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Hollow Microspheres Market | Covid-19 Impact Analysis
Hollow Microspheres Market is Segmented by Material Type (Hollow Glass Microsphere, Foam Glass Granulates, Cenosphere, Perlite Microsphere, and Expanded Polymer Microsphere), by Application Type (Plastics & Rubber, Paint & Coatings, Construction Materials, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 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.
Hollow microspheres are low density, lightweight fillers that add volume without significantly adding weight. They offer a lot of functionalities in a very small package. Weight reduction, viscosity reduction, cost saving through lower resin consumption, enhanced mold flow, and improved impart resistance are some of the advantages offered by these microspheres when used in plastics & rubber, paint & coatings, and other applications. Hollow microspheres reduce resin demand due to their low surface area; reduced volatile organic compound, shrinkage, and drying time by increasing solid content; provide good filling on uneven substrates; and provide lower viscosity compared to conventional fillers. They are also used to reduce the weight of cement to reinforce oil wells and underwater pipe insulation.
The demand for hollow microspheres is highly subjected to the growth of the end-use industries where these microspheres are used. The COVID-19 pandemic has hit the business world in an unprecedented scale. It has caused the closures of many business operations, the stoppage of factory outputs, and the disruption to global manufacturing industries and their supply networks. Major end-use industries, such as automotive, building & construction, and consumer goods, have been significantly affected, which, in turn, are affecting the demand for microspheres including hollow microspheres.
Despite short-term demand fiasco due to the outbreak of COVID-19 pandemic, Stratview Research’s estimates suggest that the global hollow microspheres market would able to cross the landmark figure of US$ 4.0 billion by 2025, expecting a recovery after a downfall in 2020.
Stratview has firstly segmented the hollow microspheres market based on the material type as hollow glass microsphere, foam glass granulates, cenosphere, perlite microsphere, and expanded polymer microsphere. Hollow glass microsphere is likely to remain the most preferred microsphere type in the market in the coming years. Hollow glass microspheres are increasingly finding usage in plastics & rubber applications such as SMCs, injection-molded parts, packaging films, and wood composites; in construction materials such as caulks, adhesives, and sealants, cultured marbles, putties, and potting compounds; paints & coatings; and other applications such as lightweight cement slurries, syntactic foam, and buoyancy modules and risers.
Expanded polymer microsphere, currently holding a diminutive position as compared to hollow glass microspheres, is estimated to capture some share of other hollow microspheres, especially of hollow glass microspheres in the coming years. Expanded polymer microspheres usually expand about 60 times their original size without addition of weight. Furthermore, the density of expanded polymer microsphere is relatively low than hollow glass microsphere. Expanded polymer microspheres are gaining tractions in paints & coatings, plastics & rubbers, and construction materials, such as crack fillers, polyester putties, and cultured marble.
Based on the application type, the market is classified as plastics & rubber, paint & coatings, construction materials, and others. Plastics & rubber is likely to remain the most dominant application segment, in terms of value, in the hollow microspheres market during the forecast period. Plastics are replacing metals for years to reduce greenhouse gas emission and improve fuel efficiency. Now research is focused on low-density plastics that are further lighter in weight without compromising performance. Contrary to the traditional fillers (talc, calcium carbonate, and clay with specific density 2.5 to 2.8 g/cm3), hollow microspheres with specific density of less than 0.6 g/cm3 help in 10-30% plastic parts’ weight reduction. Hollow microspheres also improve productivity by reducing the energy consumption, cost, and cycle time (by 25%).
In terms of regions, all regions are expected to mark a huge decline in 2020 in the wake of the rapid spread of the pandemic across regions. However, Europe, currently holding the leading position, will manage its lead in the global market by 2025. Asia-Pacific, from 2021 onwards, is estimated to heal up with the fastest pace. Germany is the growth engine of the European hollow microspheres market. Increased demand for hollow microspheres in fuel-efficient vehicles and energy-efficient homes in the region are behind the huge demand for hollow microsphere in Europe.
The supply chain of this market comprises raw material suppliers, hollow microspheres manufacturers, and end-use industries. The key players in the market are
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The global hollow microspheres market is segmented into the following categories.
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