Hollow Glass Microsphere Market Projected to Exceed $2,418.8 Million by 2026, Says Global Market Insights Inc.
The growth of the hollow glass microsphere market is driven by the rising demand for energy-efficient buildings, says the report.
SELBYVILLE, Del., July 15, 2020 (Newswire.com) - As per Global Market Insights Inc., the hollow glass microspheres market valuation is expected to hit nearly $2,418.8 million by 2026, registering a CAGR of 4.4% from 2020 to 2026. The report provides a full analysis of the wavering industry trends, top winning strategies, opportunities and drivers, key avenues of investment, the competitive scenario, and market estimations as well as size.
Hollow glass microspheres are increasingly being used in the construction of energy-efficient building structures by several constructors, designers, and building owners. The product is extensively accepted to be utilized in coatings in order to achieve high overall solar reflectance within building coatings. These coatings have the capability to reflect solar energy back into the atmosphere, which is achieved by utilizing conventional fillers like calcium carbonate, and titanium oxide among others.
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Based on the product, the coated segment is expected to account for nearly an 8% demand share over the forecast timeframe. The coatings can be of numerous metals like nickel, silver, and aluminum among others. Silver boasts several different properties, making it an extremely desirable coating for microspheres. It is thermally and electrically conductive and also provides exceptional reflectivity across the entire visible spectrum and infrared region.
Key reasons for hollow glass microspheres' market growth
- Increasing adoption of titanium oxide coated microspheres.
- Increasing application scope in paints and coatings.
- Growing product consumption across Asia-Pacific.
2026 forecasts anticipate the ‘plastic, rubber, & composites’ application segment showing appreciative growth
The plastic, rubber and composites segment will hold a substantial share of over 18% by the end of the forecast timeframe. The product is utilized as a filler in ultra-high molecular polyethylene. It is further used as a lubricant in the manufacturing process and aids in the modification of mechanical properties of the chemical compound to improve its strength and abrasion resistance.
Furthermore, the global polyethylene segment is likely to reach high growth, ascribed to growing demand from packaged goods, as well as growing consumer lifestyles. With rising polyethylene demand, the hollow glass microspheres market segment is also anticipated to gain momentum over the coming years.
Europe and Asia-Pacific's hollow glass microsphere industry to witness appreciative growth
On the regional front, the Europe class microsphere industry is the second-largest market for hollow microsphere systems, contributing to more than 25% of the overall business in 2019. Growth of various industries, which include oil & gas and metallurgical & mining, will further boost the hollow glass microspheres' market share as these industries have been increasingly shifting toward hollow microspheres and lightweight materials, which provide numerous advantages in comparison to other traditionally used fillers. Strict government regulation concerning greenhouse gas emissions from buildings will further drive the product demand.
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Asia-Pacific accounted for nearly 32.9% of the worldwide construction business in 2016 and is projected to be the fastest-growing hollow glass microspheres market segment. This growth is ascribed to the increasing development of infrastructure facilities, which would further provide substantial gains to the real-estate industry, especially in China and India. Furthermore, the region is also likely to observe surging demand for building spaces that are non-residential in nature, presenting new opportunities of growth.
Leading market players
The key market players analyzed in the hollow glass microspheres industry report include SphereTek, Sovitech, Geocon Products, 3M, Kish Company Inc, Sinosteel Maanshan New Material Technology Company Ltd, Mo-Sci Corporation, and Polysciences Inc among many others. They have incorporated several strategies including partnerships, expansions, collaborations, joint ventures, and others to heighten their stand in the industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
