SELBYVILLE, Del., Oct. 21, 2020 /PRNewswire/ -- Based on Global Market Insights Inc.'s report, the North American microspheres market was estimated at $1.5 billion in 2019 and is slated to exceed $2.5 billion by 2026, registering a CAGR of 9.3% from 2020 to 2026. Growing microspheres usage in multiple applications including construction, paints & coatings, healthcare, oil & gas, cosmetics & personal care, and automotive will have a positive impact on industry growth.
Significant growth in the elderly population segment in the U.S. and Canada has led to a rise in the prevalence of osteoarthritis and osteoporosis, thereby driving the requirement for orthopedic implants. Microspheres find extensive usage in surgical implants to reduce the risk of implant-associated infections thereby enhancing implant stability and patient outcomes.
The knee braces & supports industry in the U.S. were valued at USD 520 million in 2019, which is an indicator of tremendous growth opportunities for microspheres. North America has witnessed growing scientific research regarding musculoskeletal disorders and rising technological innovation in orthopedic implants which is likely to drive North America microspheres market growth.
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North America's microspheres market from the solid form segment is expected to grow over 8.5% by the end of 2026. Solid microspheres find extensive adoption in lasers, temperature sensing, amplifiers, and biosensing applications. Solid microspheres accounted for a market size of USD 298.94 in 2019, rising with a CAGR surpassing 9.0% from 2020 to 2026. These products are widely used as resin extruders owing to their high density which enhances the physical properties and the strength of plastics.
Solid glass microspheres have been found to reduce the shrinkage of nylon by 70% to 80% and warpage by 95% to 97% which represents tremendous opportunities for North America's microspheres market growth. These products serve as high-performance polymer additives on account of various benefits such as dimensional stability, improved surface appearance, uniform dispersion, and mold flow.
The metallic based microspheres market witnessed the highest growth potential and is further anticipated to grow due to increasing demand for manufacturing aerospace & defense materials, automotive materials, construction, biotechnology, oil & gas consumables coating additives, and cosmetics. The U.S. holds a substantial share in the market and is forecast to increase, owing to rising construction activities across the country.
North America's microspheres market from oil and gas applications is expected to grow over 8% by the end of 2026. Microspheres are widely used in oil and gas industry in predominantly for exploration activities. Rising oil and gas exploration activities in the region, owing to rising innovations in drilling operations including horizontal drilling which makes it easy to extract shale oil & gas, should boost upstream chemical demand.
Increasing the U.S. government's focus on energy import independence and increasing oil exports to become the world's largest oil producers should further boost upstream chemical demand. Thus, these aforementioned factors should boost North America's microspheres market demand.
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Canada's microspheres market was over USD 235 Million in 2019 and is expected to grow over 8.5% by the end of 2026. The rising life expectancy in Canada owing to an excellent quality of life has led to growth in the elderly population and boosted the healthcare sector. Microspheres are widely used as challenge particles and tracers in the manufacture & testing of medical devices.
Substantial government spending on the healthcare sector, which comprises 10% of Canada's GDP, growing efforts by domestic manufacturers of medical devices to enhance product quality & affordability, and rising exports should stimulate North America microspheres market growth.
Key manufacturers in the North America microspheres industry include 3M, Luminex, Potters Industry, Trelleborg, and Akzo Nobel. Companies are implementing strategic initiatives including mergers & acquisitions and new product launches to enhance market share.
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North America Microspheres Market Statistics - 2026
SOURCE Global Market Insights Inc.