Global Microspheres Market Outlook 2031
The global microspheres market size was valued at USD 5.17 Billion in 2022 and is anticipated to reach USD 8.73 Billion by 2031 expand at a CAGR of 6% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing need for the advancement medical science and technology in drug carriers and delivery systems.
Microspheres are free flowing powders made of proteins or synthetic polymers. Solvent extraction, spray drying, single emulsion technique, solvent evaporation, double emulsion technique, quassi emulsion solvent diffusion, spray congealing, and phase separation concentration technique are the different methods used for preparation of microspheres. It is used in drug delivery system due to its controlled sustained release properties.
Microspheres are used in testing and developing medical devices as tracers and particles. They are used in production of steel, automobiles, personal care products, plastics, elastics, and beauty products as it is lightweight and having high compression abilities and portability. Microspheres are used in oil and gas extraction activities for developing concrete slurry and low thickness boring liquid.
The covid-19 pandemic has impacted microspheres market and many end-user industry of microsphere have witnessed drop-off due to lockdown imposed by the government in several countries. It is estimated that microspheres market still seems positive for its long- term outlook presuming a hefty recovery after a downturn.
Microspheres Market Trends, Drivers, Restraints, and Opportunities
- Increasing population, healthcare needs and awareness, and economic growth is expected to propel the market in the coming years.
- Rapid growth of the construction and healthcare industries is the key factor boosting the market due to its reasonable price and superior qualities and properties during the forecast period.
- Fluctuations in cost of raw materials are projected to hamper the market expansion.
- Lack of product quality act as major factor that can hinder the market growth during the forecast period.
- Infrastructural development and increasing commercial building activities is estimated to create immense opportunities for the market players.
Scope of The Microspheres Market Report
The report on the global microspheres market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Microspheres Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Raw Materials (Ceramic, Glass, Metallic, Fly Ash, Polymer, and Other Raw Materials), Types (Solid and Hollow) and Applications (Aerospace, Oil and Gas, Medical Technology, Paints and Coatings, Composites, Cosmetics, Automotive, and Other Applications)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Potters Industries LLC, Momentive Performance Materials Inc., 3M, Luminex Corporation, Trelleborg AB, Mo-Sci Corporation, and AkzoNobel N.N.
Microspheres Market Segment Insights:
The glass segment is projected to constitute a major market share
In terms of raw materials, the microspheres market is divided into ceramic, glass, metallic, fly ash, polymer, and other raw materials. The glass segment is expected to hold a key share of the market during the forecast period owing to high filler loading, less shrinkage, tight tolerance, and high solar reflective properties in specialty coatings and paints.
Glass microspheres help to improve fuel efficiency in aircraft, automotive, and vehicles without decreasing their physical properties. On the other hand, the polymer segment is anticipated to expand at a rapid pace during the forecast period due to their elastic property.
The hollow microspheres segment is projected to hold a large market share
On the basis of types, the microspheres market is bifurcated into solid and hollow microspheres. The hollow microspheres are expected to constitute a key share of the market during the forecast period due to its wide application. It is lighter in weight and has high usage in paints and coatings, life science, pharmaceuticals, and plastic & rubber. It is used as sensitizers in mining, quarrying, and construction.
The medical technology is projected to account for a key market share
Based on applications, the microspheres market is segregated into aerospace, oil and gas, medical technology, paints and coatings, composites, cosmetics, automotive, and other applications. The medical technology is expected to represent a key share of the market in the coming years owing to growth in the drug delivery system, due to its bioavailability, biocompatibility, and ability to encapsulate drugs.
North America is anticipated to hold major market share during the forecast period
On the basis of regions, the microspheres market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market at high CAGR during the forecast period. The regional market growth can be attributed to affordable healthcare resources and growth of a construction sector mainly in Mexico and U.S.
The market in Europe is also expected to expand at a substantial CAGR during the forecast period. However, Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to rising government expenditure on healthcare, consumer’s health awareness, and increasing purchasing power.
The global microspheres market has been segmented on the basis of
- Fly Ash
- Other Raw Materials
- Oil and Gas
- Medical Technology
- Paints and Coatings
- Other Applications
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the microspheres market include Potters Industries LLC, Momentive Performance Materials Inc., 3M, Luminex Corporation, Trelleborg AB, Mo-Sci Corporation, and AkzoNobel N.N. Some of these players are engaged in several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance,
- In April 2016, 3M decided to use glass microspheres in greenhouse film for agricultural purpose.
- In 2018, Carlyle Group and GIC acquired AkzoNobel specialty chemicals and launched again as Nouryon.