The global microspheres market is anticipated to cross USD 7.0 billion by 2025, growing at a CAGR of >8.5%. Increasing population coupled with infrastructure development has prompted developed as well as developing economies to strengthen their infrastructure development, which, in turn, is expected to open new avenues for microspheres industry over the coming years. A key factor driving the market growth is the booming pharmaceutical and medical device industries in developing economies. Additionally, increasing the need for advanced drug delivery systems will further drive the industry. Moreover, the development of biopharmaceuticals has open opportunities for microspheres for radioembolization and bone tissue engineering to treat cancer.
Adroit Market Research report on the global microspheres market gives a comprehensive analysis of the market from 2015 to 2025. This includes market trends, market competition, and regional performance factors. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2019 and forecast from 2019 to 2025. The market competition is analyzed using Porter's five forces analysis tool and overall positioning of the key players is studied based on business portfolio, geographic reach, strategic initiatives, and annual sales.
The global microspheres market has been segmented into end-use, material, and type. End-use wise, the microspheres market is broken down into healthcare, automotive, construction composites, paints & coatings, oil & gas, and cosmetics & personal care. Healthcare and construction composites applications to retain a significant market share in the global microspheres market in 2018. Moreover, increasing demand from the other segment, such as the oil and gas industries, paints& coatings, and automotive applications is projected to drive the industry over the coming years.
Despite properties such as improved manufacturing, the ability to deliver active materials, chemical resistance, thermal stability, and heat resistance, healthcare applications dominated the global microspheres industry. These are used in medical devices made from ceramics, glass, and polymers, as tracers and particles. They are also used in the research and production of medical devices, as they are available in a broad variety of colors, accompanied by fluorescence, precise gravity time, regulated illumination, electrostatic charging and particle size distribution.
Also, the use of polymer microspheres as a drug delivery system is gaining tremendous traction due to its potential to encapsulate a range of drugs, as well as biocompatibility and high bioavailability. The microsphere market is expected to see significant growth over the forecast period with continuing progress in the medical field.
North America, led by Canada and the U.S. microspheres market size will expect substantial growth over the coming years. The growing healthcare sector owing to the increasing aging population will drive growth in the regional industry. Rising penetration of domestic manufacturers in the region assisted by government initiatives towards improving healthcare infrastructure will drive growth in the industry.
Increasing construction activities followed by the well-developed healthcare industry in the UK, Germany, and France are expected to increase microspheres market reach in Europe. Increasing construction spending toward the creation of new buildings may benefit the growth of the regional industry.
Increasing government spending towards residential and commercial construction activities in India followed by rising paints & coatings industry in South Korea, Australia, China, and Japan will further strengthen the microsphere industry in Asia Pacific over the forecast period.
The global microspheres market is competitive in nature as a large number of well-established healthcare and automotive companies are operating in this industry. Some prominent manufacturers are 3M, Nouryon, Asia Pacific Microspheres, Bangs Laboratories Inc., Chase Corp, Cospheric LLC, Luminex Corporation, Matsumoto Yushi Seiyaku Co., Ltd, Merit Medical Systems Inc., Mo-Sci Corporation, Momentive, SIR-Spheres, and Trelleborg.
Leading players operating in this industry are adopting merger & acquisition, research & development, new product development, and facility expansion strategies to strengthen their geographical reach and increase customer base. For instance, in July 2019, Varian Medical Systems, an American company engaged in radiation oncology treatment announced a purchase agreement of microsphere division from Boston Scientific.
Key segments of the global microspheres market
End-Use Overview, 2015-2025 (USD Billion)
- Construction Composites
- Paints & Coatings
- Oil & Gas
- Cosmetics & Personal Care
Material Overview, 2015-2025 (USD Billion)
- Fly ash
Regional Overview, 2015-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Rest of Middle East & Africa