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 Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global microspheres market size was valued at USD 6,150.92 million in 2021 and is projected to generate USD 13581.38 million by 2030. The market is projected to grow at a CAGR of 9.20% during the forecast period (2022–2030).

Microspheres are small spherical particles with diameters typically ranging between 1µm to 1000μm. Microspheres do not contain fluid inside, as observed in microcapsules. Microspheres can be made using natural or synthetic materials. Microspheres are of various types. These vary in quality, sphericity, uniformity, particle size, and distribution. Microspheres are chosen based on their application. In 1957, Sidney Fox introduced the concept of microspheres. Microspheres are used in various fields, including drug delivery, cosmetics, personal care, ceramics, thickening agents, composites, aerospace, automotive, oil and gas, paints, and research studies.

Increasing applications, modernization in the medical industry, and increasing demand from the cosmetics and hygiene care industry are surging the demand for microspheres in the global market. The market is segmented into raw material, sphere type, application, and region.

Market Dynamics

Market drivers

Advancements in medical technology surging microspheres market

Microspheres are used to protect the drug from deterioration by drug encapsulation. These are also used for optimum release and delivery of drugs to the site. Microspheres are used to develop, manufacture, and test medical devices. The use of microsphere as a drug delivery system is surging the microspheres market growth owing to its ability to encapsulate, biocompatibility, and high bioavailability.

Recently, microspheres have been used in drug deliveries for oral, gene, inter tumoral, gastrointestinal, buccal, transdermal, nasal, vaginal, and colonic treatments. Embolization of various tumors of the liver and spleen also uses microspheres. Microspheres are also used to target microspheres or monoclonal antibodies and imaging applications.

Evolving cosmetic technology demanding microsphere

Microspheres are widely used in cosmetics and personal care applications. These microspheres contain 40% pigments and additives by weight. Microspheres provide hiding power with one invisible and feather-light layer in makeup products. Microspheres have a ball-bearing effect in creams and lotions because of their uniform particle size and sphericity, having a luxury finish and texture.

Microspheres have an excellent ability to match the color to any skin tone. Microspheres used in cosmetics help reduce the appearance of fine lines and wrinkles because of their sphericity and tight particle size. Also, these fill both lines and wrinkles and then scatter the light giving a soft finish look. Superior sphericity and smoothness are the properties of microspheres that make them suitable for exfoliation. According to Cosmetics Europe, the cosmetics and personal care industry was valued at EUR 79.8 billion (USD 93.19 billion), at a retail sales price in 2019.

Market restraints

High research and manufacturing cost likely to reduce microsphere demand

Research and development and manufacturing of microspheres involve extensively high costs. The manufacturing of microspheres, especially for medical purposes, involves various techniques to make consistent characteristics and sizes. These microspheres generally require consistency in strength, density, particle size and distribution, cleanliness, functionality, and volume. Usually, microspheres with more than 90% spherical and more than 90% in particle size range are 100 times more expensive than the same microspheres that are more than 85% spherical and 80% in the size range.

Manufacturing microspheres with consistent properties requires very efficient equipment and high capital investment. Issues in the microsphere development and scale-up involving inefficiencies in various unit operations, such as filtration and drying, and poor batch reproducibility and sterility assurance may evolve, which requires repetition and high revenue. The higher cost involved is, in turn, hindering the microspheres market growth to a certain extent.

Market opportunities

Cancer therapy and drug delivery expanding global market

Usage of microsphere for cancer treatment is under extensive research and development. Since microspheres are biocompatible and non-toxic, their application boosts various life science sectors. In men, the most common cancers are lung, prostate, stomach, liver, and colorectal. While thyroid, breast, lung, colorectal, and cervical cancers are common in women. For cancer therapy, microspheres can be used by targeting specific site without affecting the healthy cells and helps reduce side effects. Microspheres can be combined with radiation, magnetism, and ultrasound techniques to detect and diagnose cancer, which are under research and clinical trials.

In cancer treatment, microspheres can be used for targeted drug treatment. For delivering anti-neoplastic agents in the brain, microspheres are used in treating brain tumors by controlled release of 5-fluorouracil using polymeric microspheres. Various studies suggest that microspheres can be used for sustained release drugs, especially for neuroendocrine tumors, prostate cancer, ovarian cancer, and bladder and pancreas cancers. For instance, microspheres-based Cisplatin drug delivery is noted to give promising results for ovarian cancer treatment.

Regional Analysis

Based on geographical segmentation, North America is predicted to be the highest contributor to the global microspheres market share. North America held the largest market share in the global microspheres market. It is anticipated to be valued at 5204.41 million by 2030 at a CAGR of 8.08% during the forecast period. The microspheres market was seen to be high in North America compared to Europe, Asia-Pacific, South America, and the Middle East & Africa, with revenue of USD 2571.18 million in 2021.

The need for innovation and modernization in medicine, automation, cosmetics, and aerospace is anticipated to boon the microspheres market growth. In North America, the United States is expected to be the major contributor to the microsphere revenue of USD 1755.88 million for 2021. Mexico is noted to have lower market input.

The demand for microsphere in Europe is rising gradually and is expected to grow at a CAGR of 7.40%. Germany and the United Kingdom have a lot of companies working on developing various microspheres. In 2021, the market revenue for microsphere was USD 360.73 million and USD 239.47 million for Germany and the United Kingdom, respectively. France and Italy are predicted to contribute comparatively a low market revenue.

The market value for microspheres in the Asia-Pacific region is soaring. China, Japan, and South Korea are key regions in the Asia-Pacific region, contributing to market growth. South America and the Middle East and Africa held a minor share of the market.

