Microspheres Market Size is Anticipated to Reach USD 10.24 Billion CAGR of 9.1% By 2027
August 5, 2022
Reports And Data
The growing demand from paints & coatings, the increasing need for advanced drug delivery systems, are driving the need for the market.
NEW YORK CITY, NEW YORK, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- The global Microspheres market is forecast to reach USD 10.24 Billion by 2027, according to a new report by Reports and Data. It is expected that the superior structural properties of microspheres, growth & modernization, and increased demand from existing and emerging applications would boost demand for microspheres globally. The increasing need for advanced drug delivery systems and drug carriers over the forecast period is expected to be a significant factor in the growth of microspheres. Growing demand from the paints and coatings sector due to their different capabilities, including improving solid coating quality and retaining flow properties, is also one of the factors driving the market.
Microspheres are used in medical devices, which are made of glass, polymers, and ceramics as tracers and particles. They are also used in the research and production of medical devices due to their availability in a broad range of colors with controlled opacity, particle size distribution, fluorescence, electrostatic load, and specific gravity. Increasing new hospital building projects along with demand for medical equipment would drive market growth.
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Rising demand in other applications such as cosmetics & personal care, oil & gas, and life sciences is expected to fuel the growth of the market during the forecast period. Enhanced care enforcement, decreased toxicity, and usability of the microspheres have resulted in increased consumer demand. They are lightweight, portable, and highly compressive and so they are used in the manufacture of elastics, plastics, steel, automobiles, beauty treatments, and personal care products. They are often used to produce low-density liquid and concrete slurry for extracting oil and gas. Besides, extensive applications are identified across the aviation, aerospace, defense, and construction sectors.
Further key findings from the report suggest
Medical applications dominated the market and represented 21.5% of the total market in 2019. The rapid evolution of the drug delivery system is expected to drive the market in the medical segment over the forecast period.
A key factor driving market growth in the booming pharmaceutical and medical industries is the development of biopharmaceuticals, microspheres are gaining popularity for bone tissue engineering and radioembolization to treat hepatic cancer.
North America emerged as the leading market, followed by Europe. The growing healthcare sector, mainly due to the rising elderly population along with the numbers of domestic manufacturers in the region assisted by government guidelines, will drive growth in the market.
In the Asia Pacific, the construction segment has acquired the market. With the increasing urbanization and industrialization, the region has excellent growth potential in the near future and is expected to grow from 2019 to 2027 at an estimated 9.4% CAGR.
Key participants include AkzoNobel Expancel, Chase Corporation, Trelleborg AB, Mo SCI Corporation, Momentive Performance Materials Inc., Sigmund Linder GmbH, Potters Industries LLC, 3M Company, Luminex Corporation, and, Matsumoto Yushi-Seiyaku Co. Ltd., among others.
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For the purpose of this report Reports and Data has segmented global Microspheres market on the basis of type, application, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Life Sciences & Biotechnology
Paints & Coatings
Cosmetic & Personal Care
Oil & Gas
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
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Key Questions answered by the Report:
What is the expected year-on-year growth of the Microspheres during the forecast period?
What key trends are expected influence revenue growth of the market going ahead?
Which region is expected to account for largest revenue share over the forecast period?
Which key companies are profiled in the report?
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