North America Continues to Dominate Microspheres Market
The global microspheres market is expected to reach $5.52 billion by 2020.
The global microspheres market is expected to reach $5.52 billion by 2020, growing at a compound annual growth rate (CAGR) of 10.5%, according to a recent report from Technavio. North America is the biggest market for microspheres, as the materials offer better process control and enhance the efficiency of operations. The U.S. is the top consumer of all types of microspheres products in North America. Though the market in North America is significant, it is still growing at a good pace because of the increase in demand of current and emerging applications such as construction composites, biotechnology, and medicine.
“North America accounts for about 43% of the global microspheres market,” said Chandrakumar Badala Jaganathan, lead analyst. “Construction composites hold the majority of the share in the North American microspheres market while the medical technology markets have been experiencing maximum growth.”
Europe accounted for about 29% of the global microspheres market in 2015. The microspheres market in Europe generated revenues of $970 million in 2015 and will likely reach $1.58 billion by 2020.
The major applications of microspheres in Europe are in the manufacturing and medical industry. Germany is the leading country for microsphere consumption in Europe. The microspheres market in Russia is anticipated to experience high growth during the forecast period.
The microspheres market is experiencing a boom, especially in India and other emerging economies in the Asia-Pacific market, due to massive spending on infrastructure and the flourishing manufacturing industry. The high demand is primarily for the development and modernization of infrastructure and in existing and emerging applications in the construction sectors. Technavio expects the demand from manufacturing and medical industries for microspheres in the emerging economies in Asia-Pacific to bode well for the market. Australia, China and India are the major revenue contributors to the market in APAC.
The microspheres market is in its infancy stage in Central and South America. This region is experiencing high growth due to increased infrastructure spending and low base effect. Central and South America offer significant prospects for manufacturers establishing their manufacturing bases and sales offices because of the regions’ flourishing oil and gas industries.
“Construction composites hold the majority of the share in the microspheres market in Africa, Central and South America, and the Middle East, while the medical technology markets have been experiencing maximum growth,” said Jaganathan.
For more information, visit www.technavio.com.