The industry is likely to see a surge in China, Brazil, Russia and India hollow glass microspheres market, owing to the flourishing manufacturing industries and heavy spending on infrastructure. Latin America is also anticipated to grow over the forecast period. This can be attributed to oil and gas industries in the region which offers significant growth opportunities to the major players.
Hollow glass microspheres market size is estimated to reach over USD 2.5 billion by 2023 and growing at a CAGR of over 5% from 2016 to 2023. This can be primarily attributed to reusability and recyclability. In addition, increasing demand for efficiency is likely to favor the demand growth over the coming few years.
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North America glass microspheres market was valued at over USD 500 million in 2015 and it is likely to attain more than USD 850 million, at a CAGR of 12% from 2016 to 2023. This can be primarily attributed to increasing demand from emerging and current application areas, modernization and development of infrastructure, and superior structural properties.
Key applications include cementing slurry, rubber, plastics, paint and coatings, glass, artificial stone, steel and putty as weight reducing and filtering agent. In addition, these also act as a superb sensitizer for emulsion explosives as it possess high comprehensive properties. It can also be used to construct low density drilling fluid and low density high strength cement slurry in oil and gas extraction sectors. Moreover, they are employed as lightweight fillers in composite materials such as lightweight concrete and syntactic foam.
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Automotive, building and construction, healthcare, cosmetics and personal care, and aerospace & defense are the key end use segments for the hollow glass microspheres market. Building and construction sector hold the dominance in the industry and is expected to grow at 5% over the forecast period. Healthcare sector is anticipated to be the fastest growing end use segment with gains forecast at 6% from 2016 to 2023. The hollow glass microspheres market is suitable in any state which includes high temperature systems, high viscosity systems, extreme processing, low dielectric or loss tangent materials and chemically sensitive systems.
Europe hollow glass microspheres market size is anticipated to observe significant shares owing to rise in investment in the region. The increasing demand from automobiles, manufacturing industries and aerospace is likely to propel the demand growth over the forecast period. Middle East and Africa (MEA) is primarily driven by elevated demand from superior structural properties, modernization and development of infrastructure.
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The major participants are continuously trying to update their product portfolio with highly advanced and customized microspheres so as to gain supply contracts which in turn amplifies their shares. Key competitors for holding major global hollow glass microspheres market share includes 3M Company, AkzoNobel, Cospheric, Dennert Poraver, EKO Export, Induchem Holding, Merit Medical Systems, Mo Sci, Momentive Performance Materials , Phosphorex Incorporated, Polysciences, Sigmund Lindner, Sinosteel Maanshan Institute of Mining Research Company, Sunjin Chemical and TRELLEBORG.
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