Improved Product Quality in Microspheres Spurring Market Growth
According to a recent report from BCC Research entitled “Microspheres: Technologies and Global Markets (AVM073C),” the global market for microspheres reached nearly $2.3 billion in 2014. This market is expected to reach $2.4 billion by 2015 and $3.5 billion by 2020, registering a compound annual growth rate (CAGR) of 7.8% from 2015 to 2020.
The improved quality and functionality of microspheres have promoted their wide use in medical diagnostics as reagents of diagnostic devices, injectable biomaterial, tissue filler and drug delivery vehicles. The medical technology application of microspheres should provide many opportunities to this up-and-coming industry over the forecast period.
Microspheres are innovative raw materials with superior functionality that help improve the quality of final products and reduce costs. In recent years, microspheres have experienced excellent growth due to the emergence of new high-value, high-growth markets. These markets include biomedical, cosmetic, personal care and specialty applications, among others.
The microspheres segment of the composites industry is expected to experience a CAGR of 8.2% over the forecast period, driven primarily by the recovering construction, automotive and aerospace industries in North America. In contrast, the Asian market, which has experienced strong growth over the last decade, is expected to see slower growth.
Medical technology, the second-largest market for microspheres, should register the second-highest five-year CAGR among all industries, at 10%, leading to a market value of $810 million in 2020. Medical technology for microspheres was valued at for $504 million in 2015, representing a 21% market share.
For more information, visit www.bccresearch.com.