Polymeric microspheres have an extensive array of medical applications and are used as fillers, encapsulating agents, and embolic particles. The composition of microspheres depends on their intended use. There are numerous polymers used to make microspheres, and the use of different materials for different applications is explored in this article. They are used in various procedures and for a variety of purposes, including bone grafting and vertebroplasty, a procedure to stabilize collapsed vertebrae.
Market Statistics:
The global microspheres market is estimated to account for US$ 6,150.92 Mn in terms of value by the end of 2021.
Global Microspheres Market: Drivers
The market of microspores is expected to grow on the account of growing demand from cosmetic industry. Microspheres are majorly used in cosmetics and personal care applications. Solid and perfectly spherical microspheres are used in cosmetic applications. These microspheres are loaded with up to 40% pigments and additives by weight. These microspheres offer maximum hiding power with one invisible and feather-light layer in makeup products. Opaque microspheres are also used in creams, lotions, and in various cosmetic products to cover wrinkles. These microspheres are mostly manufactured using polyethylene polymer.
Global Microspheres Market: Opportunities
Growing application of microspores in automotive sector is expected to bring profitable growth opportunities over the forecast period. Thus, increasing production of automobile will favour the market growth. According to the European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020.
Global Microspheres Market: Restraints
Increasing price of raw material and lack of quality control in developing countries are expected to restrict the market growth.
Global Microspheres Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic has severely affected the cosmetics industry because of the recession, and price sensitivity will fuel the popularity of masstige brands. The COVID-19 pandemic resulted in temporary shutdowns and lockdowns in 2020, and the distribution channels of the cosmetics industry have been severely affected. According to L’Oréal, the largest cosmetics company, the cosmetics industry declined by -8% in 2020.
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Key Takeaways:
The global microspheres market was valued at US$ 6,150.92 Mn in 2021 and is forecast to reach a value of US$ 12,201.00 Mn by 2030 at a CAGR of 9.12% between 2022 and 2030.
Glass raw material segment held dominant position in the global microspheres market in 2021, accounting for 42% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
New product introduced by key players due to technological advancement is expected to be a trend in the market. For instance, in June 2022, Nouryon introduces Expancel® HP92 microspheres, a new innovation that is breaking boundaries for thermoplastic microsphere fillers in high-pressure manufacturing processes for the automotive industry. Lightweight materials are in high demand from automotive manufacturers to meet increasingly strict emission regulations and strong consumer interest in fuel-efficient vehicles that do not compromise on performance or passenger comfort.
Healthcare companies in emerging countries such as India and China are investing on account of low cost production and easy availability of cheap manpower. This is expected to be a key trend in the market.
Global Microspheres Market: Competitive Landscape
- 3M
- Nouryon
- Bangs Laboratories Inc.
- Chase Corporation
- Cospheric LLC
- Luminex Corporation
- Matsumoto Yushi-Seiyaku Co. Ltd
- Merit Medical System
- Mo-Sci Corporation
- Momentive
- Sirtex Medical
- Trelleborg Applied Technologies
- Potters Industries LLC
- Kureha Corporation
Global Microspheres Market: Recent Developments
- In April 2021, Luminex Acquisition by DiaSorin was signed to create significant opportunities for both Luminex and DiaSorin customers to gain access to broader assay portfolios, enhanced research tools, and expanded support services and that the combination will strengthen the combined companies’ existing offerings and drive new partnerships in the biopharmaceutical, academic, and clinical spaces.