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Global Microsphere Market is Likely to grow aggressively at a CAGR of 12.5% from 2013 to 2018
The Microspheres Market report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, burning issues, and winning imperatives.
World over, countries have experienced a boom in infrastructure spending, especially in the under developed and the developing economies. The economically advanced economies have also engaged themselves in constant 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. Microspheres, also known as micro particles, micro beads or micro balloons, are innovative advanced materials which are capable of offering these benefits and imparting many significant structural properties at an affordable price depending on the application.
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. Due to the growing demand for efficiency and the superior structural properties of microspheres, it is poised to be a highly developing market. Major applications of Microsphere include construction, medical technology, life sciences, biotechnology, paints & coatings, cosmetic & personal care, oil & gas, automotive and aerospace. The global market, which is currently around $2.8 billion, is expected to grow to $5.2 billion by 2018, with a CAGR of 12.5% from 2013 to 2018.
Lack of quality control across developing countries
Emerging markets generally do not have the level of market efficiency to match up to the strict standards in manufacturing and product quality regulation to be on par with advanced economies (such as the U.S., Europe, and Japan). Emerging markets are sought by investors for the prospect of high returns, as they often experience faster economic growth as measured by GDP.
Although the developing economies such as China, Ukraine, and Kazakhstan offer cheap microsphere products, most often than not these are sub-standard products that fail to deliver to their fullest potential. This causes the end user to doubt the overall efficiency of microspheres.
All these factors provide huge hindrance in the overall growth of the microspheres market.
North America is the best market to invest
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 Microsphere 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 majority of the global microspheres market, which is expected to increase further by 2018, primarily due to an increase in demand for efficiency in various emerging applications of microspheres.
Medical Technology – The Largest Application
Currently, construction composite is the largest application for microspheres in every region, be it Asia-Pacific, Europe, Middle East, Latin America and North America, with Medical technology being the second largest. However, it is expected that medical technology will take over construction composites as the largest technological application in every market by 2018. The microspheres used in medical technology will have the highest CAGR from 2013 to 2018, due to increased usage of microspheres in drug delivery systems. The microspheres used in life sciences & biotechnology, cosmetics & personal care, and oil & gas are estimated to have a close to average growth rate.
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