Polymer Microspheres Market Analysis | 2020-2025

"The Polymer Microspheres Market is likely to grow at a significant CAGR in the long run, to reach US$ 1.6 billion in 2025”. 

Market Dynamics

Introduction

Polymer microspheres are tiny spherical particles made from synthetic or natural polymers. They range in size from micrometers to millimeters and are used in a variety of applications, including drug delivery, diagnostics, and as additives in industrial processes. Their properties, such as size, surface chemistry, and porosity, can be precisely controlled during production, making them versatile tools in research and industry.

In drug delivery, for example, they can encapsulate and release therapeutic agents in a controlled manner. Their biocompatibility and functionalization options make them valuable in medical and scientific applications.

Market Drivers

Expanded polymer microspheres consist of a polymer shell encapsulating a gas; when heated, the internal pressure from the gas increases and the thermoplastic shell softens, resulting in a dramatic increase in the volume of the microspheres. Over the past few eons, biodegradable polymer microspheres have gradually becoming the center of attraction because of their increased popularity of controlled drug delivery. Their small particle size makes them ideally suited for medical treatments in which the particle size is of critical importance.

Further, these microspheres improve the bioavailability of conventional drugs, minimize the side effects, and enhance the solubility of the poorly soluble drug. Polymer microspheres are also mixed with resins to add a variety of desirable characteristics and features to the material, such as reduced weight, enhanced flexibility, thermal insulation, dimensional stability, and solar reflectivity.

Their compressible nature is a unique feature suitable for elastomeric products. When used in elastomeric roof coatings, they can lower the external surface temperature of a building by as much as 15°C and can save up to 70% of residential energy consumption.

COVID-19 Impact

The year 2020 is estimated to be extremely challenging for all the advanced materials including the microsphere family. Polymer microsphere, a diminutive subset, is also witnessing a huge plunge in its demand in several major end-use industries including paints & coatings, plastics & rubber, and construction materials. The huge decline in the demand for polymer microspheres is partially offset by a few good-performing applications, especially life sciences & pharmaceuticals.

Despite short-term demand fiasco caused by production halts, supply-chain disruptions, etc., the long-term growth prospects still seem favorable for the market participants. It is estimated the market will mark a healthy rebound from 2021 onwards then maintaining sequential growth till the forecast period.

Segments Analysis

By Microsphere Type

“Expanded polymer microspheres are expected to maintain their position as the leading type of microsphere in the market throughout the forecast period”.

The market is segmented into expanded polymer microspheres and solid polymer microspheres. Expanded polymer microsphere is likely to remain the most dominant microsphere type in the market during the forecast period. Expanded polymer microspheres have a lower emissivity spectrum than commercial paints (λ = 0.35 – 4 µm vs λ = 4 – 40 µm), which means that they absorbent less solar radiation than the commercial paints, resulting in better performance during the daylight.

Further, expanded polymer microspheres can expand without any discoloration and outgassing issues of chemical foaming agents, or breakage which is common with hollow glass microspheres. Also, by adding as little as 2%-3% by weight, it can reduce the product’s weight by as much as 50%.  They can easily mix and achieve density reduction levels between 10%-30% in injection molding.

By Application Type

“The life sciences and pharmaceutical segment is expected to be the largest application type by value in the market during the forecast period”.

The market is segmented into life sciences & pharmaceuticals, paints & coatings, plastics & rubber, construction materials, and others. Similar to other microspheres, polymer microspheres are used in a multitude of applications addressing different purposes. The life sciences & pharmaceutical segment is estimated to remain the most dominant application type in terms of value, in the polymer microspheres market during the forecast period.

Life sciences & pharmaceuticals are the least-impacted application type by the COVID-19 pandemic. In biological research, polymer microspheres can be used as size standards for absorbing macromolecules. Also, in life sciences & pharmaceuticals, polymer microspheres improve the solvency of the ineffectively dissolvable drug and decrease the occurrence or intensity of adverse effects and reactivity of the core according to the outside condition.

Paint & coatings will be the fastest-growing application in the years to come. Key trends towards high performance, smart functionality, improved productivity, and abrasion- or scratch-resistant smart coatings, have made polymer microspheres a preferred choice in the paint & coatings industry. Polymer microspheres reduce the need for solvents in solvent-based paint, leading to the reduction of VOC emission. Further, expanded polymer microspheres are replacing hollow glass microspheres in paint applications, owing to their elasticity property.

Regional Analysis

“Europe is expected to remain the dominant region in the market over the next five years”.

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, Europe is estimated to maintain its lead in the global market in the coming five years. Post-pandemic, Germany is expected to rebound quickly and will act as the growth engine of the European polymer microspheres market.

Polymer microspheres are widely used in Europe as the region is one of the major markets for automotive, plastics & rubber, and building & construction. Also, the European regulatory system for medicines to protect public health ensuring the availability of high quality, safe, and effective medicines for European citizens, would help in healing the dented growth of polymer microspheres market in the region.

Asia-Pacific, a market that is efficacious in catching the consequential attention of all the market participants, is likely to heal up at the greatest pace in the post-pandemic market scenario. China is estimated to maintain its lead in the region’s market and is also expected to further reinforce its position in the global marketplace.

On the other side, India is to emerge as the next big market with significant growth potential with expecting some shift of manufacturing base from China and other regions in the long run.

Key Players

The following are the key players in the Polymer Microspheres Market (arranged alphabetically)

• Chase Corporation
• Dongjin Semichem Co., Ltd.
• Kureha Corporation
• Luminex Corporation
• Matsumoto Yushi-Seiyaku Co., Ltd.
• Merck KGaA
• Nouryon
• PolyMicrospheres, Inc.
• Polysciences, Inc.
• Sekisui Chemical Co., Ltd.

Note: The above list does not necessarily include all the top players in the market.

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More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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