Microsphere Market - Forecast(2023 - 2028)

Report Code: CMR 35860 Report Format: PDF + Excel

Microsphere Market Overview

The Microsphere Market size is projected to grow at a CAGR of 8.3% during the forecast period 2022-2027 and reach US$8.1 billion by 2027. Microspheres are primarily composed of various materials which include glass, polymer, chitosan, alginate, fly ash, metal, glycolic acid and other raw materials. They are primarily used in a wide range of industries including construction, healthcare, automotive, cosmetics & personal care, paints & coating and other industries. The expansion of microspheres is primarily driven by their usage in the construction industry. According to recent insights from the World Cement report, the global construction industry output increased by 5.7% in 2021. An increase in construction activities along with the growth of the paints & coating industry is expected to drive the growth of the microsphere market size in the upcoming years. In 2020, the surge in the COVID-19 pandemic negatively impacted construction activities as a result of the country-wise shutdown of construction sites, shortage of labor and the decline of the supply and demand chain all across the world, thus, temporarily affecting the growth of the microsphere industry. However, a steady recovery in new development and construction contracts has been witnessed across many countries around the world since 2021, which in turn, is driving the demand for microspheres. 

Microsphere Market Report Coverage

The "Microsphere Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Microsphere Market.

By Type: Solid and Hollow.
By Raw Material: Glass, Polymer (Polyethylene, Polystyrene, Polycaprolactone, Polyvinyl alcohol (PVA), Polypropylene, Polymethyl Methacrylate (PMMA), Others), Ceramic, Chitosan, Alginate, Fly Ash, Metal (Stainless Steel, Titanium, Others), Glycolic Acid, Others.
By Functionality: Fluorescent Microsphere, Conductive Microsphere, Retroreflective Microsphere, Phosphorescent Microsphere, Photocatalytic Microsphere, Paramagnetic Microsphere, Others.
By Color Type: White Microsphere, Green Microsphere, Red Microsphere, Black Microsphere, Grey Microsphere, Orange Microsphere, Yellow Microsphere, Blue Microsphere, Others.
By End-use Industry: Automotive (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicles), Construction (Residential, Commercial, Industrial, Others), Healthcare (Medical Devices, Drug Delivery, Active Pharmaceutical Ingredient (API), Nutraceuticals, Others), Medical Hygiene Products), Aerospace (Commercial, Military, Others), Marine (Passenger Ships & Cruises, Heavy Load Carriers), Cosmetic & Personal Care (Skin Care, Hair Care, Perfumes & Fragrances, Others), Electrical & Electronics (Semiconductor, Reflective Display, Others), Oil & Gas, Paints & Coating, Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Denmark, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].

Key Takeaways

  • Polymer raw material held a significant share in the Microsphere Market in 2021. Its wide range of characteristics and good chemical resistance made it stand out in comparison to other raw materials in the market.
  • Healthcare industry held the largest share in the Microsphere Market in 2021, owing to the increasing demand for microspheres from the healthcare sector across the world. 
  • Asia-Pacific dominated the Microsphere Market in 2021, owing to its increasing demand from the healthcare sector in the region.
  • A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Microsphere Market Report.

Figure: Microsphere Market Revenue Share, By Geography, 2021 (%)

Microsphere Market

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Microsphere Market Segment Analysis – By Raw Material

The polymer raw material held a significant Microsphere Market share of over 20% in 2021, owing to a range of characteristics and benefits they offer over other types of raw materials. Polymer microsphere offers higher compressive strength, along with better sheer, stress and heat resistance in comparison to chitosan, alginate, fly ash and other types of raw materials. Hence, all of these benefits are driving its demand for use in construction, automotive and other industries. In January 2022, the government of China approved 695 building and construction projects with a total investment of 3 trillion yuan (US$471 billion). Furthermore, recent insights from Construct Connect state that the U.S. government has funded around US$20 billion for the construction of a real estate and development project called One Central project in Chicago. Thus, such surging developments in the construction sector are expected to increase the demand for polymer microsphere for use in construction materials thereby driving the market growth during the forecast period.

Microsphere Market Segment Analysis – By End-use Industry

The Healthcare industry held the largest Microsphere Market share of over 25% in 2021, owing to the increasing demand for microspheres from the healthcare sector across the world. According to the International Trade Administration (ITA), the Mexican medical device market was valued at US$16.80 billion in 2020, representing a significant increase of 10% in comparison to US$15.27 billion in 2019. It further states that the medical device industry in France was valued at US$34.9 billion in 2019. Moreover, the medical device market in Canada was valued at around US$8.6 billion in 2020. Furthermore, according to Vietnam’s Ministry of Health, the pharmaceutical industry is expected to grow at a rate of 10% per year from 2017 to 2028, owing to an increase in pharmaceutical production and sales in the country. Recent insights from the Indian Economic Survey 2021 stated that the Indian domestic pharmaceutical industry is estimated to grow threefold in the next decade. Microspheres composed of polymer, chitosan, alginate, fly ash, metal and more are primarily used in the healthcare industry for multiple applications involving medical devices, drug delivery, active pharmaceutical ingredient (API), nutraceuticals and other applications. Thus, such surging growth of the healthcare industry is expected to expand the microsphere market size during the forecast period.

