LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global microspheres market is expected to reach USD 6,127.5 million by 2021, growing at a CAGR of almost 11%.
This research report titled ‘Global Microspheres Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report covers different types of microspheres (hollow and solid), and their applications in the medical technology, construction composites, pharmaceutical, and cosmetics and personal care sectors.
The growth of the microspheres market will be driven by the rise in the demand for existing and emerging applications and superior structural properties. Technavio analysts also expect recyclability and reusability, progression in infrastructure, and efficiency enhancement to play a major role in the growth of the market. An increase in demand for efficient and lightweight components and materials also bodes well for the market.
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Technavio’s chemicals and materials analysts categorize the global microspheres market into five major segments by application:
- Medical technology
- Construction composites
- Pharmaceutical
- Cosmetics and personal care
- Others
The top three application segments for the global microspheres market are:
Global microspheres market in medical technology sector
The medical technology sector is a prominent part of the healthcare industry. It includes medical devices that simplify the prevention, diagnosis, and treatment of diseases. Some of the well-known medical technology products include pacemakers, imaging instruments, dialysis machines, and implants. Microspheres are used for manufacturing and testing medical devices. They are selected and used based on the applications.
According to Mahitha Mallishetty, a lead metals and minerals research analyst from Technavio, “Fluorescent microspheres are used for applications where particles are consumed, emitting distinct colors when illuminated by ultraviolet rays. Fluorescent microspheres are useful as primary particles for acoustical and optical analytical systems.”
Global microspheres market in construction composites sector
The rapid increase in the construction industry has been attracting investors, especially in MEA. For instance, the UAE government offers incentives to investors, which attract them to the Middle East. Microspheres are used in the preparation of high-strength lightweight concrete used in building infrastructure.
“Fiberglass manufacturers use ceramic microspheres to produce lighter and highly durable fiberglass. North America is anticipated to be the largest market for ceramic microspheres because of the high demand for fiberglass in construction,” says Mahitha.
Global microspheres market in pharmaceutical sector
Microspheres are extensively used in the pharmaceutical sector for the formulation of numerous drugs. For instance, drugs are formulated in hydrodynamically balanced floating systems of microspheres. In addition, gold microspheres are consumed in kits for a home pregnancy test. Similarly, infused, negatively charged, immunity-modifying microspheres can have beneficial use in diseases instigated or potentiated by inflammatory monocytes.
Coated microspheres act as a measuring tool in biology and drug research. Polymer-based microspheres are consumed in miniature time-release drug capsules. Similarly, these microspheres are used in the outer shell of microbubble contrast agents for contrast-enhanced ultrasound.
The top vendors highlighted by Technavio’s research analysts in this report are:
- 3M
- AkzoNobel
- Chase
- Momentive Performance Materials
- Potters Industries
- Sigmund Lindner
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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, re-sellers, and end-users.
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