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Friday, 20 September 2019
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Markets & companies, Raw materials market

Coatings additives: Microspheres market to reach USD 2.4 billion in 2013

Monday, 26 August 2013

According to a new technical market research report, "Microspheres: technologies and global markets" from BCC Research, the global market for microspheres is projected to reach USD 2.4 billion in 2013. BCC Research expects the market to reach USD 4.4 billion by 2018, and register a five-year compound annual growth rate (CAGR) of 12.6 % for the period 2013 to 2018.

BCC Research expects a significant increase in demand for microspheres from the life sciences markets. Source: Fotolia

BCC Research expects a significant increase in demand for microspheres from the life sciences markets. Source: Fotolia

Technological advances are helping microspheres in assuming their new role as a functional additive and enabling technology that offers benefits such as reduced cost and improved product quality. Microspheres are currently used in a wide variety of industries ranging from medical devices to syntactic foams. The swift pace of development experienced by the industry calls for an in-depth analysis that incorporates all the industries and global markets for microspheres and forecasts its direction through 2018. This report from BCC Research examines the spherical microparticles used as components in many advanced materials and composites in the healthcare and personal care industries and in many specialty research and development applications.

The composites industry has been using microspheres as filler material for decades. The market for composites as a market segment was valued at more than $1.1 billion in 2013. This market is expected to reach USD 1.5 billion in 2018, and register a CAGR of 7%. The use of microspheres in medical technology is a relatively new and evolving industry where new applications for medical microspheres are constantly being discovered. This segment was valued at USD 719 million in 2013 and is expected to reach nearly USD 2 billion by 2018, to register a CAGR of 21.9%.

BCC Research expects a significant increase in demand for microspheres from the life sciences markets, which include medicine and biotechnology. These industries require extremely high-quality products and microspheres which are biocompatible, safe, stable, and display desired functionality.

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