Cenospheres Market to experience an impressive growth of 14.2% during 2020-2025
January 30, 2020
Cenospheres Market is likely to witness an impressive CAGR of 14.2% during the forecast period. The increasing demand for cenospheres from the oil & gas, construction, and refractory end-use industries owing to their remarkable structural properties are the major factors expected to drive the growth of the global cenospheres market during the forecast period.
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Cenospheres Market Segment Insights:
By Type:
Based on the type, the market is segmented as gray cenospheres and white cenospheres. The gray cenospheres segment swept the market in 2018, and is estimated to register a higher growth during the forecast period. The growth of this segment is driven by the high demand from North America and Europe. The growing oil & gas and construction industries in countries, such as China, Japan, and India are expected to further support the growth of the segment.
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as oil & gas, refractory, construction, automotive, and paints & coatings. The oil & gas end-use industry commanded the market in 2018, and is further estimated to maintain its dominance during the forecast period. Increasing shale gas exploration and production activities in North America and growing production activities in The Middle East are expected to bolster the demand for cenospheres in the oil & gas industry.
By Region:
In terms of regions, North America is expected to be the fastest-growing market for cenospheres, during the forecast period, driven by the high demand for cenospheres, particularly from the oil & gas and automotive industries in the region. The cenospheres market in Asia-Pacific is expected to register sizeable growth in the coming five years, owing to various technological innovations and the robust presence of some of the major manufacturers of cenospheres in the region. The demand from emerging countries, such as China, India, and South Korea is anticipated to further help the growth of the cenospheres market in the region.
Key Players:
Some of the major players in the cenospheres market are Ashtech India Pvt Ltd., American Iodine Company Inc., Cenospheres Trade & Engineering S.A., Delamin Limited, Durgesh Merchandise Pvt. Ltd., Ets Inc., Microspheres SA, Petra India Group, PR Ecoenergy Pvt. Ltd., and Omya AG.
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- Key success factors
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