The global microspheres market size reached US$ 5.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.4 Billion by 2028, exhibiting a growth rate (CAGR) of 10.03% during 2023-2028.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global microspheres market report, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on type, raw material and application.
Breakup by Type:
Breakup by Raw Material:
Breakup by Application:
Life Science & Biotechnology
Paints & Coatings
Cosmetics & Personal Care
Oil & Gas
Breakup by Region:
Middle East and Africa
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 and SIR-Spheres, etc.
Base Year of the Analysis
Type, Raw Material, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
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Key Questions Answered in This Report
The global microspheres market was valued at US$ 5.9 Billion in 2022.
We expect the global microspheres market to exhibit a CAGR of 10.03% during 2023-2028.
The expanding pharmaceutical sector, along with the introduction of innovative magnetic microspheres for precise delivery of therapeutic agents, is currently driving the global microspheres market.
The 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, such as construction, consumer electronics, automotive, etc., thereby hampering the overall market growth.
Based on the type, the global microspheres market can be categorized into hollow and solid. Currently, hollow type exhibits a clear dominance in the market.
Based on the raw material, the global microspheres market has been segmented into glass, ceramic, fly ash, polymer, metal, and others. Among these, glass represents the largest market share.
Based on the application, the global microspheres market can be bifurcated into construction
composites, medical technology, life science & biotechnology, paints & coatings, cosmetics & personal care, oil & gas, automotive, aerospace, and others. Currently, construction composites account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global microspheres market include 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.
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