According to a new market report published by Lucintel, the future of the microsphere market
looks promising with opportunities in the medical technology, composites, and life sciences and biotechnology industries. The global microsphere market is expected to reach an estimated $3.8 billion by 2021 and is forecast to grow at a CAGR of 6.8% from 2016 to 2021. The major drivers of growth for this market are the growing demand for higher efficiency and lightweight materials and superior structural and enhanced properties of microsphere over conventional fillers.
Microsphere is used as lightweight fillers, additives, and blowing agents in variety of end use such as, composites, medical technology, life sciences and biotechnology, cosmetics and personal care, paints and coatings, and other applications. Lucintel forecast that the demand for microspheres in medical technologies is likely to experience the highest growth in the forecast period supported by growing application in assay preparation, timely drug delivery, injections, inhalation products for treatment of various diseases, and other uses. On the basis of comprehensive research, Lucintel predicts that hollow microsphere is expected to show above average growth during the forecast period supported by growing demand for low density and superior quality in high-end applications.
Within the microsphere market, glass microsphere is expected to remain the largest market. Glass microspheres provide lower viscosity, high melting point, and higher chemical resistance than other types of microspheres, which is expected to spur growth for this segment over the forecast period.
North America is expected to remain the largest region due to the growing use of microspheres in R&D activities for discovery of effective medicines and demand for lightweight materials in composite applications.
Asia Pacific and the Rest of the World are expected to witness good growth over the forecast period because of an increase in building and construction applications, and growing demand in electrical and electronics sectors considering its superior thermal properties.
For business expansion, the report suggests innovation and new product development to reduce density, increase strength, reduce environmental impact, and lowering cost. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for the end user.
Emerging trends, which have a direct impact on the dynamics of the industry, include continuous improvements in existing products to intensify the penetration level and long-term sustainability, biodegradable microspheres, and increasing focus on growing markets by expansion and alliances (Mergers and Acquisitions). The 3M Company, Cospheric LLC, Potters Industries, Trelleborg Offshore & Construction, and AkzoNobel Expancel are among the major suppliers of the microsphere.
Lucintel, a leading global strategic consulting and market research firm
, has analyzed growth opportunities in the global microsphere market by application, by material, by product type, and by region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Microsphere Market 2016-2021: Trends, Forecast, and Opportunity Analysis
The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the microsphere market by application, type of deposit, and region as follows:
By application [Volume (Kilotons) and $M shipment analysis from 2010 to 2021]:
· Medical Technology
· Life Sciences and Biotechnology
· Cosmetics and Personal Care
· Paint and Coatings
By Material [Volume (Kilotons) and $M shipment analysis from 2010 to 2021]:
· Glass Microsphere
· Polymer Microsphere
· Ceramic Microsphere
· Fly Ash Microsphere
· Metallic Microsphere
By Product Type [Volume (Kilotons) and $M shipment analysis from 2010 to 2021]:
· Hollow microspheres
· solid Microsphere
By region [Volume (Kilotons) and $M shipment analysis from 2010 to 2021]:
· North America
· Asia Pacific
· Rest of World
Lucintel, the premier global Management Consulting
and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting
, M&A, and Due diligence
services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com. This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for global microsphere market by applications (composites, medical technology, life sciences and biotechnology, cosmetics and personal care, paints and coatings, and others), by material (glass microspheres, polymer microspheres, ceramic microspheres, fly ash (cenosphere) microspheres, metallic microspheres, and others), by product type (solid microspheres and hollow microspheres), and regions (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via materials / product substitution?
Q.11 What M&A activities have occurred in the last 5 years?