LONDON--(BUSINESS WIRE)--The global cenospheres market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The rising demand for cenospheres from various industries will be one of the major drivers in the global market. Industries like construction, automotive, pharmaceuticals, and oil and gas use cenospheres. Moreover, cenospheres are used as fillers in various automotive applications such as clutch facings, tires, friction linings, dashboard, and brake linings. In the oil and gas sector, they are used as filler lubricants in oil drilling activities under high stress and heat conditions. In the pharmaceutical industry, cenospheres, when coated with drugs, can be injected into a patient's bloodstream to treat an infected area and heal wounds faster. Cenospheres also have painting and coating applications as they provide additional qualities such as controlling of infrared radiations when used in coatings. Therefore, the growth of these end-user industries will propel the demand for cenospheres during the forecast period.
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As per Technavio, technological developments in the coating industry, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Cenospheres Market: Technological Developments in Coating Industry
Technological developments in the coating industry will be one of the critical trends in the global cenospheres market. The most significant developments in terms of technology can be witnessed in paints. These technological developments have led to the emergence of coatings and paints with superior benefits such as the killing of pathogens that harm the coated surfaces and reducing of odor. The industry offers several types of coatings and paintings such as microbicidal, antibacterial, and antimicrobial. Vendors in the coating industry are also developing products with low volatile organic compounds (VOCs) or no VOC formulations. Low-VOC coatings with new resin technologies, including water-based acrylic coatings, are widely being used globally. As cenospheres are used as fillers in paints and coatings, the growth in the coatings and paints market will increase the consumption of cenospheres.
“Apart from technological developments in the coating industry, the high adoption of coal-fired power generation and the rise in urbanization are some other major factors that will boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Cenospheres Market: Segmentation Analysis
This market research report segments the global cenospheres market by type (gray cenospheres and white cenospheres) and geographical regions (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the high production and consumption of coal and presence of major end-user industries in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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