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The hollow microspheres market size is estimated to grow at a CAGR of 8.96% between 2022 and 2027. The market size is forecast to increase by USD 18,88.07 million. The growth of the market depends on several factors such as rising spending on infrastructure development, increasing use in the automobile and transport industry and high consumption of microspheres in healthcare applications.
This hollow microspheres market report extensively covers market segmentation by material (glass, ceramic, and others), end-user (medical technology, construction composites, biotechnology and medicine, cosmetics and personal care, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising spending on infrastructure development is notably driving market growth. The emerging countries are encountering a large-scale shift of population from rural to urban areas. For instance, the existing year-over-year population growth rate of India is 1.56%, which is more than double the year-over-year population growth rate of China, which is 0.67%. It is estimated that the population of rural areas is likely to move to urban areas. In urban areas, such migrations are resulting in a shortage of housing units and growing passenger traffic encroachment. Governments are focusing on developing the infrastructure to avoid such problems.
For instance, by 2030, the Indian government has planned an investment of USD 650 billion over the next 20 years for the development of urban infrastructure, while China plans to invest USD 1 trillion in urban infrastructure projects. Consequently, increasing investments in infrastructure are likely to drive the growth of the global hollow microsphere market during the forecast period.
Increasing demand for porous wall hollow glass microspheres is an emerging trend shaping the market growth. The demand for porous wall hollow glass microspheres (PWHGM) is growing owing to their unique characteristics, such as the ability to change the structure of the porous wall by altering the temperature. Changing the pore structure includes modifying the pore diameter and percentage of the pores. PWHGM is used in additives such as hydrogen storage materials, catalysts, and microsphere inks. The selective absorption of hydrogen gas through the walls can be achieved through PWHGM in hydrogen storage.
Furthermore, PWHGM inks do not alter colour regardless of heat, light, magnetism, electricity, or certain chemicals. The use of PWHGM inks is expected to rise due to the rising demand for anti-counterfeiting technologies. Therefore, rising demand for porous wall hollow glass microspheres will boost the growth of the global hollow microspheres market during the forecast period.
The emergence of ultralight nanoparticles is a significant challenge hindering market growth. Hollow nanostructures are produced by coating a thin layer on the exterior with colloidal particles such as gold, silver silica beads, and polymer latexes and further selective removal of colloids by etching. Owing to their surface plasmonic and catalyst activities, hollow nanostructures made of metals are mostly preferable. Such particles show the functionality of bulk materials with significantly less weight and space.
However, the use of such nanoparticles is rising wing to their adoption in different end-user segments, such as healthcare, which stands as the significant end-user of gold nanoparticles. Consequently, this rapid growth of silver, gold, and metal oxide nanoparticles will have an adverse impact on the demand for hollow microspheres. This, in turn, will impede the growth of the global hollow microsphere market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hollow Microspheres Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akzo Nobel NV- The company offers hollow microspheres for a variety of uses such as insulation in shoe soles or as filling material.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The glass segment is estimated to witness significant growth during the forecast period. Hollow microspheres also known as micro balloons, are made up of soda lime borosilicate glass. Also, they are hollow and filled with inert gas or air with a wall thickness of 1 microns-2 microns. Such hollow microspheres have unique characteristics such as lightweight, buoyancy, rigidity, waterproof, non-toxicity, insulation, low heat conductivity, higher mechanical strength, and chemical stability.
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The glass segment was the largest segment and was valued at USD 1,583.34 million in 2017. Hollow microspheres are generally used as additives in cosmetics and adhesives. It occupies a larger volume when compared with pigment fillers, providing a cost advantage. Also, the displacing of the solvent helps in the reduction of VOCs. In addition, glass microspheres have varied applications in construction composites, medical technology, life sciences, cosmetics and personal care, and others. In the global glass microsphere market, construction composites hold the majority share while medical technology markets have experienced maximum growth. The majority of the companies in the glass microsphere market depend on research and development to generate highly sophisticated products for the end-user industries. Such factors will boost the growth of the glass segment of the global hollow microspheres market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America holds the largest market for hollow microspheres, accounting for 44.13% of the total market share. Microspheres are mainly used in construction composites in this region for the advantage of a lightweight core for structural surfaces. Furthermore, the US has patented synthetic foam materials, which are based on ceramic, on microspheres. Consumption is rising owing to the growth in end-user markets, such as the construction industry, particularly in the thermosetting process of resin, medical technology, and biotechnology. The rising demand for hollow microspheres from the construction, cosmetics, and personal care industries is anticipated to drive market growth in the region.
In addition, forthcoming construction projects in Canada, such as the construction of the Ottawa Civic Hospital, Ontario Line Transit expansion, and the Saskatoon Freeway project, will also need hollow microspheres in large quantities. Consequently, the rising number of residential and non-residential construction activities in countries in the region is anticipated to drive the demand for hollow microspheres during the forecast period.
The outbreak of COVID-19 adversely influenced the demand for hollow microspheres in the region as the supply chain network for hollow microspheres came to a halt in the first half of 2020, which led to reduced regional sales in early 2020. However, lockdown restrictions in various countries were lifted due to the large-scale COVID-19 vaccination drives conducted by regional governments. This leads to resume business activities in the region. In addition, a high majority of tooth decay and skin problems in the region is expected to drive the use of hollow microspheres in the cosmetics and personal care end-user segment and, in turn, increase the growth of the regional hollow microspheres market during the forecast period.
The hollow microspheres market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Hollow Microspheres Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.96% |
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Market growth 2023-2027 |
USD 1,888.07 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.33 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 41% |
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Key countries |
US, China, Australia, Germany, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., Akzo Nobel NV, BASF SE, Celonova Biosciences Inc., Chase Corp., Cospheric LLC, Dennert Poraver GmbH, DiaSorin SpA, H.B. Fuller Co., Malayan Adhesives and Chemicals Sdn Bhd, Momentive Performance Materials Inc., Mo-Sci Corp., Nanjing Jianzun Glass Microsphere Plant Co. Ltd., Polysciences Inc., PQ Group Holdings Inc., Sigmund Lindner GmbH, Spherotech Inc., Trelleborg AB, Matsumoto Yushi Seiyaku Co. Ltd., and The Kish Co. Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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