The global microsphere market is witnessing growth, due to the increasing demand for efficiency, large base of end-use industries, new emerging applications, and modernization and development of infrastructure. Moreover, the recyclable and reusable property of microspheres is supporting their high demand in several applications. Based on types of microspheres, the hollow microsphere segment held the largest share in the global microspheres market in 2015, due to the multiple applications of hollow microspheres. The largest consumption of microspheres occurred for the construction composites application in 2015. The medical technology is predicted to be the fastest growing application segment during 2016 -2022. Based on raw materials, the glass microsphere segment held the largest share in the global market in 2015. Glass microspheres provide several benefits, in comparison to other microspheres and it is also used in several end-use industries; therefore, it is anticipated to retain its dominance during 2016 – 2022.
The growing demand in the emerging economies and increasing compliance for microsphere in medical technology are creating ample revenue generation opportunities for the manufacturers of microspheres in the global market during the forecast period. The increasing number of collaboration and increasing development for product innovation and modification are the key trends witnessed in the global microsphere market. However, the fluctuating raw materials prices, and requirement of huge capital investment for research and development are anticipated to hinder the growth of the global microsphere market to some extent during the forecast period.
Microspheres, also known as micro particles or micro beads, are the small spherical particles with diameter ranging from 1 μm to 1000 μm. These could be made from synthetic or natural materials. Some of the commercially available microspheres include glass microspheres, ceramic microspheres, and polymer microspheres. Microsphere have several uses, such as providing measuring tool in biotechnology and drug research; decreasing material density; usage for drug delivery; usage for flow visualization; usage in cosmetics for hiding wrinkles; usage as exfoliating agent; and usage for thermal insulation.
Geographically, North America held the largest share in the global microsphere market in 2015, owing to the high consumption of microsphere in construction composites and medical technology. The U.S. is the largest market for microsphere in North America, due to the technological advancements and high consumption of microsphere in automotive, construction composites and medical technology. Europe became the second largest market for microsphere in 2015. Asia-Pacific is anticipated to be the fastest growing market of microsphere during 2016 – 2022, due to the increasing development of end-use industries in the region.
The key players operating in the global microsphere market are 3M Company, Akzo Nobel N.V., Luminex Corporation, Momentive, Matsumoto Yushi-Seiyaku Co.,Ltd., Trelleborg AB, MO-SCI Corporation, Potters Industries LLC, and Sigmund Lindner GmbH.