Microsphere Market Segment Analysis – By Geography

Asia-Pacific held a dominant Microsphere Market share of over 48% in the year 2021. The consumption of microspheres is particularly high in this region due to its increasing demand from the healthcare sector in the region. According to the India Brand Equity Foundation (IBEF), in Union Budget 2022-2023, INR 86,200.65 crore (US$11.28 billion) was allocated to the Ministry of Health and Family Welfare (MoHFW) with the aim of improving the country’s healthcare sectors along with its facilities, products and services. It further states that India ranked 3rd in terms of pharmaceutical production by volume in 2021. The domestic pharmaceutical industry in India includes around 3,000 drug companies and around 10,500 manufacturing units. In addition to this, according to the Government of Japan Ministry of Health, Labor and Welfare (MHLW), the production of pharmaceuticals in Japan was valued at US$87.03 million in 2019, an increase of 39% in comparison to the previous year. Thus, such surging growth of the healthcare sectors in multiple countries across the region is expected to propel the growth of the market during the forecast period.

Microsphere Market Drivers

An increase in construction activities

Construction activities are considered to be the pillar of growth for a country and also play a major role in increasing the overall global economy. The factors such as urbanization and the rapid pace of development to aid the economic growth of the countries are driving the construction activities in multiple regions across the world. For instance, according to Volvo CE, the construction sector saw an increase in construction activities across multiple regions since the fourth quarter of 2020. South America saw an increase of 12%, Asia by 39%, Europe by 20% and China by 28% in 2020. Furthermore, YIT Corporation commenced the construction of numerous residential apartment building projects in Finland, the CEE countries and Russia in December 2021, with total investments of around EUR 200 million (US$236.5 million). The projects are scheduled to be completed by the end of 2023. Thus, an increase in global construction activities is expected to increase the demand for microspheres, owing to their above-mentioned properties. This is anticipated to drive the growth of the market in the upcoming years.

Growth of the paints & coating industry

The use of microspheres in paints and coatings offers a range of benefits such as improved flow, increased burnish resistance and hardness, lower viscosity, barrier effect, gloss control, along with higher resistance to chemical and UV rays. All of these benefits are driving its demand for use in the paints & coating industry. For instance, Nippon Paints Group made medium to long-term investments in 2021 for upgrading and streamlining industrial facilities in Japan 2021 to 2023 to boost the production of paints and coatings to secure its position in the market. According to the British Coatings Federation (BCF), the first 5 months of 2021 achieved significant sales results in both industrial and decorative coatings in the United Kingdom, owing to strong consumer demand for DIY commodities such as paints and coatings in the country. Hence, such surging growth of the paints & coating industry is expected to increase the demand for microspheres, owing to its above-mentioned benefits. This is expected to accelerate the growth of the market in the upcoming years.

Microsphere Market Challenge

Fluctuating prices of raw materials may confine the market growth

Some of the raw materials required for the production of microspheres are obtained from crude oil. As a result, fluctuations in the prices of crude oil may hinder the growth of the market. For instance, in 2020, the international benchmark for petroleum prices across the world also known as Brent crude prices decreased to US$9.12 per barrel, which was the lowest record since December 10, 1998. Likewise, in April 2020, India’s Crude Oil Basket (COB) reached US$19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2020-21, the average annual price of India’s COB was around US$42.72 per barrel, which decreased by 30% more than the average COB price in 2019-20. Furthermore, as per revised estimates for 2020-21, the COB has increased by around 35% from its initial budget estimate. In this way, such uncertainty regarding the price of crude oil may affect the prices of raw materials that are used in the production of microspheres. Thus, such instability and fluctuating prices of raw materials may limit the growth of the microsphere industry during the forecast period.

Microsphere Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Microsphere Market. The top companies in the Microsphere Market are:

  1. 3M
  2. Potters Industries LLC
  3. AkzoNobel N.V.
  4. Matsumoto Yushi-Seiyaku Company
  5. Trelleborg AB
  6. Luminex Corporation
  7. Momentive Performance Materials Inc.
  8. Chase Corporation
  9. Sigmund Lindner GmbH
  10. Mo-Sci Corporation

Recent Developments

  • In June 2022, Nouryon launched its new microsphere, Expancel HP9. The newly launched product is primarily designed for use in the manufacturing process involved in the automotive industry, owing to the increasing demand for lightweight materials from automotive manufacturers.
  • In April 2021, BASF partnered with Omya with the aim of advancing and commercializing BasoSphere hollow glass microspheres, particularly for use in cementing applications in the oil and gas industry. BasoSphere offers a unique combination of shapes and sizes, along with higher compressive strength and lower density, which makes it ideal for use in such applications.
  • In August 2019, Varian acquired the microspheres business of Boston Scientific at US$90 million. The main motive of this acquisition was to expand the company’s product portfolio and strengthen its position in the market.

