USD 6150.92 billion
Report ID: SQMIG15B2045 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 93 | Figures: 76
Global Expandable Microspheres Market size was valued at USD 6150.92 billion in 2021 and is poised to grow from USD 6711.88 billion in 2022 to USD 12201 billion by 2030, growing at a CAGR of 9.12% in the forecast period (2023-2030).
The growth of the expandable microspheres market is driven by increase in usage of lightweight filler and blowing agents. Automobile industry holds the maximum share in the segment. Due to stringent regulation for lightweight fuel efficient vehicles, the demand for expandable microspheres is increasing. There is also a growing demand for expandable microspheres in treating cancer and also in diagnostic machines as a reagent in the devices.
The Asia-Pacific region has the maximum usage of an expandable microsphere. It is due to rapid urbanization and industrialization of developing countries in regions such as India, China, and Japan. Expandable microspheres are used highly in the construction industry. Europe is also expecting significant growth. It is due to the presence of a large number of automotive companies.
Global Market Size
USD 6150.92 billion
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On the basis application, global expandable microsphere is segmented into Lightweight Filler and Blowing Agents. On the basis of product type, it is segmented into, Polyacrylic ester (PAE), Polyvinyl Acetate (PVA), Vinyl Acetate Ethylene (VAE), Synthetic Rubber Buildings and Infrastructure, Transportation and Consumer goods. On the basis of end user, it is segmented into Automotive, Construction, Sports and Leisure, and Others.. On the basis of type, it is segmented into Wet, and dry. On the basis of region, it is segmented into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
Analysis by End user
By end user, automotive holds the largest share in the segment and is expected to grow prodigiously. Automotive industry holds more than 35% of the global market share. It is due to growing demand for lightweight materials used in automobiles for good fuel efficiency. The high demand for lightweight automobiles due to stringent regulations for environment protection by the
European Union Legislation and US Environment Protection Agency is fueling the demand for expandable microspheres in automobile production. This has been attributed to the lightweight properties that enhance the fuel efficiency of the vehicle and reduce the emission of CO2.
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Asia-pacific region holds the largest share across the globe of about 38% of the total market share. It is due to the rise in industrialization and urbanization. Due to high investment in infrastructure advancement there is an increasing demand of construction activity, and industrial activity in the region. Some of the major countries include China, India and Japan.
North America will witness a significant growth during the forecasted year. The implementation of US EPA regulations to curb fuel emissions which increases the demand for lightweight automobiles. Due to regulation the usage of expandable microspheres is increasing which boost the market growth. According to a report there is a 4% increase in light-weight vehicles in the USA in 2022.
Europe is expected to grow at a constant rate. It is due to the presence of a large number of automotive manufacturers in the region. Major countries of the region include Germany and Russia.
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Increasing Demand in Medical Field to Bolster Market Growth
Higher Cost of Production to Hinder Market Growth
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Global expandable microsphere market is highly competitive and is fragmented. Major key manufacturers include- DiaSorin, AkzoNobel, Bublon GmbH, Chase Corp. Larger companies are acquiring smaller companies to increase their market share and have an edge over the other companies. DiaSorin acquired luminex to expand their business operation. Other companies are applying organic growth strategies such as new product launches, etc. to acquire a large market share.
Top Company Profiles
Sekisui Plastics Co., Ltd.
Qingdao Eastchem Inc.
SINOPEC Beijing Yanshan Company
Laiwu Hehui Expanded Perlite Co., Ltd.
Sunjin Chemical Co., Ltd.
Shanghai Juyou Chemical Engineering Co., Ltd.
Anhui Herrman Impex Co., Ltd.
Shanghai Jinshan Jingwei Chemical Co., Ltd.
Hubei Pingan Polymer Materials Co., Ltd.
Shanghai Zhonghui Chemical Co., Ltd.
Shandong Yuhuang Chemical Co., Ltd.
Wuxi Xingda New Foam Plastics Materials Co., Ltd.
Ganzhou Lanshang Microsphere Co., Ltd
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the increase in production and sale of automobiles is driving the growth of the market in the Asia-Pacific region. Increasing construction activities due to urbanization and industrialization also boosts the demand for an expandable microsphere. The market players from the expandable microspheres market are expecting a lucrative growth in the future with the rising demand for expandable microspheres in the global market for various purposes. However, manufacturing an expandable microsphere is highly capital intensive which can hamper the growth of the market.
|Market size value in 2021||USD 6150.92 billion|
|Market size value in 2030||USD 12201 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Expandable Microspheres Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Expandable Microspheres Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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