Future of the Global Microspheres Market

2014-03-19
Published : Mar-2014

Increasing application of microspheres in a wide variety of field is propelling the growth of the global microspheres industry. Microspheres are manufactured from both natural as well as synthetic materials. There are used in a number of fields ranging from medicine and automotive to aerospace and paints and coatings. Some of the factors that are driving the growth in the global microspheres market are high demand for microspheres from current and emerging applications, increased demand for efficiency, development of infrastructure and its superior structural properties. The application of microspheres in specialty research and development application is another reason for its increase in growth. By 2018, the global market for microspheres is expected to reach a value of 5.2 billion USD. The US is the largest market for microspheres led by the increasing use of microspheres in the medical industry.

The global market for microspheres can be segmented based on types, applications and raw materials used for its manufacture. Based on type of microspheres, the market can be segmented as hollow microspheres and solid microspheres. Based on applications, the market for microspheres can be segmented into nine broad categories to include medical technology, oil and gas, construction composites, aerospace, paintings and coatings, automotive, cosmetics and personal care, life sciences and biotechnology and others. Based on the raw materials used for the manufacture of microspheres, the market can be segmented as glass, polymer, ceramic, metallic, fly ash and others. The global market for microspheres is led by hollow type microspheres as they are used in a number of applications. In terms of applications, medical technology dominates the market and is forecasted to lead the market in the future. In the coming years, cosmetics and personal care market is going to emerge as the fastest growing application for microspheres.

Key players in the global microspheres market are AkzoNobel, 3M Company, Potters Industries LLC, Richard Baker Harrison Ltd., Matsumoto Yushi-Seiyaku Co. Ltd., Polysciences Incorporated, Spherotech Inc and Luminex Corporation. Although the US is the largest market for microspheres in the world, Asia-Pacific is the fastest-growing market. Growth in Asia-Pacific is driven by China, which is the fastest-growing country in the global microspheres market. Glass microspheres represent the largest market share, in terms of raw materials used. Some of the factors that are limiting the growth in the market are high investment required for research and development, fluctuating cost of raw materials and lack of quality control in developing nations.

Explore the latest market research report on global microspheres market @ http://www.sandlerresearch.org/global-microspheres-market-trends-forecasts-to-2018.html

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