Future opportunities and growth

As a step toward expanding the applications, bio-platforms are developed in thermoplastic expandable microspheres. This is expected to fulfill the future requirements of the market. Various innovative concepts of microspheres are available with bio-based monomers like diethyl itaconate, dimethyl itaconate, α- methylene-y-valerolactone, etc. For medical applications, research is being done on the development and consistency of biodegradable polymers like polylactic acid and polyglycolic lactic acid.

Various global manufacturers have invested in the research and development of biodegradable and bio-based microspheres over a few years. They are also launching products in the market for varied applications. Some competitive companies are keen on collaboration, merging, and acquiring for innovation and developing new products or modifying existing products.

Nouryon invested in the research of microspheres made from bio-based materials, which is a major step in line with its commitment to sustainability. For instance, in April 2020, Terumo Europe NV announced that its BioPearl microspheres received the CE mark, indicating that it is an option for loco-regional embolization of target artery blood supply for liver cancer.

Segmental Analysis

Based on raw materials

the market is segmented into glass, polymer, ceramic, fly ash, and metallic materials. Glass segment is expected to be valued at USD 6809.78 million by 2030 at a CAGR of 10.95% during the forecast period. Currently, glass microspheres are facing a surge in demand due to new, highly valued, high-growth industries that have emerged and the availability of high-quality glass microspheres having perfect sphericity, tight tolerance, and particle size distribution.

Based on sphere type

the market is segmented into hollow and solid. The hollow microspheres segment is anticipated to be valued at USD 9540.41 million by 2030 at a CAGR of 10.45% during the forecast period. It has the highest market as compared to the solid microsphere segment. The hollow microsphere segment rose gradually from 2018 to 2021. The unique physical properties of hollow microspheres make its demand increase for a wide range of applications such as aerospace compounds, dielectric materials, insulating coatings, conventional fillers, and biomedical use.

Based on application

The market is bifurcated into automotive, aerospace, cosmetics, oil and gas, paints and coatings, medical technology, composites, and other applications. Medical technology by application is expected to be valued at USD 5698.22 million by 2030 at a CAGR of 10.84% during the forecast period. It has the highest market as compared to other applications. Market revenue from the cosmetic and automotive segments is anticipated to grow exponentially in the forecast period.

Impact of covid-19

Due to the pandemic, the lockdown made regulatory and governing bodies impose various restrictions and strict guidelines. Due to this, many manufacturing and production plants were shut down or stopped production, negatively influencing the supply chain. This had an adverse effect on the demand from various applications. The unexpected COVID outbreak decreased investment and/or is expected to postpone the ongoing projects for about 1-2 years in various related industries. The global GDP growth surged to -3.3% in 2020 compared to 2.8% in 2019. In 2021, according to the IMF forecasts, the global economy was estimated to recover in 2021 and register a growth of 6%.

The automotive industry was severely affected by the pandemic. This declined the market sales having a significant effect on the market. In 2020, the automotive production was USD 77.62 million, declining by 16%, compared to USD 91.79 million in 2019. The pandemic had the worst impact on the aerospace industry without a future view on its recovery. As a result, many competitors in the aerospace manufacturing industry stopped production, including Boeing.

Microspheres are used to produce manufacture lightweight construction composites. In the United States, 16% of projects had a shortage of equipment and raw materials, 11% faced a shortage of workers, laborers, and contractors, 18% of projects experienced shortages of government workers, and infected workers disrupted 8% of projects.

 Due to travel restrictions and other restrictions, the demand for petroleum-based products declined significantly. Reduced demand and new modern inventories severely affected the drilling exploration activities. The demand for petroleum fell from 100.7 million barrels per day in 2019 to 90.0 million barrels per day in 2020. By the COVID 19 outbreak, the global industries of beauty and grooming like cosmetics, fragrances, skincare, haircare, and personal care were affected significantly. Widespread store closure was observed. Also, various cosmetic and personal care manufacturers switched to manufacturing hand sanitizers and various cleaning agents.

Post COVID-19 Growth of Global Microspheres Market

The market concerning medical purposes is opening up owing to the need for innovation and advancement in technology for detection, diagnosis, and treatment. Also, other industries like cosmetics, paints, and automotive are witnessing a slight elevation in the market. The demand for microsphere is improving gradually, especially for drug delivery, diagnostics-based assays, and cosmetics. For instance, in January 2022, Diasorin released updated SIMPLEXA™ SARS-COV-2 variants direct molecular assay to detect mutations associated with the omicron variant. Such factors are anticipated to support market growth post-COVID-19 pandemic. 

Recent Developments

• In March 2022, DiaSorin announced that Luminex CE marked its xMAP NxTAG Gastrointestinal Pathogen Panel (GPP). This new molecular panel is a comprehensive multiplex test that detects nucleic acids from 16 of the most clinically relevant bacterial, viral, and parasitic pathogens in stool samples on the easy-to-use MAGPIX System
• In February 2022, Sirtex Medical announced with its shareholder, Grand Pharmaceutical Group Limited, that SIR-Spheres Y-90 resin microspheres have been approved by the National Medical Products Administration (NMPA) for the treatment of patients with colorectal cancer liver metastases.
• In November 2021, Bangs Laboratories launched Streptavidin Magnefy superparamagnetic microspheres, adding a new product line to its portfolio of magnetic particles for life science separations.
• In July 2021, Nouryon planned to increase the production capacity of its Expancel® expandable microspheres in China.
• In April 2021, Luminex Acquisition by DiaSorin was signed to create significant opportunities for both Luminex and DiaSorin customers to gain access to broader assay portfolios, enhanced research tools, and expanded support services, and that the combination will strengthen the combined companies’ existing offerings and drive new partnerships in the biopharmaceutical, academic, and clinical spaces.