Rising adoption of lightweight fillers and blowing agents in the automotive sector is one of the key propellers for market growth.
Market Size – USD 442.27 Million in 2019, Market Growth – CAGR of 9.5%, Market Trends – The growing demand for expandable plastic microspheres
The global expandable microspheres market is expected to be valued at USD 913.12 Million by 2027 from USD 442.27 Million in 2019, registering a CAGR of 9.5% through the forecast period. An expandable microsphere is a microscopic sphere containing a thermoplastic shell that encases a low boiling point liquid hydrocarbon. On being exposed to a high temperature, the thermoplastic shell softens, leading to increased pressure on the hydrocarbon, which then helps expand the microsphere. Expanded microspheres find significant use as a lightweight filler in various composite materials like cultured marble and waterborne paints. They are also used as crack fillers in a joint compound.
The widespread usage of expandable microspheres as lightweight fillers and blowing agents, and their superior characteristics, such as low density, high flexibility, smooth surface finish, and cost-effectiveness, are the key parameters augmenting the demand for expandable microspheres, thereby boosting the global expandable microspheres market growth. Expandable microspheres are widely used in the buildings & construction industry as lightweight fillers in paints, elastomeric cool roof coatings, wallpapers, synthetic wood, flooring materials, underbody coatings and sealants, cultured marble, and polyester putties.
The expandable microspheres market growth is further supported by the growing use of expandable microspheres in the automotive sector as blowing agents for controlled foaming, automobile headliners’ weight reduction, sealants, undercoating, and interior materials like ceiling materials and door rims. Moreover, the rising demand for lightweight vehicles and the surging need for automotive fuel efficiency and drop in CO2 emissions, in keeping with stringent norms regarding environmental protection, bolster the global market growth. Rapid industrialization, a boom in construction activities, and rising focus on infrastructural development, particularly in emerging countries, are the other essential factors responsible for market growth.
Key findings from report:
- Based on type, the lightweight fillers sub-segment accounted for the largest market share of 58.7% by 2019 and is poised to emerge as the leading segment over the projected period.
- The offline distribution channel sub-segment held the highest share of 72.1% in the global expandable microspheres market by 2019. This segment is expected to record the fastest growth rate over the forecast years, as per the latest study.
- Based on end-use industry, the automotive sub-segment, which held a significant 34.4% share of the global expandable microspheres market by 2019, dominates the market at present. Due to the extensive use of expandable microspheres for the weight reduction of automotive headliners and sealants and interior materials like door rims, the automotive sector is considered the largest end-user in this market.
- The North America expandable microspheres market leads the global market in terms of revenue share and is estimated to register the fastest CAGR of 9.9% over the forecast period. Increasing government investments in infrastructural development, the expanding construction and automotive industries, and the imposition of rigid regulations by the U.S. EPA (Environmental Protection Agency) to reduce CO2 emissions are the key factors boosting the regional market growth.
- Key industry participants are AkzoNobel, The Kish Company, Dainichiseika Color & Chemicals, Matsumoto Yushi-Seiyaku, Chase Corporation, Kureha, Sekisui Chemical, Bublon GmbH, Hunan Farida Technology Co., Ltd., Tramaco GmbH, and Dainichiseika Color & Chemicals.
- In August 2020, Nouryon, a globally recognized specialty chemicals manufacturer, announced its plans to build a new production facility for expandable microspheres at Green Bay in Wisconsin, U.S. Therefore, the company looks to strengthen its foothold in the U.S. market with the opening of the new plant.
Read Full Report Description @ https://www.reportsanddata.com/report-detail/expandable-microspheres-market
For the purpose of this report, the global expandable microspheres market has been segmented on the basis of type, distribution channel, end-use industry, and region:
By Type (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Lightweight Fillers
- Blowing Agents
By Distribution Channel (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Online
- Offline
By End-use Industry (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Automotive
- Consumer Goods
- Buildings & Construction
- Sports & Leisure
- Others
By Region (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
Rest of Middle East & Africa
