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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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