Fly Ash Microspheres Market by Type (Hollow, Solid), End-User (Construction Composites, Medical Technology, Life Science & Biotechnology, Paints & Coatings, Cosmetics & Personal Care, Oil & Gas, Automotive, Aerospace), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, June 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fly ash microspheres market is expected to grow from USD 3.51 billion in 2020 to USD 6.03 billion by 2028, at a CAGR of 7.0% during the forecast period 2021-2028.
The increase in construction and related engineering activities in the Asia Pacific and Africa is increasing demand for fly ash coating and driving the global fly ash market growth. In addition, the high demand from auto manufacturers will complement the market growth. However, the volatile cost of raw materials is expected to impede the market growth. Smaller fly ash veneer producers will have to upgrade their existing operations to focus on producing environmentally friendly products to meet the growing demand for environmentally friendly products from end-users.
Fly ash microspheres or rock pellets are hollow pellets made of alumina and silica with fillings of air or inert gas, which are by-products of coal combustion in thermal power plants. Fly ash is formed when coal is burned in thermal power plants that mainly consist of ceramic particles such as alumina and silica. The structure and composition of fly ash depend on the composition of the coal used in the power plants.
The main factors expected to increase the markets are the increase in the end-use industry such as construction, ceramics, automobiles, plastics, entertainment, energy and technology. It is estimated that due to the low density and hollow nature, the fly ash from thermal plants consisting about 1% of the rock layers floats in the lakes or any water bodies, because of which it becomes easier to remove those wastes from the water surface. High initial investment due to technology-driven operations is expected to be a barrier to market entry.
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Key players operating in the global fly ash microspheres market include Ashtech (India) Pvt. Ltd., BASF PLC, Boral Limited, Potters Industries LLC, Charah Solutions, Inc., CRH PLC , Duromar, Inc., LafargeHolcim Ltd., Salt River Materials Group, Vipra Cenospheres, Tarmac Trading Limited, and CenoStar. Firms in this market compete with each other regarding pricing and product offerings to meet market demands.
Hollow Microspheres segment dominated the market and held the largest market share of 57% in the year 2020
On the basis of type, the global fly ash microspheres market is segmented into hollow & solid. The hollow microspheres segment dominated the market and held the largest market share of 57% in the year 2020. This growth is attributed to their low crush strength, density, and absorption. As they have portability, lightweight, high compression abilities and have portability, they are used in the production of plastics, elastics, automobiles, steel, beauty care and personal care products.
Construction Composites segment dominated the market and held the largest revenue share of 37% in the year 2020
On the basis of end-user, the global fly ash microspheres market is segmented into construction composites, medical technology, life science & biotechnology, paints & coatings, cosmetics & personal care, oil & gas, automotive and aerospace. The construction composites segment dominated the market and held the largest market share of 37% in the year 2020. This growth is attributed to the primary advantages of cenospheres like reduced weight, expanded filler stacking, reduced shrinkage, reduction of viscosity, increased fire insulation, expanded lubricity, and expanded refractoriness.
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Regional Segment of Fly Ash Microspheres Market
On the basis of geography, the global fly ash microspheres market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest revenue share of 28% in the year 2020, owing to the United States, which invested nearly $ 91.5 billion in new commercial and non-residential construction in 2019. This spending is expected to remain steady by 2024. The total number of vehicles manufactured in Canada in 2020 has also affected the market growth in a positive way. Thus, the rise in demand from various industries is expected to drive the studied market in the region within the expected time frame. Even the government of India has decided to make a construction of 100 smart cities across the nation and expanding its infrastructure by infusing USD 28.18 billion for the upcoming project, and this step will give help the fly ash microsphere market to grow in the Asia pacific as well.
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About the report:
The global fly ash microspheres market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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