billion, registering a CAGR of around 9% during the review period
- Microspheres are free-flowing powders, having a particle size of 1–1000μm and consist of proteins or synthetic polymers
- They are extensively used in the drug delivery system to provide controlled drug delivery which improves bioavailability and stability
- Wide range of raw materials are available for the production of microspheres such as glass, phenolic resin, epoxy resin, polystyrene, silicone rubber, and others
- However, costs of the microsphere materials and processing of the controlled release preparation, are substantially high
- Also, the environmental impact of the degradation of the polymer matrix produced in response to heat, hydrolysis, oxidation, solar radiation or biological agents hampers the market growth
Global Microspheres Market: Key Market Dynamics
- Expanding end-use industries such as medical, paints & coatings, building & construction, automotive, aerospace, and others is the prime driver of the microspheres market
- Use of microspheres for targeted drug delivery is a major driving factor
- It reduces the frequency of the dosages taken by the patient, consequent drug side-effects, and enhances treatment outcomes while reducing overall associated healthcare costs
- Advantages offered by the use of microspheres in paints & coatings is yet another driver of the global market
Global Microspheres Market: Regional Overview
- North America
North America accounted for the largest market share in 2018 due to the high demand from major end-use industries. The Presence of a large manufacturing base coupled with high investments in infrastructural development is expected to drive the regional market during the review period. Extensive demand for lightweight materials in the automotive and aerospace industries is likely to drive the demand for microspheres.
Asia-Pacific emerged as the fastest-growing region for this market, mainly driven by the expanding end-use industries. Rapid industrialization and urbanization in emerging economies such as India, Thailand, Vietnam, and Malaysia is expected to fuel market growth during the review period.
Global Microspheres Market: Key Players Overview
3M is a technologically driven company. It offers products for electronics, telecommunications, industrial, consumer, healthcare, safety, and other verticals. In May 2018, the company introduced Glass Bubbles S32HS at the National Plastics Expo, to help OEMs achieve up to a 40% weight reduction of composite parts, at a density below 1.0 g/cc, while still enabling a class-A paintable finish.
Trelleborg is a world leader in engineered polymer solutions that seal, damp and protect critical applications in demanding environments. It has operations in more than 51 countries with over 24,000 employees. In February 2017, the company launched its new innovative Eccofloat TG30 and TG32 materials, at Oceanology International in San Diego, California, US. These materials can be used for deep-sea buoyancy applications and have a depth rating of 5K and 6K meters, respectively. The superior performance of Ecofloat materials is achieved using Trelleborg’s Eccospheres, hollow glass microspheres.
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