Asia Pacific Microspheres Market Size, Share & Trends Analysis Report By Raw Material (Glass, Polymer, Ceramic, Fly Ash, Metallic, Other Raw Materials), By Type (Hollow, Solid), By Application (Automotive, Aerospace, Cosmetics, Oil and Gas, Paints and Coatings, Medical Technology, Composites, Other Applications) and By Country(China, Korea, Japan, India, Australia, Taiwan, South East Asia, Rest of Asia-Pacific) Forecasts, 2022-2030

Market Overview

The Asia Pacific microspheres market size is expected to reach a valuation of USD 4510 million by 2030, growing at a CAGR of 11.9% during the forecast period (2022-2030).

Microspheres are solid sphere-shaped particles that range in size from 1 to 1000 micrometers. Glass, ceramic, fly ash, metal, and polymers are commonly used, and they have regulated opacity, particle size distribution, gravity, and electrostatic charge. Microspheres are utilized in the medical field for medication administration, embolization, and medical equipment testing and development. They are utilized in the manufacturing of elastics, plastics, metals, vehicles, beauty care, and personal care goods because they are lightweight, portable, and have great compression capacities. They're also utilized to create concrete slurry and low-thickness boring fluids for oil and gas extraction. They also have a wide range of uses in the aviation, aerospace, defense, and construction industries.

Microspheres are tiny, spherical particles with dimensions ranging from 1m to 1000m. Microspheres, unlike microcapsules, do not contain fluid within. Natural or synthetic materials can be used to create microspheres. There are several forms of microspheres. Quality, sphericity, homogeneity, particle size, and distribution all vary. The application determines which microspheres are used. Sidney Fox pioneered the notion of microspheres in 1957. Microspheres are utilized in a variety of applications, including medicine delivery, cosmetics, personal care, ceramics, thickening agents, composites, aerospace, automotive, oil and gas, paints, and research.

Market Dynamics

Industry Drivers

End-user industries have been growing in Asia Pacific nations such as China, India, and Japan for the past decade. The Indian cosmetics sector is booming, thanks to rising consumer knowledge and a desire to look beautiful. In addition, new government measures such as the public insurance program, which are propelling the studied market, are projected to boost the Japanese healthcare industry. As a result, increasing end users are increasing output, pushing the microsphere market in the Asia-Pacific region.

The increasing electronics sector in China is driving the microsphere market. The study market is being driven by an increase in the production and use of LCD/LED TVs and other electronic devices like as mobile phones and tablets in China.

Raw material, and end-user industry have all been used to segment the market. Because of the rising demand for cancer treatment medications in drug delivery systems, the medical technology sector is predicted to dominate the market by end-user industry. During the projection period, the construction segment is predicted to grow.

Industry Restraints

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Regional Analysis

Asia Pacific Microspheres market are becoming increasingly valuable in the Asia-Pacific area. China, Japan, and South Korea are important Asian economies that contribute to market growth.

The National Medical Products Administration (NMPA) has authorised SIR-Spheres Y-90 resin microspheres for the treatment of patients with colorectal cancer liver metastases, according to Grand Pharmaceutical Group Limited. SIR-Spheres is the first therapeutic radiopharmaceutical to be approved by the NMPA in 2022, and it is the only radioactive microsphere product to be approved by the NMPA based on clinical study results collected outside of China. In September 2021, the first procedure of selective internal radiation therapy (SIRT) employing SIR-Spheres was successfully completed for a patient in China, using the pilot implementation strategy for marketed medical products in Hainan at the time.

The microsphere market in Japan has a bright future, with applications in medical technology, materials, and life sciences and biotechnology. The increased need for improved efficiency and lightweight materials, as well as the superior structural and enhanced features of microsphere over traditional fillers, are the main drivers of market expansion.

Continuous improvements in current products to increase penetration and long-term sustainability, biodegradable microspheres, and greater focus on developing markets through expansion and partnerships are all emerging developments that have a direct influence on the dynamics of the microsphere sector (Mergers and Acquisitions).

Segmental Analysis

The Asia Pacific microspheres market study by IMARC Group includes an analysis of important trends in each sub-segment, as well as growth estimates for the region from. The market has been segmented by region, type, raw material, and application in our report.

Impact of covid-19

The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.

South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.

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Recent Developments

Nouryon intends to boost its Expancel expandable microspheres production capacity in China in July 2021.