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The global microspheres market reached a value of US$ 4.6 Billion in 2020. Microspheres refer to solid sphere-shaped particles available in sizes ranging from 1 to 1000 µm. They are usually made using glass, ceramic, fly ash, metal and polymers and have controlled opacity, particle size distribution, gravity and electrostatic charge. In the medical sector, microspheres are used for drug administration and embolization, along with testing and development of medical equipment. They are lightweight, have portability and high compression abilities owing to which, they are used in the production of elastics, plastics, steel, automobiles, beauty care and personal care products. They are also used for developing low thickness boring liquid and concrete slurry for oil and gas extraction activities. In addition, they find extensive applications across aviation, aerospace, defense and construction sectors.
The thriving pharmaceutical and medical industries, along with the growing need for advanced drug delivery systems, is the key factor driving the growth of the market. Furthermore, microspheres are gaining traction for bone tissue engineering and radioembolization to treat liver cancer, along with the development of biopharmaceuticals. In the oil and gas industry, they are used for torque control in drilling fluids and mud lubricity in drilling machines. There is also an increase in the demand for paints and powder coatings that utilize microspheres for their high strength, low viscosity, gloss control and radiation curable properties. Moreover, factors including growing spending capacity of consumers, increasing research and development (R&D) in life sciences and biotechnology and the growing prevalence of lifestyle diseases are also favoring the market growth. Looking forward, IMARC Group expects the global microspheres market to grow at a CAGR of 8.50% during 2021-2026.
The report has also analyzed the competitive landscape of the market with some of the key players being 3M, AkzoNobel, Nouryon, Matsumoto Yushi-Seiyaku Company, Chase Corporation, Trelleborg, Momentive Performance Materials, Potters Industries, Luminex Corporation, Merit Medical Systems, Bangs Laboratories, Cospheric, Asia Pacific Microspheres, Mo-Sci Corporation, Sigmund Lindner, SIR-Spheres, etc.
The global microspheres market reached a value of US$ 4.6 Billion in 2020.
According to the estimates by IMARC Group, the global microspheres market is expected to grow at a CAGR of 8.50% during 2021-2026.
The rising adoption of microspheres across numerous end-use industries, such as aviation, aerospace, defense, construction, etc., is currently driving the growth of the global microspheres market.
The expanding pharmaceutical and medical sectors, coupled with the increasing demand for advanced drug delivery systems, represents some of the key trends in the global microspheres market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries for microspheres, thereby hampering the overall market growth.
On the basis of the type, the market has been bifurcated into hollow microspheres and solid microspheres. Amongst these, solid microspheres hold the majority of the total market share.
On the basis of the raw material, the market has been classified into glass, ceramic, fly ash, polymer, metal, and others. At present, glass exhibits a clear dominance in the market.
On the basis of the application, the market has been categorized into construction composites, medical technology, life science and biotechnology, paints and coatings, cosmetics and personal care, oil and gas, automotive, aerospace, and others. Amongst these, construction composites currently account for the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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