April 12, 2018
WELLESLEY, Mass., April 12, 2018–A vast amount of industrial research and development activities are helping to ensure the future growth of the microspheres market, according to a report by BCC Research. Worldwide, recent advances in technology and developing commerce have presented reasonable growth opportunities for numerous companies.
The microspheres industry is expected to see a compound annual growth rate (CAGR) of 6.8% through 2022, when it could be worth $6.9 billion, according to the study Microspheres: Technologies and Global Markets.
Major players in the market include 3M Co., Asia Pacific Microspheres, Bangs Laboratories Inc., BASF Corp., Boston Scientific Corp., CenoStar Corp., Diab International, Eko Export Inc., Floratech, Kimberly-Clark Corp., Kolon Industries Inc., L’Oreal, Magsphere Inc. and MannKind Corp.
“With new advances in technology, microspheres are finding ever-expanding applications in numerous unexpected fields across a spectrum of industries,” said report author Vijay Subramanian. “The market for microspheres in several industries is just opening up, and the potential for market growth is immense in certain fields. The most fascinating aspect of the microsphere market is the large numbers of players in this industry, with each having its own niche product, application or a combination of the two. This situation leads to all players having reasonable profit margins, growth prospects and technical advantages.”
Patent Trends Allude to Long-Term Growth Potential
The patent landscape for microspheres has seen several growth surges in the past 40 years, though recent numbers suggest future growth in the industry will be rapid, the report notes. Between 1990 and 2005, the average annual number of patents more than doubled when compared to the previous 15 years. There was a market slowdown after 2005 due to a global economic downturn. However, the pace of new technologies in the market has quickened since 2010. More than 30 patents were issued between 2010 and 2013, with that number continuously rising to over 40 patents annually. The most recent surge in patent activity means that market growth for the next 15-to-20 years will likely be strong.
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Microspheres: Technologies and Global Markets( AVM073D )
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