The global microspheres market size was valued at USD 3.2 billion in 2015 and is expected to grow at a CAGR of 10.4% over the forecast period. Growing need for advanced drug delivery systems and drug carriers is expected to be a major factor for the growth of microspheres over the forecast period. Rising demand from paints and coatings sector on account of their various abilities including increasing solid content of the coating and maintain the flow characteristics.
The market is driven by the constant demand from the healthcare and construction sectors where microspheres are gaining momentum owing to their superior properties and reasonable price. The increasing penetration in the paints coatings sector and other applications including automotive is expected to be the critical factor in propelling expansion.
U.S. microspheres market by material, 2014 - 2025 (USD Million)
Key drivers of market expansion include rising healthcare awareness and needs, economic growth, rising population, increasing total spending, and healthcare sector advancements. Microspheres industry is also characterized by continuous research and development activities in the polymer industry. Efforts to make changes in molecular properties (and hence chemical and physical properties) are important reasons for the investments being made in research on Micro and Nanomaterials as a whole.
Hollow spheres had the dominant share of the total revenue in 2015 and are expected to grow at a lucrative CAGR of 10.4% over the forecast period. Hollow microspheres help in saving material costs as compared to other resins and therefore it has resulted in increasing industry penetration over the past few years.
Hollow spheres are used as sensitizers in construction, quarrying and mining applications for water gel explosives and emulsions. This is expected to be a critical factor in contributing towards propelling growth of the overall industry. Solid type held over 40.0% of the global revenue share in 2015.
Its increasing penetration in the coatings sector owing to its excellent properties including reducing water absorption, reducing staining, increasing abrasion and scratch resistance. The application of solid microspheres depends on their size and construction.
Glass, ceramic, polymer, fly ash and metallic are the materials used for producing microspheres. The ceramic microspheres are used in wide range of coating applications which require a good appearance. Their superior crush strength and high hardness are responsible for improving the durability of coatings.
Glass segment has witnessed excellent growth owing to its tight tolerances, demand from new high-value and growth industries such as automotive, microscopy, biomedical, high-tech equipment and specialty, and life sciences application. This will propel expansion of the product over the forecast period.
Healthcare sector will remain the most dominant industry owing to the increasing investments in research and development in the drug delivery systems. The construction industry is expected to be the fastest growing sector owing to the ability of microspheres to impart superior capabilities in construction composites. The expansion of the construction industry in the emerging economies such as India and China is expected to be a crucial factor for propelling growth.
Microspheres market by application, 2015
Growth in the healthcare sector in emerging economies in Asia Pacific Region, which includes Vietnam, Philippines, Thailand, Malaysia, Indonesia apart from China and India will stimulate industry expansion. Increasing investment by foreign players will further propel industry penetration in the near future.
Emerging economies are also expected to witness a steady growth in other application areas such as Cosmetics and Paint and Coatings industry. Industry players like 3M, AkzoNobel are investing and conducting advanced research in the field of microspheres to support end-use industries such healthcare and coatings and others.
North America dominates the overall industry and is expected to contribute over 45.0% of the revenue share. Prevalence off affordable healthcare resources coupled with growing construction sector primarily in the U.S. and Mexico is expected to lead to an expansion of microspheres market. Europe is another crucial market for the product and is expected to witness significant gains owing to rising demand from the construction sector.
Asia Pacific region is anticipated to witness fastest growth rate owing to rising purchasing power, increased government expenditure on healthcare, longer life expectancies, consumer health awareness, and the growing incidence of chronic developed-world diseases associated with changing lifestyles.
Integration across the value chain is expected to be a crucial element in the industry as most of the manufacturers are trying to manage costs and therefore backward and forward integration will be essential. Manufacturer and supplier relationship is getting stronger, and there are tie-ups at multiple distribution levels.
Some of the key industry participants include AkzoNobel Expancel, 3M Company, Potters Industries LLC, Sigmund Lindner GmbH, Chase Corporation, Luminex Corporation, and Momentive Performance Materials Inc. Companies are looking towards expansion on account of the increasing market penetration in healthcare, paints & coatings, construction composites and automotive.
Base year for estimation
Actual estimates/Historical data
|2014 - 2015|
2016 - 2025
Revenue in USD Million & CAGR from 2016 to 2025
North America, Europe, Asia Pacific, Central & South America& MEA
U.S., Canada, UK, Germany, France, Japan, China, India, Brazil, Saudi Arabia, Nigeria
Revenue forecast, company share, competitive landscape, growth factors and trends
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Segments Covered in the Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the microspheres market on the basis of type, material, application, and region:
Fly Ash (Cenospheres)
Healthcare and Biotechnology
Paints & Coatings
Cosmetics & Personal Care
Oil & Gas
Central & South America
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