According to the latest report by IMARC Group, titled “Microspheres Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global microspheres market size reached US$ 4.6 Billion in 2018. Microspheres are small spherical particles with size ranging from 1 to 1000 µm. They can be produced from natural, inorganic or synthetic polymeric materials depending upon the intended use. Various methods are employed for the preparation of microspheres, some of which include spray drying, solvent evaporation, and single emulsion, double emulsion, and phase separation concertation techniques. These particles are extensively utilized in various industry verticals, such as oil and gas, medical, pharmaceutical and automotive, for a vast array of applications.
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Global Microspheres Market Trends:
The global market is primarily driven by the numerous applications of microspheres in various industries. For instance, in the medical sector, microspheres are used as tracers in medical devices made from glass, polymers and ceramics. Furthermore, owing to various properties, such as particle distribution and electrostatic charge, these particles are used for manufacturing and testing medical devices. In addition to this, in the pharmaceutical industry, these particles form an integral part of bone tissue engineering and are utilized for the development of biopharmaceuticals. The oil and gas sector is another major industry in which microspheres find widespread utilization. These particles are employed for preparing low thickness boring liquid and concrete slurry, which are used in extraction activities, and for torque control in drilling fluids. The rising consumer expenditure capacities and extensive research and development (R&D) in the field of biotechnology are some of the other factors driving the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.7 Billion by 2024, expanding at a CAGR of 8.7% during 2019-2024.
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Key Insights from the Report:
Breakup by Type
Based on the type, the market has been bifurcated into hollow and solid microspheres.
Breakup by Raw Material
3. Fly Ash
On the basis of the raw material, the market has been divided into glass, ceramic, fly ash, polymer, metal and others.
Breakup by Application
1. Construction Composites
2. Medical Technology
3. Life Science & Biotechnology
4. Paints & Coatings
5. Cosmetics & Personal Care
6. Oil & Gas
Based on the application, the market has been categorized into construction composites, medical technology, life science and biotechnology, paints and coatings, cosmetics and personal care, oil and gas, automotive, aerospace, and others.
Breakup by Region
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has been studied in the report, with the detailed profiles of the key players operating in the market. Some of these players include 3M Company, Akzo Nobel N.V., Nouryon Chemicals Holding B.V., Matsumoto Yushi-Seiyaku Co., Ltd, Chase Corporation, Trelleborg AB, Momentive Performance Materials Inc., PQ Corporation, Luminex Corporation, Merit Medical Systems, Inc., Bangs Laboratories, Inc., Cospheric LLC, Malayan Adhesives & Chemicals Sdn Bhd, Mo-Sci Corporation, Sigmund Lindner GmbH, and Sirtex Medical Limited.
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