Microsphere Market in the Composites Industry, Impacted by COVID-19, to Reach US$ 557.6 Million in 2026, Says Stratview Research

DETROIT, Oct. 7, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Microsphere Market in the Composites Industry by Type (Glass Bubble, Expanded Polymers and Others), by Process Type (Injection Molding, Compression Molding, Hand Lay-Up, Spray-Up, Pultrusion, and Others), by End-Use Industry (Transportation, Electricals & Electronics, Building & Construction, Consumer Goods, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's microsphere market realities and future possibilities in the composites 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 fillers 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.

Microsphere Market in the Composites Industry: Highlights from the Report

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.

Impact of COVID-19 on the Fillers Market in the Composites Industry

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 relatively lower 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 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. and reach US$ 557.6 million in 2026. Furthermore, 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.

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Based on the type, 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 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.

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In terms of regions, all the markets are expected to mark a colossal decline in 2020 in the wake of 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, 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 market is marked by the presence of more than 50 microsphere manufacturers, equitably present across regions. 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.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on 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:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the microsphere market in the composites industry and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

Microsphere Market in the Composites Industry, By Type:

• Glass Bubble (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Expanded Polymers (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Microsphere Market in the Composites Industry, By Process Type:

• Injection Molding (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Compression Molding (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Hand Lay-Up (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Spray-Up (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Pultrusion (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Microsphere Market in the Composites Industry, By End-Use Industry:

• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• E&E (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Microsphere Market in the Composites Industry, By Region:

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, The UK, Germany, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea and Rest of Asia-pacific)
• Rest of the World (Country Analysis: Brazil, Turkey, and Others)

Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports:

https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

Related premium market reports in the advanced materials industry are:

Fillers Market in the Composites Industry by Filler Type (Calcium Carbonate, ATH, Talc, Sand, Clay, Microsphere, and Others), by Process Type (Injection Molding, Compression Molding, Hand Lay-Up, Spray-Up, Filament Winding, Pultrusion, and Others), by End-Use Industry Type (Transportation, Electricals & Electronics, Building & Construction, Pipes & Tanks, Consumer Goods, Marine, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

Microspheres Market by Microsphere Type (Hollow Microspheres and Solid Microspheres), by Material Type (Hollow Glass Microspheres, Foam Glass Granulates, Cenosphere, Perlite Microspheres, Expanded Polymer Microspheres, Ceramic Microspheres, Solid Glass Microspheres, Solid Polymer Microspheres, and Metallic Microspheres,), by Application Type (Paints & Coatings, Plastics & Rubber, Construction Materials, Life Sciences & Pharmaceutical, Agriculture Materials, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

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