PU Microspheres Market Overview
The key trend witnessed in the global PU microspheres market is the backward integration by major players employed in encapsulation industry. The market players in the industry are now integrating PU microspheres in manufacturing and encapsulation operations to develop in-house products. Major reason behind the backward integration by these companies are compatibility and feasibility issues in pharmaceutical products employed for drug delivery. These companies plan to integrate microspheres manufacturing to their business portfolio and reduce instances of such issues, thereby assisting their product lines in the long term.
Microspheres are small spherical particles that are manufactured from synthetic or natural materials. PU microspheres exhibit various advantageous characteristics such as narrow particle distribution, uniform film and coating thickness, lower incidents of edge defects, and create smooth aesthetic appearances in products. In this report, the PU microspheres market is segmented on the basis of application and region.
The PU microspheres market has been categorized on the basis of application into encapsulation, paints and coatings, adhesive films, and cosmetics. The microspheres find their largest application as an encapsulating agent for various end-use industries, including pharmaceuticals, paints and coatings, and agrochemical industries. These are employed owing to their ability to offer controlled release of chemicals from encapsulants, thereby increasing the effectiveness of delivery systems, which in turn, drives the demand for the microspheres in the pharmaceutical and agrochemical industries.
Based on region, the PU microspheres market has been categorized into North America, Europe, APAC, Latin America, and the MEA. The demand for luxurious and light-weight vehicles along with rapid urbanization has resulted increase in sales of the vehicles in the APAC region. This demand in emerging economies such as China and India, coupled with increasing PU microspheres compliance in automotive and cosmetics industries is expected to provide immense growth opportunities for market participants during the forecast period. Furthermore, adoption of the microspheres in controlled chemical release of biocides, pesticides, and disinfectants for effective delivery of agrochemicals is also likely to contribute to the growth of the PU microspheres market in the forthcoming period.
PU Microspheres Market Dynamics
Growing demand for PU microspheres in several industries across the APAC region and substitution of conventional emulsions by these products are likely to drive the growth of the PU microspheres market.
The microspheres are increasingly being employed in plastics coatings in automotive underbodies, and in architectural and wood coatings in construction sector. The growth in construction sector across the APAC region along with rise in consumer spending and demand for aesthetic products in interior décor is also likely to supplement the market growth in the forthcoming period.
Moreover, advanced technologies for drug delivery, demand for repositionable adhesives over traditionally used emulsions across the APAC region are likely to assist the PU microspheres market growth in the future.
The high cost of PU microspheres in comparison to other microspheres, and high capital investment for their research and development (R&D) activity are anticipated to hinder the growth of the PU microspheres market to some extent during the forecast period.
The macroeconomic growth in emerging economies is expected to propel the demand for durable and aesthetic products in the near future. This growth is also expected to result in increased disposable income of individuals in these countries, thereby presenting lucrative opportunities for the application of the microspheres in aesthetic products. This is likely to propel the adoption of these products, thus opening potential avenues for players to grow in the PU microspheres market.
PU Microspheres — Competitive Landscape
Some of the major players operating in the global PU microspheres market are Kolon Industry Inc., Heyo Enterprise Co. Ltd., Microchem, Microcaps, ICP Pharma, Bayer Material Science, Supercolori S.p.A., Chase Corporation, Covestro AG, and Sanyo Chemical Industries Ltd.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.