North America Microspheres Display Market Expected To Grow At CAGR Of 12.23% And Forecast To 2023 Top Players: 3M, POTTERS INDUSTRIES LLC, CHASE CORPORATION, MOMENTIVE, LUMINEX CORPORATION

The North American microsphere market is expected to register a CAGR of 12.23% during the forecast period, 2018-2023. United States dominated the North American microsphere market, accounting for almost 85% of the market.
Accelerating use in Medical Technology
Microspheres are endowed with properties, such as chemical resistance, heat resistance, enhanced processing, thermal stability, size, and ability to deliver active materials. Owing to such properties, microspheres are used in the medical industry to manufacture medical devices in various treatments, like treatment of arthritis, tissue engineering, drug delivery, cancer therapies, tissue fillers, injectable biomaterials, etc. Continuous progression in medical device manufacturing and growing R&D activities in the field of biomedicine are expected to drive the market for microspheres through the forecast period.

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Polymer the Fastest-growing Raw Material through 2023
Polymer microspheres are widely employed for medical applications, out of which polyethylene, polystyrene, and expandable microspheres are the common types. Besides medical application, polymer microspheres also find application in the automotive industry in coatings application and in the plastic industry in injection molding applications. Continuous growth in the medical and automotive industries is expected to drive the polymer segment in the market through the forecast period.

Key Developments in the Market
• July 2017: AkzoNobel's specialty chemicals business invested more than EUR 20 million to increase production for its expandable microspheres, in order to meet the growing global demand for the product
• June 2017: Merit Medical Systems Inc., a manufacturer of proprietary disposable devices, announced that it received 513(f)(2) (de novo) classification from the FDA to expand indication for Merit’s Embosphere Microspheres.

Major Players:
3M, POTTERS INDUSTRIES LLC, CHASE CORPORATION, MOMENTIVE, LUMINEX CORPORATION amongst others.

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Increasing Application of Composites in the Building & Construction industry
Building and construction dominated the North America microsphere market, due to the vast usage of microspheres in composites where it is used as a filler. The United States, which has the largest construction industry in North America, is growing at an alarming rate, with the market expected to cross USD 460 billion in the residential sector and USD 700 billion in the nonresidential sector, hugely driven by the continuous investments in office buildings, highways, and street projects. Such positive growth is expected to drive the building & construction industry, which in turn, is expected to boost the microsphere market in the region through the forecast period.

United States to Dominate the Market Growth through 2023
The United States has one of the largest construction markets, globally. Furthermore, the country ranks at the top in the field of medical technology and cosmetics. In North America, the country also dominates the automotive, aerospace, and oil & gas industries, which is expected to make the country the dominant market in the North America microsphere market through the upcoming years.

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This release was published on openPR.