ALBANY, New York, October 10, 2018 /PRNewswire/ --
With a large number of small- and large-scale companies operatingacross a number of product and services segments, the global microspheres market can be said to have a largely fragmented vendor landscape and feature a high level of competitiveness, observes Transparency Market Research in a recent report. Backward
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Strategic alliances with domestic players in competitive regional markets and introduction of innovative products to better cater to distinguished demands from new consumers and applications are also being sought by companies wanting to gain a better hold on the market. Some of the leading companies in the market are Momentive Performance Materials Inc., Potters Industries LLC, Akzo Nobel N.V., Dennert Poraver GmbH, and 3M.
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According to the report, the global microspheres market will exhibit an impressive 12.4% CAGR over the period between 2015 and 2023, rising from a valuation of US$2.72 bn in 2014 to a revenue opportunity of US$7.77 bn by 2023. Of the key product types in the market, the segment of glass microspheres was the irrefutable leader, accounting for nearly 50% of the overall market in 2014. While the segment is likely to remain increasingly popular over the forecast period as well, the segments of ceramic and polymer microspheres are likely to pick pace and record the leading CAGRs over the forecast period. Geographically, the market in North America, which dominated in 2014, will continue to hold the dominant share in the overall market throughout the forecast period.
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Rising Consumption in Biotechnology and Life Sciences Industries to Drive Market
One of the key factors to have worked well for the global microspheres market is the increased adoption of microspheres in the life sciences, biotechnology, and medical industries for applications such as drug delivery, embolization, and treatment of a number of skin conditions. As the global population continues to spend more on healthcare, wellbeing, and skincare-especially for aesthetic purposes, the demand for microspheres in these applications is likely to continue to rise at an impressive pace in the near future.
The market is particularly expected to fare well in the next few years in emerging economies across a number of regions due to rising investment towards the improvement of medical research and infrastructure facilities. Owing to the rising demand for light-weight materials, ablative materials, and synthetic foams, the market for microspheres is also expected to gain traction in the aerospace sector.
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Stringent Regulations Could Pose Challenges for Market Growth
Despite mostly promising growth opportunities, the market may suffer a setback owing to the constant fluctuations in raw material costs. Fluctuating production volumes of metals and unstable costs of crude oil, which form some of the leading raw materials used for popular varieties of microspheres, could act as a hindrance for the market, holding it back from attaining its capacity. Moreover, stringent regulations put in place by a number of authorizing organizations pertaining to the maintenance of quality of microspheres could also pose challenges for new players.
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This analysis of the global microspheres market is based on a recent market research report by Transparency Market Research, titled "Microspheres Market (Product Type - Hollow Microspheres and Solid Microspheres; Material Type - Glass Microspheres, Polymer Microspheres, Ceramic Microspheres, Fly Ash Microspheres, and Metallic Microspheres; Application Type - Composites, Medical Technology, Life Science and Biotechnology, Paints and Coatings, Cosmetic and Personal Care, Oil and Gas, Automotive, and Aerospace) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023."
For the study, the market has been segmented as follows:
Microspheres Market - Product Segment Analysis
Microspheres Market - Material Segment Analysis
Microspheres Market - Application Segment Analysis
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