A recent report by Transparency Market Research, titled, “Polyurethane (PU) Microspheres Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024,” finds that market will remain firmly placed on a steady growth trajectory owing to a range of application of the product in the paints and coatings. PU paints, for instance, function as matting agents in architecture coating and wood finishes. This is because of their ability to coat with uniform thickness sans thick edges or other defects.
While the exploding paints and coatings industry is one of the largest applications of polyurethane (PU) microspheres, thereby majorly fueling its market, other application areas such as cosmetics, paints, textiles, and oils are also serving to drive demand. PU microspheres find usage in thickening those. They are also used as a substitutes for linseeds in production of foundry core oil and as a hardening agents in making cement.
Further polyurethane (PU) microspheres find application as encapsulants for reactive chemicals, agrochemicals, drugs, and pigments. The surging usage of encapsulant in drug delivery and agrochemicals – due to its ability to release chemicals of interest in a controlled manner – is also driving the market. Apart from a range of applications, continued research and development to come up with more effective products is positively impacting the market as well.
One drawback, dampening market growth, on the other hand is the steep cost of manufacturing PU microspheres as compared to other microspheres. The massive allocations needed for research and development too is posing a challenge to the market.
In order to better understand the scope in the global market for polyurethane (PU) microspheres, the report segments it regionally into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. It finds that Asia Pacific holds a dominant position among them owing to gigantic strides made by the electronics, construction, and automotive sectors in the region, particularly in the nations of India and China. In fact, China is both a major producer and supplier of polyurethane (PU) microscopes. Apart from that, the rising need for powder coating in various applications in Asia Pacific also is upping sales in the region. Labels, tapes, and packaging materials industries, alongside uptake of polyurethane microspheres as substitutes for conventional emulsions is also boosting the market.
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Europe and North America are other key markets for polyurethane (PU) microspheres by dint of being major hubs of the automotive industry. Europe, which is the center point for premium cars, is particularly serving to stoke sales. Other factors boosting the market in the region is the high consumption of architectural coatings, wood coatings, and plastic coatings. Meanwhile, the significant growth in the antimicrobial coating market in North America is serving to fuel the market in the region.