The microspheres market has been estimated to reach an estimated industry value of approximately $5.2 billion by the end of 2018, driven by rising demand for efficiency and better materials with superior structural properties, high demand from current & emerging applications, and superior structural properties.
Microspheres are small spherical particles, with diameters in the micrometer range (typically 1 μm to 1000 μm (1 mm)).Microspheres are sometimes referred to as microparticles.
Microspheres can be manufactured from various natural and synthetic materials. Glass microspheres, polymer microspheres and ceramic microspheres are commercially available. Solid and hollow microspheres vary widely in density and, therefore, are used for different applications.
Hollow microspheres are typically used as additives to lower the density of a material. Solid microspheres have numerous applications depending on what material they are constructed of and what size they are.
The use of microspheres in medical technology is a relatively new and evolving industry that will see an estimated compound annual growth rate (CAGR) of 24.5% over the next 5 years.
One useful discovery made from the research of microspheres is a way to fight cancer on a molecular level. Cancer microsphere technology is the latest trend in cancer therapy. It helps the pharmacist to formulate the product with maximum therapeutic value and minimum or negligible range side effects.
Most players in this industry are very small and manufacture highly customised products focusing on particular end user industry. Every company, big or small, wants to penetrate deeper into the existing market and at the same time expand into new and emerging markets to increase their sales margin; thereby increasing overall revenue.
Microsphere industry players are constantly trying to modify their product line with highly customised and advanced microspheres in order to bag more supply contracts which in turn increases their market share.
In terms of the global market, the industry comprises of many small market participants with only a few major companies globally. US chemical giant 3M Company is the largest player in terms of volume sales followed by several other players such as Potters Industries (U.S.) and Sigmund Lindner GmbH (Germany).
For more information on the microspheres market, see the latest research: Microspheres Market
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