According to data released recently by Transparency Market Research, the global microspheres market is expected to exhibit a strong 12.4% CAGR from 2015 to 2023. The market was valued by TMR analysts at US$2.7 bn in 2014 and is expected to rise to US$7.8 bn by 2023.
Glass Microspheres Lead Demand in Global Microspheres Market
Among the various materials used to manufacture microspheres, glass has emerged as the material of choice in the past few years. Compared to other materials used to make microspheres, such as ceramics, fly ash, metals, and polymers, glass presents the advantages of superior insulation and high mechanical strength at lower costs. Due to the increasing prospects of market saturation for glass microspheres – the glass microspheres segment held 50% of the global microspheres market in 2014 – and rising R&D into synthetic materials, the demand for polymer and ceramic microspheres is rising and is expected to shape the global microspheres market significantly in the coming years.
The rising demand for polymer and ceramic microspheres also has much to do with the rising utilization of microspheres in the medical and life sciences industries. The medical and healthcare application sector of the microspheres market has grown rapidly in the last few years due to the clinical safety and biocompatibility of polymer and ceramic microspheres. The rising medical industry in emerging economies is thus expected to propel the global microspheres market massively in the coming years.
Rising Medical Tourism, Automotive Production in Asia Pacific Bodes Well for Microspheres Market
The Asia Pacific regional microspheres market has a major part to play in the development of the global market for microspheres. Since several countries in this region are on the path to development, urbanization, and increasing standards of living, the demand for cosmetic products is experiencing a steep growth curve. This bodes well for the Asia Pacific microspheres market, since microspheres are used in several cosmetic formulations and skin treatments. Countries such as India, China, and Japan are expected to feature prominently in the global microspheres market in the coming years as a result.
On the other hand, the low costs of medical treatments in Asia Pacific nations such as India, Thailand, Malaysia, etc. have given rise to a strong medical tourism industry in the region. This is expected to play a significant role in the development of the Asia Pacific market for microspheres in the coming years.
Asia Pacific has also witnessed rapid growth of the automotive industry in the last decade. Driven by the rising disposable income of consumers in rising Asian economies, the automotive industry in countries such as China, Japan, India, and South Korea has flourished in the last few years. Microspheres, which are used in vehicles for increasing their structural integrity, are expected to witness rising demand as a result.