LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global hollow microspheres market is projected to grow to USD 3,391.2 million by 2021, at a CAGR of 11% over the forecast period.
This research report titled ‘Global Hollow Microspheres Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Microspheres are small particles which are available in varying densities and are mainly used as additives. These are innovative raw materials with superior functionality that help in improving the quality of the final product at a reduced cost. North America is the largest end-user of the hollow microspheres, due to their widespread use as a lightweight core for structural surfaces in construction composites.
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Based on end-users, the report categorizes the global hollow microspheres market into the following segments:
- Construction composites
- Medical technology
- Biotechnology and medicine
- Cosmetics and personal care
The top three revenue-generating end-user segments in the global hollow microspheres market are discussed below:
“Construction composites occupied a dominant 39% of the overall market shares in 2016, due to a high demand from the emerging infrastructure projects in countries such as India, Indonesia, the Philippines, Malaysia, and Vietnam,” says Kshama Upadhyay, a lead analyst at Technavio for metals and minerals research.
Hollow microspheres are usually based on silicate, which is produced at a low specific gravity of 0.32. This results in reducing the attraction between particles, which adds an advantage in highly filled liquid polymer composites. These are widely used in the thermosetting process of resins, oil well construction, heat preservations of oil pies, specialty cement, mortars, grouts, stucco, roofing materials, and acoustical panels.
The global hollow microspheres market for medical technology is expected to grow swiftly at a CAGR of nearly 15%. Fluorescent hollow microspheres are used as primary particles for acoustical and optical analytical systems. A distinctive rare earth metal, Gadolinium(III) oxide (Gd₂O₃), is used in luminescent devices, fluorescent labels, medical diagnostics, and catalysts due to its peculiar features such as chemical durability, thermal stability, large band gap, high refractive index, and high dielectric constant. Hence, due to the increasing demand for medical technology, the global hollow microspheres market is anticipated to grow.
Biotechnology and medicine
"Hollow microspheres are widely used for drug delivery and bone tissue engineering in the medical industry. To improve the efficacy of drugs and decrease the side effects, hollow microspheres are used to achieve controlled drug release,” says Kshama.
By using the novel emulsion solvent diffusion method, the drug is loaded in the outer shell of hollow microspheres. Polymer microspheres are preferred in the biotechnology and medical industry due to their features such as sustainability in release for long time and biocompatibility. The demand for hollow microspheres in this end-user segment is increasing, and the trend is expected to continue during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Akzo Nobel
- Chase Corporation
- Momentive Performance Materials
- Sigmund Linder
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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