by The global Microspheres Market is estimated to be valued at US$ 7324.01 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Microspheres are spherical particles with sizes ranging from 1 to 1000 micrometers. They are made from a variety of materials such as glass, ceramic, fly ash, polymer, and natural materials. Microspheres have hollow or solid internal structures. Some key properties of microspheres include low density, controlled particle size distribution, and desired surface chemistry. Owing to their unique properties, microspheres find wide applications across various industries such as automotive, medical technology, life sciences, paints & coatings, oil & gas, and composites.
Market key trends: One of the key trends in the microspheres market is growing demand from the automotive industry. Manufacturers are using microspheres to produce lightweight and fuel-efficient vehicles. Microspheres are used in the manufacturing of auto parts, dashboards, and door panels to reduce weight while maintaining strength. Additionally, growing investments in research & development of advanced microspheres is also contributing to the market growth. Manufacturers are focusing on developing innovative microspheres with enhanced properties, which helps them gain wider industrial acceptance.
Porter’s Analysis
Threat of new entrants: Low capital requirements and economies of scale in production pose a low threat of new entrants in the microspheres market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products.
Bargaining power of suppliers: A large number of raw material suppliers gives buyers higher bargaining power over suppliers in the microspheres market.
Threat of new substitutes: Substitute products like nanospheres pose a moderate threat to microspheres.
Competitive rivalry: The microspheres market is a highly fragmented and competitive landscape with the presence of several international and domestic players.
Key Takeaways
The global Microspheres Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing demand from construction and oil & gas industries. The market size for microspheres is estimated to reach US$ 7324.01 Mn by 2023.
North America dominates the global microspheres market, owing to the presence of major players and increasing research & development activities. Asia Pacific exhibits the fastest growth in the market, driven by rising construction activities in China and India.
Key players operating in the microspheres market include 3M, Nouryon, Bangs Laboratories Inc., Chase Corporation, Cospheric LLC, Luminex Corporation, Matsumoto Yushi-Seiyaku Co. Ltd, Merit Medical System, Mo-Sci Corporation, Momentive, Sirtex Medical, Trelleborg Applied Technologies, Potters Industries LLC, and Kureha Corporation. These players are focusing on new product launches and capacity expansions to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
