Global Hollow Microspheres Market 2017-2021
About Hollow Microspheres
Microspheres are small particles with a diameter ranging from 1 micrometer to 1 millimeter. They are commonly called as beads, microbeads, and microparticles. They can be produced by natural and synthetic methods. These microspheres are available in various densities and are used accordingly in their respective applications. Due to the attribute of lowering the density, hollow microspheres 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. These hollow microspheres are used in several end-user markets such as medical technology, construction composites, biotechnology and medicine, and cosmetics and personal care.
Technavio’s analysts forecast the global hollow microspheres market to grow at a CAGR of 11% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global hollow microspheres market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hollow Microspheres Market 2017-2021
Technavio recognizes the following companies as the key players in the global hollow microspheres market: 3M, Akzo Nobel, Chase Corporation, Momentive Performance Materials, and Sigmund Linder.
Other Prominent Vendors in the market are: Potters Europe, MO-SCI, Cospheric, Polysciences, and Kish Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is innovations in product portfolio. Switching to natural hollow microspheres by new end users, to achieve novel functionalities by the finished products is likely to occur during the forecast period. For instance, microspheres are valuable in the healthcare industry not only for the prolonged discharge of drug but for coordinating anticancer medications. The progressions in chemistry are offering opportunities for alternative products, leading to improvements and new product development. This is anticipated to create competition in the entire value chain of hollow microspheres, as vendors will offer varied product portfolios.”
According to the report, one of the major drivers for this market is rising infrastructure spending. The developing nations are encountering a large-scale shift of population from rural to urban areas. For instance, the existing year-over-year population growth rate of India is 1.56%, which is more than double the year-over-year population growth rate of China that is 0.67%. It is estimated that the population of rural areas is likely to move to urban areas during the forecast period. Such migrations are resulting in a shortage of housing units and increasing passenger traffic encroachment in the urban areas.
Further, the report states that one of the major factors hindering the growth of this market is volatility in raw material prices. The manufacturing of hollow microspheres requires raw materials such as lactides and glycolides, which are obtained from the oil and gas industry. The oil and gas industry is considered as the prime raw material supplier for the global hollow microspheres market. Hence, alterations from in the price of crude oil will affect the price of hollow microspheres. This has also resulted in fluctuating demands.
3M, Akzo Nobel, Chase Corporation, Momentive Performance Materials, and Sigmund Linder. Other Prominent Vendors in the market are: Potters Europe, MO-SCI, Cospheric, Polysciences, and Kish Company.