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Rising Demands for Global Microspheres Market Brings Hopes for Growth
Microspheres Market its various submarkets report forecasts revenue with respect to five main regions such as North America, Europe & Eurasia, Asia-Pacific, Latin America, and Middle East & Africa. The countries such as U.S., China, Germany, and Canada were analyzed.
Microspheres, also known as Microparticles, are small spherical particles that can be manufactured from various natural and synthetic materials. Microspheres are free flowing, discrete spherical particles that are available in average particle size ranging from 1 to 50 microns. They vary widely in quality, uniformity, particle size and its distribution. Each application requires an appropriate microsphere which should be carefully chosen.
Most of the global countries have experienced a boom in infrastructure spending, especially in the under developed and the developing economies. Even the advanced countries have engaged themselves in continuous modernization and development of their existing manufacturing facilities so to better utilize their constantly depleting natural resources. Today, every structure that is built right from a simple automobile to a space station is made from advanced materials which are efficient and environment friendly to ensure minimal damage to the surrounding. It is expected that stringent energy regulations, rising energy costs, and industrial automation will draw industry participants' interest towards new technology developments for microspheres which increase efficiency in economical price.
Microspheres are of two types – Solid and Hollow. Solid Microspheres are typically used as additives to lower the density of a material. Hollow Microspheres have various applications depending on the material of construction and size, especially in aerospace, automotive and oil & gas. Hence, these dominate the global microspheres market. Major applications of Microsphere include construction, medical technology, life sciences, biotechnology, paints & coatings, cosmetic & personal care, oil & gas, automotive and aerospace. By 2018, the hollow microspheres will continue to have the highest microspheres market share. Its market share will sustain at around 60%, primarily due to the continuously increasing demand from the oil & gas and other sectors.
The drivers for the market are high demand from current & emerging applications, superior structural properties, recyclable & reusable characteristic, development and modernization of infrastructure, and increased demand for efficiency. On the other hand, fluctuating cost of raw materials, lack of quality control across developing countries, and huge investment in R&D technology are typical restraints for the microsphere market.
Though the market size is large in North America, still it is growing at a good pace due to rising demand from existing and emerging applications. The market is growing slowly in Europe & Eurasia but it will continue to grow at significant rate in the Asia-Pacific region. Asia-Pacific is driven by countries of Australia, China, and India. The microspheres market is still in its infancy in Latin America but this region is experiencing high growth on account of increased infrastructure spending and low base effect. Currently, North America accounts for around 34% of the global microspheres market, which is expected to increase to 45% by 2018, primarily due to an increase in demand for efficiency in various emerging applications of microspheres.
Every company, big or small, wants to penetrate deeper into the existing market and at the same time expand into new and emerging markets to increase their sales margin; thereby increasing overall revenue. The companies involved in microspheres business adopt this strategy to the fullest by expanding into emerging markets such as Asia-Pacific, Russia, and South America.
In 2012, 3M dominated the global Microspheres Market with around one-fourth of the market share. Rest of the companies occupied only marginal market share with companies such as Sigmund Linder GmbH (Germany) and Potters Industries LLC (U.S.) occupying greater than 5% of the global market share. The top 21 companies were able to capture only half of the market. Since the revenue of the microspheres manufacturing division of many major companies is a very insignificant amount as compared to their overall income, more often than not, this revenue fails to find any mention in their annual reports. These market share estimates are merely a representation of the companies’ standing in this highly fragmented market.
Microspheres have numerous applications depending on what material they are constructed of and what size they are. The global Microsphere market is going to witness an alarming growth owing to many reasons such as high demand from current & emerging applications, superior structural properties, recyclable & reusable, development and modernization of infrastructure, and increased demand for efficiency.
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