The global polyurethane (PU) microspheres market is expected to reach USD 88.01 million by 2024, according to a new report by Grand View Research, Inc. Increasing usage of PU microspheres as encapsulants in crop protection and drug delivery system is expected to remain a key demand driver over the forecast period.
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Technical feasibility problems such as poor control of drug release and inactivation of drugs during fabrication have led producers to integrate backward and manufacture microspheres on their own, meeting over half of the total demand.
Pricing of PU microspheres is largely influenced by costs associated with its synthesis from base resin. Also, additive pricing plays a major role as their composition varies according to the end-use requirements and product grades. A stable outlook for PU resin prices is likely to have a positive impact on producer’s margins and prices at the consumer level.
Encapsulation emerged as the most dominant application segment and accounted for over 45% of total market volume in 2015. Paints & coating is expected to witness the highest growth rate of 5.3% from 2016 to 2024, growth being driven by increasing use of PU based paints acting as a matting agent in wood floor furnishings and automotive coatings.
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Further key findings from the report suggest:
- Adhesive film is expected to exhibit considerable growth and is expected to account for over 10% of global volume by 2024. Rapidly growing electronics and packaging industries in emerging economies of China and India is anticipated to boost application segment growth over the forecast period.
- Europe was the leading regional market with demand share estimated over 34% in 2015. It is a key consumer of wood, plastic and architectural coatings required for automotive underbody necessitating use of PU microspheres. Increasing compliance of these particles with stringent EU regulations is expected to positively impact regional demand.
- Asia Pacific is poised to be the fastest growing regional market on account of expanding industrial base and growing major end-use industries such as construction and electronics.
- Latin America is projected to grow at an estimated CAGR of 5.1% from 2016 to 2024. The growth can be attributed to rapid urbanization resulting in need for sustainable infrastructure and consequent demand for paints & coatings.
- Polyurethane microspheres industry is moderately consolidated with the presence of few participants across the globe. Some leading companies operating in the global market include Bayer Material Science, Kolon Industry, Inc., Supercolori S.p.A., Chase Corporation and Microchem.
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