Microspheres Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.95 Billion |
| Market Size (2029) | USD 12.28 Billion |
| CAGR (2024 - 2029) | 9.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Microspheres Market Analysis
The Microspheres Market size is estimated at USD 7.95 billion in 2024, and is expected to reach USD 12.28 billion by 2029, growing at a CAGR of 9.10% during the forecast period (2024-2029).
The COVID-19 outbreak had a minor negative impact on the market in 2020. However, the market rebounded in 2021 and is expected to grow steadily during the forecast period.
- Over the short term, increasing applications and advancements in the medical industry and rising demand from the cosmetics industry are the factors driving the market's growth.
- High production and research and development costs are expected to hinder the market's growth during the forecast period.
- Increasing application in cancer treatment drugs and the usage of hollow glass microspheres (HGM) as a hydrogen storage medium are likely to create opportunities for the market in the future.
- North America dominates the global market, with the United States accounting for the largest consumption. However, the Asia-Pacific is likley to grow with the highest CAGR during the foecast period.
Microspheres Market Trends
This section covers the major market trends shaping the Microspheres Market according to our research experts:
Increasing Usage in the Medical Technology
- Medical Technology utilizes microspheres for applications as an injectable biomaterial in cosmetic surgery, reconstructive surgery, and urology. It is also used in brachytherapy.
- Polymer, glass, and ceramic-based microspheres are generally used microspheres in medical technology for the manufacturing and testing of medical devices.
- Microspheres are often used as challenge particles and tracers in medical devices, having diameters of more than 50 microns in different colors, such as red, blue, black, yellow, and green.
- Colored microspheres are typically used in the testing of vial and container cleaning evaluations, filtration media and systems, centrifugation and sedimentation processes, flow tracing and fluid mechanics, controlling contamination, and manufacturing of pharmaceuticals.
- Fluorescent-colored microspheres are used for applications that use UV light to produce distinctive colors and offer additional sensitivity for observation under microscopes, lasers, and other analytical methods, for medical applications, such as microcirculation and biological research, imaging, and flow cytometry.
- With recent improvements in quality and functionality, microspheres are widely used in medical diagnostics as injectable biomaterial, tissue filler, reagents for diagnostic devices, and drug delivery vehicles.
- In September 2022, Sirtex Medical announced that the Brazilian National Agency of Supplementary Health (ANS) approved SIR-Spheres Y-90 resin microspheres will be used to treat intermediate and advanced stage hepatocellular carcinoma (HCC) in Brazil.
- In September 2022, ABK Biomedical Inc. announced that the company had received FDA 510(k) clearance for Easi-Vue embolic microspheres to treat patients suffering from arteriovenous malformations or hypervascular tumors.
- According to the OECD, the healthcare expenditure accounted for 17.8% of United States' gross domestic product (GDP) in 2021, compared to 18.8% in 2020.
- Continuous innovation, technological development, and various versatile applications, along with the facts mentioned above, may boost the demand for microspheres in the application of the medical technology industry.
North America to Dominate the Market
- The North American region is expected to dominate the market. In the region, the United States is the largest economy in terms of GDP.
- The United States is the second-largest automotive manufacturing country globally, falling only behind China. According to OICA, automotive production in 2021 accounted for 9,167,214 units, an increase of 4% from the previous year, which was reported to be 8,822,399 units. The National Automobile Dealers Association (NADA) predicted that new United States light-vehicle sales would likely increase by 3.4% to 15.5 million units in 2022. The production of automobiles is anticipated to ascend in the future owing to the rising popularity and affordability of vehicles.
- Strong exports of aerospace components to countries, such as France, the United Kingdom, China, and Germany, along with robust spending in the United States, are driving manufacturing activities in the aerospace industry. Several countries, like Japan, Taiwan, and Belgium, have purchased defense aircraft and equipment from the United States. For instance, Japan planned to buy 105 F-35 joint strike fighters from Lockheed Martin, with the US government approving the same in July 2020.
- The United States is one of the largest cosmetics consumers in the North American region. It is currently the largest beauty market globally. The US cosmetic products market was valued at USD 17,217.1 million in 2021, and it is expected to reach USD 21,003.1 million by 2025. The presence of major cosmetics brands in the United States, including L'Oréal, New Avon, Coty, Estee Lauder, Revlon, and others, is likely to benefit the industry growth in the country, propelling the microspheres market.
- The healthcare sector in the United States is one of the most advanced in the country. According to the Centers for Medicare and Medicaid Services, in 2020, the country's health care expenditure increased by 9.7 % and reached USD 4.1 trillion or USD 12,530 per person. Moreover, for the 2021-2028 period, national healthcare spending is projected to grow at an average of more than 5.5% and reach approximately USD 6.192 trillion by 2028.
- According to the Automotive Industries Association of Canada, the automotive industry contributes over USD 19 billion to the Canadian GDP. Also, the automotive industry in the country is expected to rise to USD 40.1 billion by 2024, giving growth opportunities to the market studied.
- Globally, Canada ranks first in civil flight simulation, third in civil engine production, and fourth in civil aircraft production. It is the only nation ranked in the top five of all the key categories-the Canadian aerospace industry exports over 70% of its products to over 190 countries across six continents.
Microspheres Industry Overview
The microspheres market is fragmented. A few major players in the market include 3M, Nouryon, Momentive, Trelleborg AB, and Bangs Laboratories Inc., among others (not in any particular order).
Microspheres Market Leaders
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3M
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Nouryon
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Trelleborg AB
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Bangs Laboratories Inc.
