The microspheres market is estimated to be valued at USD 7.93 billion in 2024, growing at a CAGR of 9.1% over the forecast period (2024-2031). Advancements in microsphere technology has enabled the development of microspheres with customized sizes, polymers, and surface characteristics as per application requirements. Furthermore, the growing use of microspheres as drug carriers and fillers in various medical and cosmetic applications is also contributing to the market growth.
The microspheres market is driven by rising demand from the medical & pharmaceutical industry and advancements in microsphere technology. The growing use of microspheres as drug carriers for various medical applications, such as cancer treatment, urology, and drug delivery, has been driving their demand. Microspheres allow the controlled release of therapeutics such as vaccines and antibodies inside the body over an extended period of time. Additionally, ongoing research and development activities to develop innovative microsphere compositions with customized characteristics as per application are expanding the scope of microspheres. This has increased the utility of microspheres across various industries including life sciences, chemicals, and cosmetics. The growing healthcare expenditure and demand for advanced drug delivery solutions across the globe are expected to propel the demand of microspheres during the forecast period.
Growing Demand from the Paints and Coatings Industry Will Drive the Microspheres Market Growth
Microspheres are increasingly being used in paints and coatings to improve their aesthetics and performance. They help in improving the durability, scratch resistance, and other properties of paints and coatings. With rapid urbanization and industrialization globally, the demand for paints and coatings from the construction and automotive industries is growing steadily. This rising demand from the downstream paints and coatings industry is expected to drive the growth of the microspheres market during the forecast period.
Increasing Applications in Life Sciences Will Boost Microspheres Usage
Microspheres find numerous applications in the life sciences industry for drug delivery, medical imaging, and other purposes. They are used as carriers for drugs and other active ingredients to target their delivery to specific organs or tissues in the body. Microspheres loaded with drugs or imaging agents can remain in the circulation for a prolonged period, slowly releasing the payload at the targeted site. This property makes them suitable for a variety of life sciences applications. With continued research and development, more such applications of microspheres are expected to emerge, thus propelling the demand.
Availability of Substitute Materials Can Restrain the Market Growth
Certain alternative materials like nanoparticles, micro-granules, and micro-capsules can be used instead of microspheres for specific applications. For example, applications where controlled or sustained drug release is not a major requirement can use alternative carriers. This availability of substitutes with comparable performance can restrain the demand for microspheres to some extent. Furthermore, environmental regulations regarding the usage of plastics can also limit the use of plastic microspheres in certain regions.
High Production Costs Relative to Alternatives Pose Challenge
Microspheres are complex materials synthesized through multistep manufacturing processes. Their production requires specialized equipment and technical expertise. This makes their production costs relatively higher compared to alternatives like nanoparticles. The additional production and processing costs get passed on to the customers in the form of higher prices. This price difference can deter certain cost-sensitive end-users from adopting microspheres. To make microspheres more competitive, manufacturers will need to drive down production costs through process innovations and economies of scale.
Growing Demand in Tissue Engineering and Regenerative Medicine Presents Opportunity
Microspheres have tremendous potential in the fast-growing field of tissue engineering and regenerative medicine. They are being researched for applications like controlled delivery of growth factors, scaffolds for cell and tissue growth, and carriers for stem cells. With continuous research advancements, more diverse medical applications of microspheres are expected to emerge. The growing global demand for alternatives to tissue/organ transplantation drives the regenerative medicine market. This presents a major market opportunity for microsphere providers to tap into the sector.
Rising Focus on Eco-friendly Microspheres Will Open New Growth Avenues
With increasing environmental regulations worldwide, there is a rising industry focus on developing eco-friendly and biodegradable microspheres. Alternatives made from natural polymers like sodium alginate, chitosan, and starch instead of petroleum-derived plastics are gaining traction. Functionalization of these natural polymers can enable new application opportunities. Substituting conventional plastic microspheres with their eco-friendly counterparts in various industries will open lucrative growth prospects. Leading microsphere manufacturers are shifting their R&D emphasis towards more sustainable product varieties.
*Link: https://www.coherentmarketinsights.com/market-insight/microspheres-market-5089
Key Developments
- In 2022, Nouryon launched Expancel HP92 microspheres to reduce weight and withstand high pressure in underbody coatings and sealants for the automotive industry
- In February 2022, 3M's glass bubbles were used for the first time as insulation for NASA's new 1.25-million-gallon liquid hydrogen storage tank. The tank is part of a rocket propulsion test complex at the NASA Stennis Space Center.
- In April 2021, BASF and Omya partnered to advance and commercialize BasoSphere hollow glass microspheres for cementing and drilling applications in the oil and gas industry
- In December 2021, Chase Corporation finalized the acquisition of Abchimie to focus on inorganic growth initiatives in the adhesives, sealants, and additives segments of the company
Key Players
AkzoNobel, 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, Sigmund Lindner GmbH, and Wolkem India Limited