Cenospheres are used in various applications such as paints and coatings, oil and gas, automobile, electronics, adhesives & sealants, and textiles. The growing consumption in the developing region across the globe is majorly contributing to the global cenospheres market. The increasing government investments in the remodeling and building of private and public infrastructural coupled with the augmenting demand from the automobile sector are other factors contributing to the growth of the market. Among the various application sector, oil and gas is the dominant segment and is expected to show the same trend during the forecast period.
Market Segmentation
The global cenospheres market is segmented into product type and end use industry. On the basis of the product type, the market is segmented into gray cenospheres, white cenospheres, and others. On the basis of the end use industry, the market is further segmented into oil & gas, refractory, building & construction, automotive, paints & coatings, and others.
Market Scenario
The oil and gas end use segment is leading the market and is expected to show a considerable CAGR during the assessed period. The growing applications in drill wells, grouting mixtures, and damping of oil are some of the factor attributing to the growth of the market.
Regional Analysis
The global cenospheres market is spanned across five key regions: Europe, Latin America, Asia Pacific, North America and the Middle East & Africa. Among these, Asia Pacific holds a considerable portion of the market and is anticipated to be the fastest growing market during the forecast period. The demand from developing end use industries in the region such as construction and automotive is expected to fuel the market growth. The key counties attributing to the growth of cenospheres in this region are China and India. North America is the dominant region in the global cenospheres market. The developed end use industries coupled with the growing adoption rate are the major factors fuelling market growth. In addition to this, the shale gas boom has surged the oil and gas related activities in the region, which, in turn, is fuelling the growth of the cenospheres market. The major countries attributing to this growth are the Canada, and the U.S. European cenospheres market is mainly driven by the developed automobile and construction. Moreover, the increasing use of cenospheres in the oil and gas sector is also impacting the market growth positively. The major countries attributing to this growth are Germany, Spain, France, and Italy among others.
Competitive Analysis
Some of the prominent players operating in the global cenospheres market are Petra India Group (India), Cenosphere India Pvt. Ltd. (India), Durgesh Merchandise Pvt. Ltd. (India), Omya AG (Switzerland), Qingdao Eastchem Inc. (China), Envirospheres (Australia), Scotash Limited (U.K.), PR Ecoenergy Pvt. Ltd. (India), Ceno Technologies (U.S.), Reslab Microfiller (Australia) AkzoNobel (Netherland), 3M Company (U.S.), Dennert Poraver GmbH (Germany), Merit Medical Systems (U.S.), and Momentive (U.S.) among others.
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