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.
This report has 141 figures/charts and 39 tables spread through 210 pages. For more detail on this report please click link http://www.lucintel.com/global_microsphere_market_2016_2021.aspx
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.
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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
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