Microspheres Market Trends Forecast 2018- 2024
Strong application outlook in pharmaceutical sector
should drive microspheres market size. They are ideally used in bone tissue
engineering and drug delivery. Radioembolization is an invasive process that
combines radiation therapy and embolization to treat liver cancer. Microspheres
drug delivery system are commercially valuable in development of
biopharmaceuticals and small molecules.
Microspheres are used as tracers and particles in
medical devices which are made from glass, polymers and ceramics. Additionally,
they are used in testing and developing medical devices owing to their
availability in wide range of colors accompanied with controlled opacity,
particle size distribution, fluorescence, electrostatic charge and specific
gravity. Global medical device market size is likely to exceed USD 500 billion
by 2024. Increasing new hospital construction projects along with medical
equipment demand should drive microspheres market growth.
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Microspheres
Market size may grow significantly over the forecast timeframe owing to
positive application scope in medical technology and healthcare, cosmetics and
personal care, and automotive industries. It is free flowing powders consisting
synthetic polymers or proteins which are biodegradable
Rise in per
capita income supported by improvement in consumer lifestyle should favor
cosmetic market size. Global cosmetic market should surpass USD 435 billion by
2024, with gains at over 4.5%. Opaque microspheres have better particle size
distribution and excellent sphericity which reduces wrinkles and fine lines
appearance.
Microspheres
are preferably used in the automotive industry which can reduce part weight by
10% to 20%. Oil and gas exploration depends upon hollow glass microspheres
which reduces weight, friction and density.
3M introduced
ceramic microspheres for paints and powder coatings due to high strength and
inert fine particles with intrinsic hardness, lower viscosity, burnish
resistance and hardness, gloss control and radiation curable properties.
North America,
led by Canada and the U.S. microspheres market size may witness significant
gains over the forecast timeframe. Increasing healthcare sector owing to rising
aging population should drive regional industry growth. Increasing number of
domestic players in the region supported by government guidelines should drive
industry growth. Europe microspheres market size, driven by UK, Italy, France,
and Germany, may show steady gains owing to rise in construction sector.
Increasing construction spending towards new building development may favor
regional industry growth. Asia Pacific, led by India, South Korea, Japan and
China microspheres market size may register significant growth owing to
increased government spending on healthcare along with consumer health
awareness towards growing incidence of chronic diseases should drive regional
growth.
Glass,
polymer, ceramic, metallic and fly ash are the key raw materials used for
manufacturing process. Ceramic microspheres have high hardness and superior
crush strength and are used in various coating applications owing to its good
appearance and improves durability. Glass microspheres market segment has
perceived excellent growth due to its tight tolerance properties. Strong
application outlook in military, aerospace, oil & gas, molded plastic components,
paint & coatings, and construction industries should drive industry growth.
Fluctuating
raw material costs along with lack of product quality may create demand supply
gap and affect microspheres market price trend. Also, prices are dependent on
packaging and coating by silicone or silane.
Global
microspheres market share is competitive with some of the prominent industry
participants include 3M Company, AkzoNobel, Sigmund Lindner, Potters
Industries, Luminex Corporation, Momentive Performance Materials and Chase
Corporation.
Companies
are focusing towards integration across the value chain thereby managing
production cost. Additionally, companies are expanding their regional presence
along with forming strategic alliances or partnerships to expand their business
portfolio.
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Microspheres Market Trends Forecast 2018- 2024
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Reviewed by GMI
on
July 09, 2018
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