The major revenue share is captured by North America in global and is anticipated to contribute more than 45% in the near future. Increasing demand for affordable healthcare resources coupled with increasing construction industry mainly in Mexico and the U.S. is anticipated to fuel growth of market. Another major market for microspheres is Europe. It is expected to experience cumulative gains on account of increasing demand from construction segment.
APAC is expected to experience the rapid growth rate on account of healthcare awareness, longer lifespan desires, increase in the purchasing power and the growing occurrence of long-lasting world diseases related with fluctuating lifestyles.
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Competitive Insights
The major players in the market includes 3M, Sigmund Linder, AkzoNobel Expancel, Luminex Corp, Potters Industries LLC, Momentive Performance Materials Inc. and Chase Corp. The market participants are heading in the way of expansion owing to the robust growth in paints and coatings, automotive, construction composites and healthcare industries. In addition, most of the producers are trying to manage costs and hence backward as well as forward integration will be vital. As a result, integration through the value chain is predicted to be a critical factor in the industry.
These economies are also expected to experience a stable development in other application areas such as paint & coatings and cosmetics segment. Market participants such as AkzoNobel and 3M Company are funding and conducting innovative research in the area of microspheres to support coatings and healthcare and other end-use industries.
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