The global polyurethane (PU) microspheres market is expected to reach USD 88.01 million by 2024, according to a new report by Grand View Research, Inc. increasing usage of PU microspheres as encapsulants in crop protection and drug delivery system is expected to remain a key demand driver over the forecast period.
Technical feasibility problems such as poor control of drug release and inactivation of drugs during fabrication have led producers to integrate backward and manufacture microspheres on their own, meeting over half of the total demand.
Pricing of PU microspheres is largely influenced by costs associated with its synthesis from base resin. Also, additive pricing plays a major role as their composition varies according to the end-use requirements and product grades. A stable outlook for PU resin prices is likely to have a positive impact on producer’s margins and prices at the consumer level.
Some leading companies operating in the global market include Bayer Material Science, Kolon Industry, Inc., Supercolori S.p.A., Chase Corporation and Microchem.
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Encapsulation emerged as the most dominant application segment and accounted for over 45% of total market volume in 2015. Paints & coating is expected to witness the highest growth rate of 5.3% from 2016 to 2024, growth being driven by increasing use of PU based paints acting as a matting agent in wood floor furnishings and automotive coatings.
Further key findings from the report suggest:
- The global polyurethane microspheres market demand was 16.5 kilo tons in 2015 and is expected to reach 25.4 kilo tons by 2024, growing at a CAGR of 4.9% from 2015 to 2024
- Adhesive film is expected to exhibit considerable growth and is expected to account for over 10% of global volume by 2024. Rapidly growing electronics and packaging industries in emerging economies of China and India is anticipated to boost application segment growth over the forecast period.
- Europe was the leading regional market with demand share estimated over 34% in 2015. It is a key consumer of wood, plastic and architectural coatings required for automotive underbody necessitating use of PU microspheres. Increasing compliance of these particles with stringent EU regulations is expected to positively impact regional demand.
- Asia Pacific is poised to be the fastest growing regional market on account of expanding industrial base and growing major end-use industries such as construction and electronics.
- Latin America is projected to grow at an estimated CAGR of 5.1% from 2016 to 2024. The growth can be attributed to rapid urbanization resulting in need for sustainable infrastructure and consequent demand for paints & coatings.
Microspheres are small spherical particles made from either synthetic or natural materials. Ceramic, glass and polymer are some of the commercially available microspheres, widely utilized to obtain uniform coating thickness in industrial applications.
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PU microspheres offer various advantageous characteristics such as narrow particle size distribution, uniform film and coating thickness, without edge defects and appealing smooth appearance, resulting in high consumption by the paints & coatings segment. Growing demand for PU based paints as a matting agent in wooden floor finishes as well as architectural coatings is expected to drive growth specifically in the paints & coatings industry.
The advent of advanced technologies for drug delivery, encapsulation in crop protection and increasing demand for repositionable adhesives has also led to high product demand in the pharmaceuticals & agrochemicals industry.
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Grand View Research has segmented the polyurethane (PU) microspheres market on the basis of application:
Global Polyurethane (PU) Microspheres Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
- Encapsulation
- Paints & Coatings
- Adhesive Films
- Cosmetics
- Others
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Microspheres facilitate accurate deliveries of nano-quantities of potent drug at the same time reducing concentration of drug at site, other than the target organ or tissue. They are also capable of manipulating the in vivo action of drug, tissue distribution and cellular interaction of the drugs.
The change in preferences towards luxury and light-weight vehicles along with rapid urbanization has resulted in an increase in the sales of vehicles in Asia Pacific. Growing demand in emerging economies such as China and India coupled with increasing PU microsphere compliance in application industries such as automotive and cosmetics is expected to provide immense growth opportunities to market participants over the forecast period.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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