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Microspheres Market Future Challenges and Industry Growth Outlook 2024

Author : Rahul Varpe | Published Date : 2019-03-22 

North America, led by Canada and the U.S. microspheres market size may witness significant gains over the forecast timeframe. Increasing healthcare sector owing to rising aging population should drive regional industry growth. Increasing number of domestic players in the region supported by government guidelines should drive industry growth.

Europe microspheres market size, driven by UK, Italy, France, and Germany, may show steady gains owing to rise in construction sector. Increasing construction spending towards new building development may favor regional industry growth.

Hollow microspheres market may witness significant gains over the forecast timeframe. They are used as sensitizers in quarrying, paint & coatings, construction and mining applications for water gel emulsions and explosives, thereby fueling product demand. Global paints and coatings market may exceed USD 180 billion by 2024, with gains at over 6%. Strong application scope in the coatings sector due to increasing scratch and abrasion resistance, reducing staining and water absorption properties will propel microspheres market demand.

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Glass, polymer, ceramic, metallic and fly ash are the key raw materials used for manufacturing process. Ceramic microspheres have high hardness and superior crush strength and are used in various coating applications owing to its good appearance and improves durability. Glass microspheres market segment has perceived excellent growth due to its tight tolerance properties. Strong application outlook in military, aerospace, oil & gas, molded plastic components, paint & coatings, and construction industries should drive industry growth.

Fluctuating raw material costs along with lack of product quality may create demand supply gap and affect microspheres market price trend. Also, prices are dependent on packaging and coating by silicone or silane.

Microspheres Market size may grow significantly over the forecast timeframe owing to positive application scope in medical technology and healthcare, cosmetics and personal care, and automotive industries. It is free flowing powders consisting synthetic polymers or proteins which are biodegradable.

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Microspheres are used as tracers and particles in medical devices which are made from glass, polymers and ceramics. Additionally, they are used in testing and developing medical devices owing to their availability in wide range of colors accompanied with controlled opacity, particle size distribution, fluorescence, electrostatic charge and specific gravity. Global medical device market size is likely to exceed USD 500 billion by 2024. Increasing new hospital construction projects along with medical equipment demand should drive microspheres market growth.

Global microspheres market share is competitive with some of the prominent industry participants include 3M Company, AkzoNobel, Sigmund Lindner, Potters Industries, Luminex Corporation, Momentive Performance Materials and Chase Corporation.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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