Hollow Glass Microspheres Market Analysis :
Hollow glass microspheres are modern material evolved extensively in current years with enhanced performance. The major additives of the product are borosilicate. Hollow spheres have size of 10–250 μm and a wall thickness of 1–2 μm. They are suitable to be used in numerous packages inclusive of thermoplastics, rubber & elastomers, abrasive substances, sheet molding compounds, cryogenic generation, thermosets-epoxy, acoustic & thermal insulating substances, polyurethanes, plastisol, and repair compounds. Furthermore, these act as a sensitizer for emulsion explosives, as they possess excessive comprehensive properties. The aerospace & defense industry uses hollow glass microspheres as void fillers for weight reduction, thermal coatings, and distinctiveness paints & coatings. It is additionally used to assemble low-density drilling fluid and occasional density excessive strength cement slurry in oil and fuel extraction sectors. Rise in modernization coupled with development of infrastructure are expected to boost the growth global hollow glass microspheres market during the forecast period.
COVID-19 scenario analysis
The outbreak of coronavirus has reduced the global demand for various consumer goods across the globe. The travel ban has further reduced the demand for fuel, which further declines the demand for automobiles. Many automobiles and aviation industries have halted their manufacturing process due to low market demand. The supply chain disruptions have further created havoc among manufacturers due to lack of raw materials for production.
Market scenario analysis
Hollow glass microspheres market is anticipated to grow significantly during the forecast period. Increase in environmental concerns is predicted to fuel the demand for hollow glass microspheres in coming years, as they are recyclable and reusable. Product development coupled with increase in demand for the product in numerous industries, including aerospace, healthcare, oil & gas, automobile are anticipated to boost the demand for hollow glass microspheres during the forecast period. However, various factors hindering the growth of the hollow glass microspheres market include fluctuations in manufacturing costs due to unstable raw cloth costs and high R&D expenditure.
Surge in adoption of hollow glass microspheres in deep sea exploration is expected to propel the market growth during the forecast period. The industry specializes in R&D activities to gain competitive aspect. Weightlessness, low thermal conductivity, smooth mobility, and excessive compressive electricity of hollow glass microspheres are expected to drive their demand during the forecast period. Product innovation and technological development are other factors contributing toward the global market growth.
North America is anticipated to serve as a lucrative market for hollow glass microspheres. U.S. and Canada are predicted to dominate the hollow glass microspheres market in the region. Asia-Pacific is developing at a significant rate, as these materials have started gaining prominence in this region. Moreover, flourishing manufacturing industries and heavy spending on infrastructure boost the market growth during the forecast period.
Key benefits of the report
- This study presents the analytical depiction of the global hollow glass microspheres industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hollow glass microspheres market share.
- The current market is quantitatively analyzed to highlight the global hollow glass microspheres market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global hollow glass microspheres market research report:
- Which are the leading players active in the global hollow glass microspheres market?
- What the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Hollow Glass Microspheres Market Report Highlights
Key Market Players
Sigmund Lindner, Merit Medical Systems, AkzoNobel, EKO Export, Sinosteel Maanshan Institute of Mining Research Company, Mo Sci, Cospheric, Sunjin Chemical, DennertPoraver, Momentive Performance Materials, Phosphorex Incorporated, 3M Company, Polysciences, TRELLEBORG, Induchem Holding