Relevant Reports

Polymer Microspheres Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 95759

Global PMMA Microspheres Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 81418

Fly Ash and Ceramic Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 86803

For more Chemicals and Materials Market reports, please click here

1. Microsphere Market - Market Overview
    1.1 Definitions and Scope
2. Microsphere Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Raw Material
    2.3 Key Trends by Functionality
    2.4 Key Trends by Color Type
    2.5 Key Trends by End-use Industry
    2.6 Key Trends by Geography
3. Microsphere Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Microsphere Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Microsphere Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Microsphere Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Microsphere Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Microsphere Market – by Type (Market Size - US$ Million/Billion)
    8.1 Solid
    8.2 Hollow
9. Microsphere Market – by Raw Material (Market Size - US$ Million/Billion)
    9.1 Glass
    9.2 Polymer
        9.2.1 Polyethylene
        9.2.2 Polystyrene
        9.2.3 Polycaprolactone
        9.2.4 Polyvinyl alcohol (PVA)
        9.2.5 Polypropylene
        9.2.6 Polymethyl Methacrylate (PMMA)
        9.2.7 Others
    9.3 Ceramic
    9.4 Chitosan
    9.5 Alginate
    9.6 Fly Ash
    9.7 Metal
        9.7.1 Stainless Steel
        9.7.2 Titanium
        9.7.3 Others
    9.8 Glycolic Acid
    9.9 Others
10. Microsphere Market – by Functionality (Market Size - US$ Million/Billion)
    10.1 Fluorescent Microsphere
    10.2 Conductive Microsphere
    10.3 Retroreflective Microsphere
    10.4 Phosphorescent Microsphere
    10.5 Photocatalytic Microsphere
    10.6 Paramagnetic Microsphere
    10.7 Others
11. Microsphere Market – by Color Type (Market Size - US$ Million/Billion)
    11.1 White Microsphere
    11.2 Green Microsphere
    11.3 Red Microsphere
    11.4 Black Microsphere
    11.5 Grey Microsphere
    11.6 Orange Microsphere
    11.7 Yellow Microsphere
    11.8 Blue Microsphere
    11.9 Others
12. Microsphere Market – by End-use Industry (Market Size - US$ Million/Billion)
    12.1 Automotive
        12.1.1 Passenger Car
        12.1.2 Light Commercial Vehicle
        12.1.3 Heavy Commercial Vehicles
    12.2 Construction
        12.2.1 Residential
        12.2.2 Commercial
        12.2.3 Industrial
        12.2.4 Others
    12.3 Healthcare
        12.3.1 Medical Devices
        12.3.2 Drug Delivery
        12.3.3 Active Pharmaceutical Ingredient (API)
        12.3.4 Nutraceuticals
        12.3.5 Others
    12.4 Aerospace
        12.4.1 Commercial
        12.4.2 Military
        12.4.3 Others
    12.5 Marine
        12.5.1 Passenger Ships & Cruises
        12.5.2 Heavy Load Carriers
    12.6 Cosmetic & Personal Care
        12.6.1 Skin Care
        12.6.2 Hair Care
        12.6.3 Perfumes & Fragrances
        12.6.4 Others
    12.7 Electrical & Electronics
        12.7.1 Semiconductor
        12.7.2 Reflective Display
        12.7.3 Others
    12.8 Oil & Gas
    12.9 Paints & Coating
    12.10 Others
13. Microsphere Market - By Geography (Market Size - US$ Million/Billion)
    13.1 North America
        13.1.1 the USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 the UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 the Netherlands
        13.2.6 Spain
        13.2.7 Denmark
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zealand
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 the Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2 UAE
            13.5.1.3 Israel
            13.5.1.4 Rest of the Middle East
        13.5.2 Africa
            13.5.2.1 South Africa
            13.5.2.2 Nigeria
            13.5.2.3 Rest of Africa
14. Microsphere Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Microsphere Market – Industry/Segment Competition Landscape Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Geography - Major companies
    15.4 Market Share at Country Level - Major companies
    15.5 Market Share by Key Crop Type/Product category - Major companies
16. Microsphere Market – Key Company List by Country Premium Premium
17. Microsphere Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
* "Financials would be provided to private companies on best-efforts basis."
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