The global Microspheres Market size is expected to reach USD 8.39 billion by 2025, according to a new report by Grand View Research, Inc. The market has witnessed strong growth over the past few years on account of the rising demand from the paints and coatings sector, construction, and healthcare industries. The cost-effective nature of microspheres has been a crucial factor for the increasing market penetration.
Increasing technological innovation in terms of improving the characteristics of microspheres has resulted in the expansion of the market. However, growing concerns over the microbeads impact on the environment and the strengthening of the regulatory framework is expected to have a negative impact on the market.
The growing demand from the paints and coatings sector owing to the increasing production in emerging economies and expansion of the manufacturing industry is expected to have a positive impact over the forecast period.The expansion of the construction industry will remain a major growth contributing factor for microspheres in the near future.
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Further key findings from the report suggest:
- The market for hollow microspheres was valued at USD 1.91 billion in 2015 and is expected to foresee significant gains on account of usage in medical and healthcare applications.
- Some critical properties of superior quality glass microspheres are particle size distributions, tight tolerance, and perfect sphericity.
- Multinational healthcare companies are investing in emerging economies such as India and China on account of low production costs and availability of cheap manpower.