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Momentive
*Disclaimer: Major Players sorted in no particular order
Microspheres Market News
- In June 2022, Nouryon introduced expancel HP92 microspheres to reduce weight and withstand high pressure in underbody coatings and sealants for the automotive industry. These microspheres are currently produced in Stockvik, Sweden, with production expected in Green Bay, Wisconsin, the United States, in early 2023.
- In February 2022, 3M's glass bubbles were employed for the first time on a massive industrial scale as insulation for NASA's new liquid hydrogen storage tank. 3M glass bubbles are high-strength, low-density hollow glass microspheres. In 2021, 3M started sending its glass bubbles to the NASA Kennedy Space Center as the tank project reached the insulation stage. The company delivered two tankers filled with glass bubbles daily for 30 days for the project.
Microspheres Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Application and Advancements in Medical Industry
- 4.1.2 Increasing Demand from Cosmetics Industry
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4.2 Restraints
- 4.2.1 High Production and Research and Development Cost
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Raw Material
- 5.1.1 Glass
- 5.1.2 Polymer
- 5.1.3 Ceramic
- 5.1.4 Fly Ash
- 5.1.5 Metallic
- 5.1.6 Other Raw Materials
-
5.2 Type
- 5.2.1 Hollow
- 5.2.2 Soild
-
5.3 Application
- 5.3.1 Automotive
- 5.3.2 Aerospace
- 5.3.3 Cosmetics
- 5.3.4 Oil and Gas
- 5.3.5 Paints and Coatings
- 5.3.6 Medical Technology
- 5.3.7 Composites
- 5.3.8 Other Applications
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 Italy
- 5.4.3.4 France
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 Bangs Laboratories Inc.
- 6.4.3 Chase Corporation
- 6.4.4 Cospheric LLC
- 6.4.5 Kureha Corporation
- 6.4.6 Luminex Corporation (Diasorin Spa)
- 6.4.7 Matsumoto Yushi-seiyaku Co. Ltd
- 6.4.8 Merit Medical Systems
- 6.4.9 Momentive
- 6.4.10 Mo-sci Corporation (Heraeus Holdings)
- 6.4.11 Nouryon
- 6.4.12 Potters Industries LLC
- 6.4.13 Siemens Healthineers AG
- 6.4.14 Trelleborg AB
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Application in Cancer Treatment Drugs
- 7.2 Other Opportunities
Microspheres Industry Segmentation
Microspheres are generally microparticles with sizes from 1 to 1,000 microns in diameter, owing to chemical resistance, heat resistance, enhanced processing, and thermal stability. Microspheres are available in solid and hollow forms and are increasingly used by industries like automotive, aerospace, cosmetics, paints and coatings, oil and gas, composites, and medical technology. The microsphere market is segmented by raw material, type, application, and geography. By raw material, the market is segmented into glass, polymer, ceramic, fly ash, metallic, and other raw materials. By type, the market is segmented into hollow and solid. By application, the market is segmented into automotive, aerospace, cosmetics, oil and gas, paints and coatings, medical technology, composites, and other applications. The report also covers the market size and forecast for the microsphere market in 15 countries across major regions. For each segment, the market sizing and forecast have been done based on revenue (USD million).
| Raw Material | Glass | |
| Polymer | ||
| Ceramic | ||
| Fly Ash | ||
| Metallic | ||
| Other Raw Materials | ||
| Type | Hollow | |
| Soild | ||
| Application | Automotive | |
| Aerospace | ||
| Cosmetics | ||
| Oil and Gas | ||
| Paints and Coatings | ||
| Medical Technology | ||
| Composites | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Microspheres Market Research FAQs
How big is the Microspheres Market?
The Microspheres Market size is expected to reach USD 7.95 billion in 2024 and grow at a CAGR of 9.10% to reach USD 12.28 billion by 2029.
What is the current Microspheres Market size?
In 2024, the Microspheres Market size is expected to reach USD 7.95 billion.
Who are the key players in Microspheres Market?
3M, Nouryon, Trelleborg AB, Bangs Laboratories Inc. and Momentive are the major companies operating in the Microspheres Market.
Which is the fastest growing region in Microspheres Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Microspheres Market?
In 2024, the North America accounts for the largest market share in Microspheres Market.
What years does this Microspheres Market cover, and what was the market size in 2023?
In 2023, the Microspheres Market size was estimated at USD 7.29 billion. The report covers the Microspheres Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Microspheres Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Microsphere Industry Report
The Global Microspheres Market report provides a comprehensive market analysis, focusing on market size, market statistics, and global market trends. The market is segmented by raw material, including glass, polymer, ceramic, fly ash, metallic, and other raw materials, as well as by type, such as hollow and solid microspheres. The report also covers various applications, including automotive, aerospace, cosmetics, oil and gas, paints and coatings, medical technology, composites, and other applications.
The market forecast and market research highlight the anticipated growth rate and market trends over the forecast period, providing valuable insights for industry stakeholders. The report offers an industry overview and industry analysis, detailing the market share and market growth across different regions, such as Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa.
Industry reports and industry research are crucial for understanding the market dynamics, with the report providing an industry outlook and industry statistics. The market leaders and market value are identified, offering a clear picture of the competitive landscape. The market data and market predictions are supported by detailed market segmentation and market review, ensuring a thorough understanding of the market.
The report example and report pdf serve as valuable resources for research companies and industry professionals, offering detailed industry information and market overview. The market outlook and market segmentation are essential for identifying opportunities and challenges within the market. The industry size and industry sales are analyzed, providing a comprehensive view of the market value.
In summary, the report offers a detailed market forecast, market growth analysis, and market trends, supported by extensive industry research and industry reports. The market predictions and market review provide a clear understanding of the market dynamics, making it an essential resource for industry stakeholders.
