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Microspheres market Size – USD 5.29 Billion in 2019, Growth - CAGR of 9.1%, Trends – High demand from developing nations.
NEW YORK CITY, NY, UNITED STATES, March 2, 2022 /EINPresswire.com / -- The Microspheres Market is forecast to reach USD 10.24 Billion by 2027, according to a new report by Reports and Data. It is expected that the superior structural properties of microspheres, growth & modernization, and increased demand from existing and emerging applications would boost demand for microspheres globally. The increasing need for advanced drug delivery systems and drug carriers over the forecast period is expected to be a significant factor in the growth of microspheres. Growing demand from the paints and coatings sector due to their different capabilities, including improving solid coating quality and retaining flow properties, is also one of the factors driving the market.
Microspheres are used in medical devices, which are made of glass, polymers, and ceramics as tracers and particles. They are also used in the research and production of medical devices due to their availability in a broad range of colors with controlled opacity, particle size distribution, fluorescence, electrostatic load, and specific gravity. Increasing new hospital building projects along with demand for medical equipment would drive market growth.
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Rising demand in other applications such as cosmetics & personal care, oil & gas, and life sciences is expected to fuel the growth of the market during the forecast period. Enhanced care enforcement, decreased toxicity, and usability of the microspheres have resulted in increased consumer demand. They are lightweight, portable, and highly compressive and so they are used in the manufacture of elastics, plastics, steel, automobiles, beauty treatments, and personal care products. They are often used to produce low-density liquid and concrete slurry for extracting oil and gas. Besides, extensive applications are identified across the aviation, aerospace, defense, and construction sectors.
Fluctuating raw material prices and massive R&D expenditures are expected to hamper the demand growth seriously.
Key participants include AkzoNobel Expancel, Chase Corporation, Trelleborg AB, Mo SCI Corporation, Momentive Performance Materials Inc., Sigmund Linder GmbH, Potters Industries LLC, 3M Company, Luminex Corporation, and, Matsumoto Yushi-Seiyaku Co. Ltd., among others.
Market Overview:
The chemicals and materials industry produces a massive variety of products consumed by people across the world on a daily basis. While several products, namely detergents, perfumes, soaps, and others are bought directly by the consumers, the others are used as ingredients to make numerous products. For instance, in Europe, nearly 70% of the chemicals that are manufactured are used to make other products. The industry uses a wide range of raw materials ranging from oil, minerals, air, and others. With growing competition among industry players, innovation remains vital in discovering new paths to meet the needs of the sophisticated, demanding and environmentally conscious consumers.
The competitiveness within the chemical industry and among the chemicals, the chemical industry spends large amounts on research, particularly in the highly industrialized countries, which will foster market size in the coming years.
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Further key findings from the report suggest
Medical applications dominated the market and represented 21.5% of the total market in 2019. The rapid evolution of the drug delivery system is expected to drive the market in the medical segment over the forecast period.
A key factor driving market growth in the booming pharmaceutical and medical industries is the development of biopharmaceuticals, microspheres are gaining popularity for bone tissue engineering and radioembolization to treat hepatic cancer.
North America emerged as the leading market, followed by Europe. The growing healthcare sector, mainly due to the rising elderly population along with the numbers of domestic manufacturers in the region assisted by government guidelines, will drive growth in the market.
In the Asia Pacific, the construction segment has acquired the market. With the increasing urbanization and industrialization, the region has excellent growth potential in the near future and is expected to grow from 2019 to 2027 at an estimated 9.4% CAGR.
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For the purpose of this report, Reports and Data have segmented into the global Microspheres market on the basis of material, type, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Hollow
Solid
Application Outlook (Revenue, USD Billion; 2017-2027)
Automotive
Medical Technology
Construction Composites
Life Sciences & Biotechnology
Paints & Coatings
Cosmetic % Personal Care
Oil & Gas
Aerospace
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Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
Thank you for reading our report. To know more about the customization feature, please get in touch with us and our team will ensure the report is customized as per your requirements.
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