Microspheres are spherical microparticles that can be anywhere from 0.1 and 100 mm in size. They are utilized in situations where a predictable and constant particle surface area is crucial. These particles can be used as drug carriers, cell delivery systems, and tissue regeneration systems. They are frequently utilized in the oil and gas sector, aerospace sector, cosmetics sector, automotive sector, paints and coatings sector, the medical technology sector, composites sector, and other sectors.
The market value of microspheres in 2021 was USD 6.73 billion and will reach USD 13.58 billion by 2030 at a 9.2% CAGR during 2021-2030.
Market Dynamics
Drivers
Technology Advancements in Medicine Microspheres Market is Growing
To prevent drug encapsulation from deteriorating the drug, microspheres are utilized. These are also utilized to deliver medications to the spot with the best possible efficiency. Medical device development, production, and testing all involve microspheres. Due to the microsphere’s high bioavailability, biocompatibility, and capacity to encapsulate substances, it is being used as a medication delivery system, propelling the microsphere market’s growth.
Microspheres have recently been employed in the medication delivery of oral, gastrointestinal, buccal, transdermal, nasal, vaginal, intertumoral, and colonic treatments. Microspheres are also used in the embolization of different types of liver and spleen cancers. Targeting microspheres, monoclonal antibodies, and imaging applications are other uses for microspheres.
Changing Cosmetic Technology Requires Microsphere
In cosmetic and personal care products, microspheres are frequently used. With a single invisible, feather-light layer, microspheres give makeup products concealing power. Because of their uniform particle size and sphericity and luxurious finish and texture, microspheres have a ball-bearing effect in creams and lotions.
Microspheres are exceptionally good at matching color to any skin tone. Because they are spherical and have small particle sizes, microspheres used in cosmetics help to conceal fine lines and wrinkles. These also smooth out wrinkles and lines; after that, they scatter light for a soft finish.
Restraints
Lack of quality control requirements in the majority of developing economies will hamper the expansion rate of the microspheres market. Variations in the cost of raw materials will further slow the market’s expansion for microspheres.
Opportunities
Drug delivery and cancer treatment Growing the Global Market
There is a lot of research and development being done on the use of microspheres in cancer treatment. Microspheres are biocompatible and non-toxic; thus, their use in numerous life science fields is advantageous. The most prevalent cancers in men are colorectal, stomach, liver, prostate, lung, and stomach. Women are more likely to develop thyroid, breast, lung, colorectal, and cervical cancers. Microspheres can be utilized in cancer therapy to target a specific spot without harming healthy cells, which minimizes side effects. Microspheres can be used in clinical trials and research to identify and diagnose cancer using ultrasound, radiation, and magnetic approaches.
Market Segmentation
On the basis of product, Due to their density, absorption, and low crush strength, the hollow segment ruled the entire market with a share of USD 9.54 billion at a CAGR of 10.95 percent. It is becoming more popular for use in a range of industries, such as automotive coatings, aerospace compounds, insulating coatings, dielectric materials, traditional fillers, and biomedical uses.
On the basis of raw materials, At a CAGR of 10.95% in 2020, the glass segment held the largest market share with a revenue of USD 6.80 billion. The rise in demand from high-value industries like automotive, microscopy, biomedicine, high-tech equipment, specialty, and life sciences is fueling the segment’s overall growth due to its tight tolerances.
On the basis of application, the medical segment ruled the market in 2020, accounting for USD 5.69 billion and growing at a CAGR of 10.84 percent. This is because of its use of microspheres as a drug delivery mechanism, capacity to encapsulate diverse medicines, biocompatibility, and excellent bioavailability. The microspheres can supply active ingredients and have qualities including chemical resistance, improved processing, heat resistance, size, and thermal stability.
Regional Insights
North America was the biggest regional market, with USD 5.24 billion and a CAGR of 7.40% in 2020. It is due to the expansion of domestic competitors and local manufacturing. The increasing need for innovation and modernization in the industries of automation, medicine, cosmetics, and aerospace will support the segment’s expansion.
Key Players
- Cospheric L.L.C.
- Nouryon
- 3M
- Luminex Corporation
- Chase Corporation
- Bangs Laboratories
- Momentive
- Mo-Sci Corporation
- Merit Medical System
- Matsumoto Yushi-Seiyaku Co. Ltd
- Trelleborg Applied Technologies
- Sirtex Medical
- Akzo Nobel N.V
- Kureha Corporation
- Potters Industries L.L.C.
- Thermo Fisher Scientific Inc.
- The Cary Company
- The Kish Company
- PolyMicrospheres
- Sigmund Lindner GmbH
- Givaudan and Merit Medical Systems
- SINOSTEEL MAANSHAN NEW MATERIAL TECHNOLOGY
- Eko Export
The market value of microspheres in 2021 was USD 6.73 billion and will reach USD 13.58 billion by 2030 at a 9.2% CAGR during 2021-2030. Factors including the growing use of microspheres in construction composites, advancements in medical technology, an increase in implant surgeries, and improved patient compliance and convenience will drive the demand for microspheres.
