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The Hollow Microspheres Market is likely to witness an impressive CAGR of 6.7% during the forecast period. The prime factor that is contributing to the demand for Hollow Microspheres is the increasing demand for Hollow Microspheres in various industries.
This report on the Hollow Microspheres Market has been put together covering various companies of the industry from different geographies. The study is a perfect blend of qualitative and quantitative research highlighting vital market developments, challenges and competition that the industry might face, along with opportunities and trends available in the Hollow Microspheres Market. The report intends to present a thorough analysis of the Hollow Microspheres Market and provide cutting-edge market intelligence to help decision makers undertake a sound investment evaluation. Besides, the report also classifies and analyses the emerging trends along with major growth drivers.
Hollow Microspheres Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges act as extrinsic factors affecting the market. The report aims at answering several key questions concerning the overall profitability in the market.
Few key players operating in the Hollow Microspheres Market are-
Chase Corporation
Dennert Poraver GmbH
Kureha Corporation
Matsumoto Yushi-Seiyaku Co., Ltd.
Nouryon
Omya AG
PQ Corporation
Sekisui Chemical Co., Ltd.
Sinosteel Maanshan New Material Technology Co., Ltd.
The 3M Company
Growth drivers and Market Value:
This report, from Stratview Research, studies the Hollow Microspheres Market value and growth drivers over the trend period of 2022-27. According to the report -
Increasing demand for lightweight materials to curb emissions and to meet the fuel-efficiency targets, such as CAFÉ standards, in the automotive industry, the regulation to reduce volatile organic compound in the paints & coatings and rising demand for the energy-efficient buildings were the major factors that had helped hollow microspheres to grow at the healthy pace till 2019. While the market was expecting to continue its remarkable growth in 2021.
Currently, to assess the real impact of the pandemic on the market in the short and long term is challenging as the pandemic is still spreading, taking the economies in its grip. It is difficult to state that when the impact of the pandemic starts to fade away. Based on the study of market recoveries in previous downturns (The Great Recession, SARS, etc.) coupled with primary interviews across the supply chain, Stratview estimates suggest that the market for hollow microspheres is likely to rebound from 2021 onwards, followed by maintaining sequential growth till 2026, ultimately reaching a landmark figure of US$ 4.1 billion by 2026.
Segment Analysis:
Based on Dominant Application Type:
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 emissions 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 a specific density of 2.5 to 2.8 g/cm3), hollow microspheres with a specific density of less than 0.6 g/cm3 help in 10-30% plastic parts’ weight reduction. Hollow microspheres also improve productivity by reducing energy consumption, cost, and cycle time (by 25%). .
Based on Region:
In terms of regions, all regions are expected to mark a huge decline in 2021 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 2026, propelled by Germany. Increased demand for hollow microspheres in fuel-efficient vehicles and energy-efficient homes in the region are the major factors behind the dominance of Europe in the market
Asia-Pacific is projected to witness the highest growth during the forecast period with China and India being the key sources of growth engines. The region is the largest manufacturer as well as consumers of traditional fillers in the world. An expected rebound in the production of automobiles and construction activities coupled with a gradual shift from traditional fillers to hollow microspheres may drive the region’s market in years to come.
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