Hyderabad, July 12, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Microspheres Market Report (2023-2028)," the market is estimated at USD 7.28 billion in 2023. It is expected to register a CAGR of 9.10% during the forecast period.
Microspheres refer to microparticles that vary between 1 and 1,000 microns in diameter due to heat and chemical resistance, enhanced processing, and thermal stability. They are used in automotive, cosmetics, paints and coatings, oil and gas, and other industries and are available in solid and hollow forms. Microspheres are used in medical technology as an injectable material in cosmetic surgeries, urology, and reconstructive surgeries.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 7.28 billion |
| Market Size (2028) | USD 11.25 billion |
| CAGR (2023-2028) | 9.10% |
| Study Period | 2017-2027 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing use of microspheres in the medical industry. |
| Rising demand for microspheres from the cosmetics industry. |
Which are the Top Companies in the Microspheres Market?
The microspheres market is fragmented in nature and consists of established players. These players are introducing new products and employing advanced technologies to expand their market presence.
The most prominent players in the microspheres market are:
- 3M
- Bangs Laboratories Inc.
- Chase Corporation
- Cospheric LLC
- Kureha Corporation
- Luminex Corporation (Diasorin SpA)
- Matsumoto Yushi-Seiyaku Co. Ltd
- Merit Medical Systems
- Momentive
- Mo-sci Corporation (Heraeus Holdings)
- Nouryon
- Potters Industries LLC
- Siemens Healthineers AG
- Trelleborg AB
Other Reports That Might Be of Your Interest:
- Specialty Polymers Market Report - The specialty polymers market is expected to register a CAGR of more than 7.00% during the forecast period (2023-2028).
- Bio-based Polymers Market Report - The bio-based polymers market volume is estimated at 1,210 kilotons in 2023. It is expected to reach 3,591 kilotons by 2028, registering a CAGR of 24.30% during the forecast period (2023-2028).
Key Highlights from the Microspheres Market Report:
Rising Use of Microspheres in Medical Technology
- Microspheres, in the form of polymer, glass, and ceramic, are used in medical technology for manufacturing and testing medical devices.
- They are also widely used in the field of medical diagnostics as tissue fillers, injectable biomaterial, drug delivery vehicles, and reagents for diagnostic devices.
North America is Expected to Hold the Largest Market Share
- The United States ranks second in automotive manufacturing on a global scale. The large-scale production of automobiles in the country is expected to increase further due to the rising affordability of vehicles, thereby driving the market studied.
- The US automotive industry contributes heavily to Canada’s GDP and is expected to grow further in the future, providing growth opportunities to the market studied.
What are the Latest Developments in the Microspheres Market?
- In June 2022, Nouryon launched Expancel HP92 microspheres to reduce weight and absorb high pressure in underbody coatings and sealants for the automotive industry.
- In February 2022, 3M’s glass bubbles were used on a massive scale as insulation for NASA’s liquid hydrogen storage tank. Its glass bubbles have high strength and low density and are hollow
Mordor Intelligence has Segmented the Microspheres Market Based on Raw Material, Type, Application, and Geography:
- By Raw Material (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- Glass
- Polymer
- Ceramic
- Fly Ash
- Metallic
- Other Raw Materials
-
- By Type (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- Hollow
- Solid
-
- By Application (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- Automotive
- Aerospace
- Cosmetics
- Oil and Gas
- Paints and Coatings
- Medical Technology
- Composites
- Other Applications
-
- By Geography (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
-
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Microspheres Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Circular Polymers Market Report - The circular polymers market is expected to register a CAGR of over 11.00% during the forecast period (2023-2028).
- Advanced Ceramics Market Report - The advanced ceramics market is expected to register a CAGR of over 6.00% during the forecast period (2023-2028).
- Bioceramics Market Report - The bioceramics market size is estimated at USD 3.57 billion. It is expected to reach USD 5.15 billion, registering a CAGR of 7.58% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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