Rising awareness about using cenospheres as filler materials in replacement of minerals and increasing demand from emerging economies for paint and polymer applications to drive cenospheres market through 2025
According to TechSci Research report, “Global Cenospheres Market By Type, By Application, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2025”, global cenospheres market is projected to reach $ 940 million by 2025 due to increasing demand from end-use industries like oil & gas, construction, paints & coatings and refractory. Owing to their compatibility with phenolic resins, latex, urethanes, plastisols, polyesters, thermoplastics, & epoxies, cenospheres were initially used as extenders for plastic compounds. However, due to their unique properties, cenospheres are now used as fillers in cements, polymers and metals to produce composite materials, and anti-static coatings in paints. Moreover, one of the major factors behind robust growth of global cenospheres market is increasing adoption of coal-fired power generation across the globe as demand for coal-fired power generation is majorly driven by the rising demand for power and energy in various developing economies like India and China. In Asia-Pacific region, China accounted for the largest share in the cenospheres market i.e., 42.04% in 2019.
Browse 203 market data tables and figures spread through 190 pages and an in-depth TOC on “Global Cenospheres Market”
However, there are some factors which restrict the growth of cenospheres market. Limited availability of raw materials, declining investments in coal industry and lack of awareness about the quality control process in developing nations are serving as major restraints for the growth of global cenospheres market. The global cenospheres market is segmented based on type, application, end use industry, company and region. Cenospheres are of two types i.e., grey cenospheres and white cenospheres. The demand for both grey and white cenospehres is rising in oil & gas exploration, construction, polymers fillers and ceramics casting products. But among the two, grey cenosphere accounted for largest market share of around 62% in 2019. Some of the major producers of grey and white cenospheres are China, US and Brazil.
Based on application, the global market of cenospheres has been segmented into insulating materials, roofing materials, refractory materials, tire & engine parts and others. Among the application segment, insulting materials accounted for largest share in cenospheres market in 2019. Rapid urbanization, especially in Asia-Pacific region is leading to increased construction activities which is ultimately boosting the demand for cenospheres in building and construction sector in the region.
Qingdao Eastchem Inc., Suek AG, Enviropheres Pty Ltd, Ceno Technologies Incorporated, ScotAsh Limited, Omya International AG, Cenostar Corporation, Petra Buildcare Products, Cenospheres India Pvt. Ltd. and Eko Exports SA are some of the leading players operating in global cenospheres market. Fluctuations in crude oil prices and environment and geo-political tensions among OPEC member countries has forced the major players operating in oil & gas exploration and production to increase drilling activities, optimize workflows, improve recovery rates and lessen the time to produce first oil.
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“Presence of a large number of small and mid-sized companies operating in global cenospheres market makes it a highly competitive market. Most of the players are involved in sourcing cenospheres from thermal power plants, especially from countries having maximum coal and lignite-based power plants. Moreover, an increasing number of market players are focusing on selling products through tender route to increase their reach and generate more revenues. However, the market is facing economic slowdown in early 2020 due to outbreak of novel coronavirus, especially in many Chinese provinces. This is expected to negatively impact the demand for cenospheres at least in the first half of 2020.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cenospheres Market By Type, By Application, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2025”has evaluated the future growth potential of global cenospheres market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global cenospheres market.
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