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Albany, New York, June 21, 2019 (GLOBE NEWSWIRE) -- The global microspheres market is estimated to witness a strong development in the coming years. The players in the global microspheres market are likely to compete based on their product offerings and prices. With the improvement in the relationship between suppliers and manufacturers it is leading to several collaborations and rise in distribution channels. The market is anticipated to appear highly fragmented with the presence of several players on a regional and international front. Mergers and acquisitions, and partnerships are some of the important business strategies taken up by the firms to improve their product quality and portfolio.
Players are majorly concentrating on their operational growth due to rising penetration of new players in the field, for example, healthcare, paints and coatings, construction, and automotive companies are the ones in which the microspheres are expected to find widespread applications. For instance, a well-known player, AkzoNobel increased its expandable microspheres capacity to fulfil consumer demand. Key players leading the global microspheres market are Dennert Poraver GmbH, Nanjing Jianzun Glass Microsphere Plant Co., Akzo Nobel N.V, Momentive Performance Materials Inc., and 3M.
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According to a recent report by Transparency Market Research (TMR), the global microspheres market is prognosticated to expand at a steady CAGR of 12.4% within the forecast period from 2015 to 2023. In 2014, the global microspheres market was valued around worth US$ 2.72 bn, and is likely to reach nearby US$ 7.77 bn by the end of forecast period.
Based on the applications, the global microspheres market accounted for the maximum share of the market in 2014, as per the value and volume. Because of its high tensile properties, microspheres are widely used in construction materials and composites. Regionally, Europe, Asia Pacific, and North America are expected to lead the global market due to rising applications in medical industry.
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Microspheres to Find Wide Usages in Oil and gas Industry
Biotechnology and life science are the key fields where the application of microspheres are rising consistently, such as, skin medications, drug delivery services, embolization, and biotechnology. Majorly the demand is foreseen to be the highest due to medical advancements, and is assessed to emerge as a major aspect for the growth in microspheres market in the future.
Owing to a rising demand in syntactic foam, low specific gravity, the microspheres market is likely to witness a tremendous growth in the making of paints used for painting street signs. The surging demand regarding microspheres in the drilling muds torque control and better mud lubricity in the drilling machine is also a key factor contributing in the development of global microspheres market in the oil and gas industry. Apart from this, strong usage in pharmaceutical industry is anticipated to fuel the demand in global microspheres market.
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Hollow Microscopes to Provide Lucrative Opportunities for Market Players
Besides these, the hollow microspheres are known for qualities such as, smooth portability, low heat conductivity, increased compressive strength, and lightweight. Owing to these, they are majorly used in steel, healthcare, building and construction, defense and military, personal and beauty care, and plastic industry. They are even utilized to manufacture low thickness drilling fluid, along with high-quality low-thickness concrete slurry in oil and gas sector. In addition, they are used as lightweight fillers in syntactic foam, concrete, and different composite materials. Moreover, increased demand in hollow microspheres is as well turning out to be attractive opportunities for the players in the market, so as to fortify their hold in the business. These factors are as well foreseen to support demand in microspheres market.
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This analysis is based on a recent market research report by Transparency Market Research, titled, “Microspheres (Hollow Microspheres and Solid Microspheres) Market by Material (Glass Microspheres, Polymer Microspheres, Ceramic Microspheres, Fly Ash Microspheres, Metallic Microspheres and Others) for Composites, Medical Technology, Life Science & Biotechnology, Paints & Coatings, Cosmetics & Personal Care, Oil & Gas, Automotive, Aerospace and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The microspheres market has been segmented as follows:
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