Stratview Research delivers key insights into the global Hollow Microspheres Market. According to Stratview Research, the market is segmented by Material Type (Hollow Glass Microsphere, Foam Glass Granulates, Cenosphere, Perlite Microsphere, and Expanded Polymer Microsphere), by Application Type (Plastics & Rubber, Paint & Coatings, Construction Materials, and Others), and by Region (NA, Europe, APAC, ROW).

Market Insights

The report suggests that the overall hollow microspheres market was estimated at USD 2.75 billion in 2020 and is expected to maintain sequential growth, ultimately reaching a landmark figure of US$ 4.13 billion by 2026.

What are hollow microspheres?

Hollow microspheres are low-density, lightweight fillers that add volume without significantly adding weight. Benefits offered by these microspheres include weight reduction, viscosity reduction, cost-saving through lower resin consumption, enhanced mold flow, improved resistance, and more.

Market Highlights

Hollow microspheres are widely used for a variety of applications with each of them suitable for the application. For instance, increasing demand for lightweight materials to curb emissions from the automotive industry, hollow microspheres are widely used by the automotive industry.

Hollow glass microspheres and expanded polymer microspheres are also used in paints & coatings and plastics & rubber applications, whereas foam glass granulates, cenosphere and perlite microspheres are more used in construction material applications.

The regulation to reduce volatile organic compounds in paints & coatings, and the rising demand for energy-efficient buildings were the major factors that helped hollow microspheres to grow at a healthy pace till 2019. The market was expected to continue its remarkable growth in 2020.

However, the rapid spread of the pandemic exacerbated the existing challenges of key demand generators including automotive and construction, weakening the industry sales to its lowest figure of the decade. Global automotive production declined by ~22% in 2020 amid the pandemic. Analogously, major aircraft manufacturers, such as Airbus, have curtailed the production rates of their key programs.

Based on the study of market recoveries in previous downturns (The Great Recession, SARS, etc.) coupled with primary interviews across the supply chain, Stratview estimates suggest that the market for hollow microspheres will maintain sequential growth till 2026.

Market Segments' Analysis

Based on the material type, the market is segmented as hollow glass microsphere, foam glass granulates, cenosphere, perlite microsphere, and expanded polymer microsphere. The hollow glass microsphere is likely to remain the most preferred microsphere type in the market in the coming years. Hollow glass microspheres are increasingly finding usage in plastics and rubber applications such as SMCs, injection-molded parts, packaging films, and wood composites. Similarly in paints and coatings, such as acrylic and industrial latex paints, solar reflective coatings, and epoxy coatings; in construction materials, such as engineered wood, kitchen sinks, putties, caulks and sealants, washbasins and bathtubs, wall, sealing, gaps, cracks, interior and exterior use on walls, lightweight cement slurries and other applications such as agriculture, buoyancy modules, and risers, deep-sea pipe, and flowline insulation.

Expanded polymer microsphere, currently holding a diminutive position as compared to hollow glass microspheres, is estimated to capture some share of other hollow microspheres, especially of hollow glass microspheres in the coming years. Expanded polymer microspheres usually expand about 60 times their original size without the addition of weight. Furthermore, the density of the expanded polymer microsphere is relatively lower than the hollow glass microsphere. Expanded polymer microspheres are gaining traction in paints and coatings, plastics and rubbers, and construction materials, such as crack fillers, polyester putties, and cultured marble.

Based on the application type, the market is classified as plastics and rubber, paint and coatings, construction materials, and others. Plastics and rubber are likely to remain the most dominant application segment, in terms of value, in the hollow microspheres market during the forecast period. Plastics have been replacing metals for years to reduce greenhouse gas emissions and improve fuel efficiency. Now research is focused on low-density plastics that are lighter in weight without compromising performance. Contrary to the traditional fillers (talc, calcium carbonate, and clay with a specific density of 2.5 to 2.8 g/cm3), hollow microspheres with a specific density of less than 0.6 g/cm3 help in 10-30% plastic parts’ weight reduction. Hollow microspheres also improve productivity by reducing energy consumption, cost, and cycle time (by 25%).

In terms of regions, all regions are expected to mark a huge decline in 2020 in the wake of the rapid spread of the pandemic across regions. However, Europe, currently holding the leading position, will manage its lead in the global market by 2026, propelled by Germany. Increased demand for hollow microspheres in fuel-efficient vehicles and energy-efficient homes in the region are the major factors behind the dominance of Europe in the market.

Asia-Pacific is projected to witness the highest growth during the forecast period with China and India being the key sources of growth engines. The region is the largest manufacturer as well as consumer of traditional fillers in the world. An expected rebound in the production of automobiles and construction activities coupled with a gradual shift from traditional fillers to hollow microspheres may drive the region’s market in years to come.

North America is also estimated to generate a sizeable demand for hollow microspheres in the coming years. The USA maintains its supremacy in the market not only in the region, but also in the world; backed by the presence of a large number of raw material suppliers, hollow microsphere manufacturers, tier players, distributors, and end-users.

Key Players

The following are some of the key players in the Hollow Microspheres Market:

• Chase Corporation
• Dennert Poraver GmbH
• Kureha Corporation
• Matsumoto Yushi-Seiyaku Co., Ltd.
• Nouryon, Omya AG
• PQ Corporation
• Sekisui Chemical Co., Ltd.
• Sinosteel Maanshan New Material Technology Co., Ltd
• The 3M Company.

FREQUENTLY ASKED QUESTIONS

The report answers several questions related to the market. The user can get to know the answers to the following questions…

-        What is the global demand for Hollow Microspheres Market in terms of revenue?

-        Which are the prominent players in the market?

-        At what CAGR is the market projected to grow within the forecast period?

-        What are the driving factors fuelling the growth of the market?

-        Which region accounted for the largest share in the market?

-        How did the Covid19 impacted the market?

-        How long will it take to recover from the Covid impact?

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