Global Hollow Glass Microspheres Market to Grow 7.5%
The hollow glass microspheres market is expected to reach $352.8 million by 2021.
The hollow glass microspheres market is expected to reach $352.8 million by 2021, growing at a compound annual growth rate (CAGR) of 7.5% (2016-2021), according to a recent report from MicroMarket Monitor. Mainly used in manufacturing composites, undercoats, tires, engine parts, brake blocks, body fillers, decorative bars, damping materials, and plastics, the aerospace and defense industry uses hollow glass microspheres as void fillers for weight reduction, thermal coatings, specialty paints and coatings, and potting compounds to encapsulate electronic components. The properties of hollow glass microspheres, such as high temperature resistance, good density, clean surface chemistry, and low thermal conductivity make them suitable for use in the aerospace and defense industry.
North America dominates the global hollow glass microspheres market and is experiencing high growth due to the increased demand for efficiency in many end-user industries. Product innovation in terms of quality and application development is another driving factor for the growth of hollow glass microspheres market in North America. The U.S. and Canada are expected to lead the hollow glass microspheres market in the North American region; the U.S. is the most dominant market and is expected to account for a significant market share. The hollow glass microspheres market in North America is expected to witness significant growth due to the increase in demand for advanced materials in existing and emerging applications. The market in North America is highly regulated by several associations, such as The American Glass Beads Manufacturers Associations, U.S. Department of Energy, and the American Institute of Physicists, which play a key role in the monitoring and commercialization of hollow glass microsphere products.
For more information, visit www.micromarketmonitor.com.