Press release
What's driving the Microspheres Market Share? 3M Company, AkzoNobel, Sigmund Lindner, Potters Industries, Luminex Corporation
Microspheres Market
Microspheres are used as tracers and particles in medical devices which are made from glass, polymers and ceramics. Additionally, they are used in testing and developing medical devices owing to their availability in wide range of colors accompanied with controlled opacity, particle size distribution, fluorescence, electrostatic charge and specific gravity. Global medical device market size is likely to exceed USD 500 billion by 2024. Increasing new hospital construction projects along with medical equipment demand should drive microspheres market growth.
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Microspheres are preferably used in the automotive industry which can reduce part weight by 10% to 20%. Oil and gas exploration depends upon hollow glass microspheres which reduces weight, friction and density.
Hollow microspheres market may witness significant gains over the forecast timeframe. They are used as sensitizers in quarrying, paint & coatings, construction and mining applications for water gel emulsions and explosives, thereby fueling product demand. Global paints and coatings market may exceed USD 180 billion by 2024, with gains at over 6%. Strong application scope in the coatings sector due to increasing scratch and abrasion resistance, reducing staining and water absorption properties will propel microspheres market demand.
3M introduced ceramic microspheres for paints and powder coatings due to high strength and inert fine particles with intrinsic hardness, lower viscosity, burnish resistance and hardness, gloss control and radiation curable properties.
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Glass, polymer, ceramic, metallic and fly ash are the key raw materials used for manufacturing process. Ceramic microspheres have high hardness and superior crush strength and are used in various coating applications owing to its good appearance and improves durability. Glass microspheres market segment has perceived excellent growth due to its tight tolerance properties. Strong application outlook in military, aerospace, oil & gas, molded plastic components, paint & coatings, and construction industries should drive industry growth.
Fluctuating raw material costs along with lack of product quality may create demand supply gap and affect microspheres market price trend. Also, prices are dependent on packaging and coating by silicone or silane.
Global microspheres market share is competitive with some of the prominent industry participants include 3M Company, AkzoNobel, Sigmund Lindner, Potters Industries, Luminex Corporation, Momentive Performance Materials and Chase Corporation.
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Companies are focusing towards integration across the value chain thereby managing production cost. Additionally, companies are expanding their regional presence along with forming strategic alliances or partnerships to expand their business portfolio.
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