Global Polymer Microspheres Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for polymer microspheres is expected to register a significant growth, with a CAGR of 9.12%, during the forecast period, 2018 to 2023.This growth is the consequence of the increasing demand from the electronics industry.
Increasing Demand from the Electronics Industry
Polymer microspheres have been witnessing a high demand from the electronics industry, due to their usage in the electronic equipment displays. They have a wide range of other applications in the electronics sector, including usage in LCD screens and monitors, and mobile phone screens. Polymer (especially PMMA) microspheres are highly preferred for mobile phone screens, as they provide optical clarity, toughness, impact resistance, and high light transmission. Polymer microspheres are also extensively used in the manufacturing of LED light guide panels and lens caps. With the growing electronics industry in countries, such as China, India, Japan, Canada, and Mexico, the demand and for and usage of polymer microspheres are expected to increase in the electronics industry. The growth of the electronics industry in developed and developing economies is expected to significantly benefit the polymer microspheres market. Additionally, the demand for polymer microspheres is expected to further benefit from an increase in demand for laptops and smartphones, during the forecast period.
Cosmetics & Personal Care End-user Segment to Drive the Market Growth
The cosmetics & personal care industry represents one of the major end-user industries for global polymer microspheres market, with a market share of almost 10%. Polymer microspheres are used in the cosmetics industry as additives and for cosmetic surgery purposes. Skin care, hair care, and make-up are the major categories which are propelling the major growth of polymer microspheres market in the cosmetics and personal care industry. Asia-Pacific is expected to drive the polymer microsphere market, with a huge market share (37% of the global cosmetics market), and an even bigger growth in the personal care & cosmetics industry, in addition to having a large population in the 15-59 year range. Investments in Europe, and a great market potential in Asia-Pacific are anticipated to fuel the market growth in the coming years.
Asia-Pacific to Drive the Market Growth
The Asia-Pacific region is expected to drive the growth of global polymer microspheres market, with a CAGR of approximately 12%, over the forecast period. This is due to the increasing demand from the end-user industries, such as pharmaceutical, cosmetics and personal care, electronics, and paints and coatings. China, Japan, India, and South Korea are the major contributors in the Asia-Pacific region. Supported with various plans of the governments in ASEAN countries, like Thailand and Vietnam, to increase the local production of medical equipment, the demand for various implanted medical devices equipment is expected to drive the market studied in this region.
Key Developments in the Market
July 2017: Akzo Nobel's Specialty Chemicals business has invested more than EUR 20 million, to increase the production capacity in Sweden, for its Expancel product line (expandable microspheres).
Major Players: AkzoNobel, Luminex Corporation, Polyscience, Cospheric LLC, and Thermofisher Scientific, among others.
Reasons to Purchase this Report
Analyze the current and future prospects of the global polymer microspheres market in the developed and emerging markets.
Analyze various perspectives of the market with the help of Porter’s five forces analysis.
Information of the segment that is expected to dominate the market.
Identify the region that is expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
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