Hollow glass microspheres market size is estimated to reach over USD 2.5 billion by 2023 and growing at a CAGR of over 5% from 2016 to 2023. This can be primarily attributed to reusability and recyclability. In addition, increasing demand for efficiency is likely to favor the demand growth over the coming few years.
The industry is likely to see a surge in China, Brazil, Russia and India hollow glass microspheres market, owing to the flourishing manufacturing industries and heavy spending on infrastructure. Latin America is also anticipated to grow over the forecast period. This can be attributed to oil and gas industries in the region which offers significant growth opportunities to the major players.
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These microspheres are fabricated with the assistance of soda lime borosilicate glass. The industry is focusing on R&D to develop sophisticated products in order to gain competitive edge. The major advantages offered include light weight, low thermal conductivity, smooth mobility and high compressive strength. The above mentioned factors should drive hollow glass microspheres market demand over the forecast period. The increasing need to operate at bigger depths and also with extended subsea tiebacks is anticipated to spur the expansion of riser insulation and flow line that is stronger, lighter, and provides low heat transfer.
Hollow glass microspheres consists of minute bubbles with walls thicknesses over 1 µm and offers high compressive potency. The diameter ranges between 20 µm to150 µm. The major distinction between low grade and high grade HGMs are their structure. Lower quality HGMs fall short under less predictably and less load as compared to high grade HGMs. Other prime properties include high chemical resistance, radio transparency, low water absorption and low heat conductivity.
Key applications include cementing slurry, rubber, plastics, paint and coatings, glass, artificial stone, steel and putty as weight reducing and filtering agent. In addition, these also act as a superb sensitizer for emulsion explosives as it possess high comprehensive properties. It can also be used to construct low density drilling fluid and low density high strength cement slurry in oil and gas extraction sectors. Moreover, they are employed as lightweight fillers in composite materials such as lightweight concrete and syntactic foam.
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Automotive, building and construction, healthcare, cosmetics and personal care, and aerospace & defense are the key end use segments for the hollow glass microspheres market. Building and construction sector hold the dominance in the industry and is expected to grow at 5% over the forecast period. Healthcare sector is anticipated to be the fastest growing end use segment with gains forecast at 6% from 2016 to 2023. The hollow glass microspheres market is suitable in any state which includes high temperature systems, high viscosity systems, extreme processing, low dielectric or loss tangent materials and chemically sensitive systems.
This latest Hollow Glass Microspheres Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Hollow Glass Microspheres industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Hollow Glass Microspheres Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.” in detail along with the table of contents:
Key Insights in this Report
- Global Hollow Glass Microspheres Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Hollow Glass Microspheres Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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