Microspheres are small spherical microparticles of a size ranging from 1µm to 1000 µm, and can be produced naturally as well as synthetically. These are innovative raw materials with superior functionality that help improve the quality of the final product at a reduced cost. Growth of the oil, gas, and medical industry is a major driver for the microsphere market. There are different types of microspheres classified based on the chemical composition and material properties making them suitable for application-specific industries.
The global market of microspheres has seen a steady growth rate in double digits in the last decade due to their use in healthcare, personal care, and in many specialty research and development applications. The increasing demand for microspheres in the medical industry for delivering the drug will drive this market at a higher growth rate. The discovery of new applications of microspheres in oil and gas, and life sciences are the major opportunities. The main restraint for this industry would be the approval from FDA or other bio-safety organizations for microspheres’ use in medical applications. There are different types of microspheres with respect to their chemical composition, including glass, ceramic, and polymer microspheres, and are segmented based on applications in different industries into paints and coating, oil and gas, cosmetics and personal care, biotechnology and life sciences, and medicine and medical devices.
The U.S. is the biggest market for microspheres followed by Europe and Asia-pacific. The increasing use of microspheres in the medical industry is causing an increase in the U.S. market at a higher rate, since microspheres can provide sophisticated solutions for many diseases like cancer. Europe is the second biggest market having major applications in the manufacturing and medical industry. Emerging economies like China and India in the Asia-pacific region will contribute to the growth of this industry as development and demand in manufacturing and medical industries is increasing at a higher rate.
Some of the major players operating in this market include AkzoNobel, Thomasnet, Richard baker Harrison, Polysciences, Life technologies, Sphere Jet, and Sirtex Medical. AkzoNobel is the market leader producing specialized product Expancel expandable microspheres, which is mainly used in manufacturing industry providing numerous advantages such as reducing cost and weight of the product.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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