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Microsphere Market In Composites Industry | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s microsphere market realities and future possibilities in the composite industry for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for microspheres in the composites industry at the global-, regional-, as well as country-level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies
The Microsphere Market in the Composites Industry: Highlights
Microspheres are small spherical particles, generally ranging from 12 to 300 µm in diameter. In the global composites industry, microspheres are gradually gaining traction as lightweight fillers as they provide both product enhancement and process improvements. Integration of microspheres in composite parts delivers low density, improved dimensional stability, increased impact strength, smoother surface finish, greater thermal insulation, easier machinability, faster cycle times, and cost savings.
The outbreak of Covid-19 has devastated the growth trajectory of all the major end-use industries. Composite materials are proving to be another victim of it; however, the impact is considered to be relatively low than other traditional materials. In Q1 2020; the Composites Index fell sharply to an all-time low of 38.4 as new orders, production, employment, and exports all recorded historic low readings. As the production and demand dried out in all the major markets due to pandemic, the domino effect has also been witnessed in the demand for raw materials such as fiber, resin, fillers, and additives. Microsphere, a category of high-performance lightweight fillers, is no exception and is witnessing a huge plunge in demand during the same period. Furthermore, supply chain disruption, labor shortage, and sagging business confidence are estimated to crush the demand for microspheres in the composites industry to the 2015-market level in 2020.
Despite the short-term demand fiasco, the long-term outlook for microspheres in the composites industry is still promising. The market is anticipated to log a speedy recovery from 2021 onwards, considering the revival of all the major markets including transportation, building & construction, electricals & electronics, consumer goods, etc. Further, an expected increase in the penetration of composite materials in the transportation and building & construction industries to act as a catalyst towards the market growth.
Based on the type, Stratview Research has segmented the market into glass bubble, expanded polymers, and others. Glass bubble is expected to remain the dominant filler type during the forecast period. Glass microspheres are available as commercial products and in large quantities with a relatively low price compared to other microspheres. Glass microsphere features low density and low thermal conductivity; hence, are increasingly preferred as fillers in composite part fabrication for the transportation and building & construction industries. Glass bubbles play a vital role in reducing the weight and cost of composite parts without compromising other properties required for different applications.
Based on the end-use industry type, the market is segmented into transportation, electricals & electronics, building & construction, consumer goods, and others. Transportation is expected to maintain its lead in the market over the next five years. Automakers around the globe are continuously making efforts to reduce the weight of the vehicle in order to achieve better fuel efficiency. Lower carbon emissions have been the top priority due to rising pollution concerns coupled with stringent regulations, such as CAFÉ 2025. Increasing demand for lightweight vehicles is likely to push the demand for composite materials with greater use of lightweight fillers, especially microspheres.
In terms of regions, all the markets are expected to mark a colossal decline in 2020 in the wake of the rapid spread of the pandemic. However, Europe is estimated to comfortably maintain its leading position in the microsphere market during the forecast period. The automotive industry plays a crucial role in the European economy, alone contributing ~7% of the region’s GDP. Stringent regulation related to carbon emission and high investment towards R&D has led to greater penetration of composite materials in European vehicles than that of other regional markets with increased penetration of microspheres as fillers. Furthermore, the rising penetration of composites in a wide array of industries is likely to reinforce the demand for microspheres in the European market.
Asia-Pacific is expected to heal up with the fastest pace from 2021 onwards. China, India, Japan, and South Korea are estimated to remain the major markets for microspheres in the region, owing to their dominance in the region’s transportation, building & construction, and consumer goods industries. Furthermore, significant economic development in the region along with a huge consumer base, rising disposable income, and changing lifestyle are likely to act as a catalyst towards the region’s market growth.
The supply chain of this market comprises raw material suppliers, microsphere manufacturers, compounders, part fabricators, tier players, OEMs, and end users. The key players in the market are The 3M Company, Nouryon, PQ Corporation, Matsumoto Yushi-Seiyaku Co. Ltd., Sinosteel Maanshan New Material Technology Co., Ltd., Omya, Chase Corporation, Sekisui Chemical Co., Ltd., and Trelleborg AB.
The market is marked by the presence of more than 50 microsphere manufacturers, equitably present across regions. Out of these, some major players capture a lion’s share of the market, holding unparalleled product development capabilities, a wide geographical presence, and a vast customer base. Also, over the eons, the market is gradually consolidated with the major companies acquiring small-to-mid-sized companies.
Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, 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 five regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The microsphere market in the composites industry is segmented into the following categories.
Microsphere Market in the Composites Industry, By Type:
Microsphere Market in the Composites Industry, By Process Type:
Microsphere Market in the Composites Industry, By End-Use Industry:
Microsphere Market in the Composites Industry, By Region:
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