Global PMMA Microspheres Market - Segmented by Application, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global PMMA microspheres market has been estimated at USD 174.88 million in 2017. The market is expected to register a CAGR of 10.14% during the forecast period, 2018 to 2023. Life sciences and medical segment dominated the global PMMA microspheres market with nearly 31% share globally and is also estimated to register the fastest CAGR through the forecast period.
GROWING DEMAND FOR COSMETIC SURGERIES
PMMA microspheres are widely used in the cosmetic industry. They are mostly used in cosmetic surgeries by injecting it under the skin in order to reduce wrinkles or scars permanently. PMMA microspheres are used in aesthetic surgeries as long-term tissue fillers for the correction of wrinkles and lip augmentation. They are also used as cosmetic additives to improve light-scattering properties, smearing sense, and smoothness. With an increase in concern for wrinkled skin and pigmentation among middle aged women, there has been a rise in the number of cosmetic surgeries taking place, specifically in the United States and Brazil.
Additionally in 2016, 16.4 billion USD was spent on cosmetic procedures in the United States. This expenditure has significantly increased the demand for PMMA microspheres from the cosmetics industry in the country. With an increase in concern for looks and beauty are expected to increase the number of cosmetic surgeries worldwide. This shall majorly contribute to the demand for PMMA microspheres, hence benefitting the market to a great extent during the forecast period.
North America Dominates the Market
North America has the highest share in the market, accounting for nearly 31% of the global market share in 2017. With an increase in concern for looks and beauty, there has been a significant rise in the number of cosmetic surgeries taking place in North America, specifically United States. Hence, the demand for PMMA microspheres is expected to rise massively during the forecast period.
United States is the Largest Consumer
The US pharmaceutical industry was worth more than USD 446 billion in 2016. The industry is growing at a rapid rate. The country has witnessed a constant rise in the consumption of PMMA microspheres during recent years. This is due to the significant growth of medical technology, which is the major end-user of PMMA microspheres. Apart from the healthcare industry, PMMA microspheres are majorly used in cosmetic applications, such as injections to reduce wrinkles, cosmetic additives to improve light-scattering properties, and many others. In addition to this, PMMA microspheres are used as a light diffusion agent that is used in astigmatic shade, LCD light diffusing plate, film, LED light diffusing lampshade, etc. With the growing demand for PMMA microspheres from various end-user industries, the market is projected to grow over the forecast period.
Major Key Players are COSPHERIC LLC, POLYSCIENCES, INC., MICROBEADS AS, PHOSPHOREX INC., and MATSUMOTO YUSHI SEIYAKU CO. LTD, and Other Players Include 3M, EPRUI NANOPARTICLES & MICROSPHERES CO. LTD., GOODFELLOW USA, HEYO ENTERPRISES CO., LTD., IMPERIAL MICROSPHERES, J COLOR CHEMICALS, J MICRONS TECHNOLOGY CO., LTD., MICROCHEM, MICROSPHERES-NANOSPHERES, SEKISUI PLASTICS, and SUNJIN CHEMICAL CO., LTD.
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