The cenospheres market is projected to grow at a CAGR of 11.0% to reach USD 765.0 million by 2023. Cenospheres market is expected to grow bolstered by growth from end-use industries such as oil & gas, construction, and refractory and superior structural properties. Limited availability of raw material and lack of quality control across emerging countries are the major restraints observed in the cenospheres market. However, the challenge is capital and technological intensive nature of manufacturing process. The opportunities for players in this market lie in exploring methods for reclamation of fly ash lagoons.
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The global cenospheres market can be classified into gray cenospheres and white cenospheres based on types. In 2017, gray cenospheres accounts for the largest share and is expected to continue leading the segment during the forecast period. The prime reason for their majority share is their higher abundance in fly ash as compared to white cenospheres. Gray cenospheres are said to posses’ high content of silica & iron and low content of alumina and finds many applications across plastics, coatings, and resins.
The cenospheres market is also analyzed based on density. The cenospheres have been classified as floating cenospheres with density less than 1 gram per cm3, while those greater than 1 gram per cm3 are known as submerged cenospheres. With respect to formulation mode, cenospheres are classified as artificial cenospheres and coal blues cenospheres.
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The major end-use industries of cenospheres are oil & gas, refractory, construction, automotive, and paints & coatings, among others. In 2017, Oil & gas is projected to be the fastest-growing end-use industry segment of the market. This is owing to rising demand from increasing drilling operations in oil & gas segment in North America and the Middle East thus driving the demand for microspheres.
In 201, North America accounts for the largest share of the total cenospheres market. Europe and Asia-pacific follows next with second and third rank, respectively. North America cenospheres market is also anticipated to register the highest CAGR during the forecast period. This is owing to the increasing demand from end-use industries such as oil & gas and automotive in the region due to superior characteristics such as low water absorption & thermal conductivity, resistance to acids, ultra-low density, and high particle strength thus improving the properties of finished products. Asia-Pacific cenospheres market is anticipated to register considerable growth during the forecast period due to increasing demand from the emerging economies (such as China, South Korea, and India) owing to technological innovations and strong foothold of the regional players.
Amidst the technological and capital intensive nature of manufacturing process, to manage the costs and maintain the profits is an uphill task for all the players in the cenospheres market. In such a case, potential collaborations and leveraging the resources is the optimum strategy adopted by the market players. The key players in the cenospheres market are Ceno Technologies, Omya AG, Cenosphere India Pvt. Ltd., Durgesh Merchandise Pvt. Ltd., Reslab Microfiller, Cenostar, VIPRA, Scotash Limited, Petra India Group, PR Ecoenergy Pvt. Ltd., Qingdao Eastchem Inc., Envirospheres, and Delamin Limited among others.
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