Global Cenospheres Market size was valued at $621.1 million in 2019 after growing at the CAGR of 11.5% over the forecast period of 2020-2025 primarily due to rise in demand from oil & gas, construction, and various end-use industries globally. Cenospheres are hollow, inert, and lightweight ceramic spheres made up of alumina and silica, obtained as a by-product of coal combustion in thermal power plants. Cenospheres are hard and rigid in nature making them suitable for diverse applications ranging from refractory, building and construction to automotive, and oil and gas. Rapid urbanization, growth of technology & automation and advancements in material science technologies are some other factors fueling the growth of cenospheres market.
Global Cenospheres Market Segment Analysis – By Type
Grey cenospheres market accounted for majority of revenue share in 2019 primarily due to its frequent natural occurrence as compared to white cenospheres. Grey cenospheres have lower alumina, higher silicon and iron content as compared to white cenospheres and they are used in applications, wherein resistance to higher temperature and colour are less important. It is used in various applications, such as concretes, plastics, resins, coatings, bricks, and rubbers.
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Global Cenospheres Market Segment Analysis – By End User Industry
Building and construction segment dominated the cenospheres market in 2019. Cenospheres are used in the construction sector, are required as a raw material for light-weight building blocks and concrete. They are also required in the paints and coatings industry in order to control infrared radiation. The demand for cenospheres is expected to witness rapid growth in demand from the building and construction sector. This is majorly owing to the rapidly increasing construction and repair activities in developing economies, such as China, India, etc. The industry has witnessed significant increase in the expansion of newly constructed projects in China. The demand for cenospheres is estimated to increase from the building and construction sector during the forecast period, 2020-2025.
Global Cenospheres Market Segment Analysis – Geography
The North American region accounted for the largest market share in 2019 primarily due to the upsurge in oil and gas activities post the shale gas boom in the region. Increasing R&D investments in better production of cenospheres from fly ash lagoons is driving the market demand in the U.S. region. Additionally, the consumption of cenospheres across multiple industries including oil cement, drilling muds, and as acid grouting compounds is fueling the market revenue. The Asia-Pacific market is estimated to register the highest CAGR during the forecast period, 2020-2025. This growth can be mainly attributed to increasing in the automotive and construction industry in the region. Cenospheres are widely consumed in construction aggregates and automotive light-weighting parts across emerging economies such as India and China among others.
Global Cenospheres Market Drivers
Rise in demand from various industries due to the structural and other properties
Cenospheres are lightweight fillers that are mostly used across multiple industries as it provides significant cost benefits. These minerals possess excellent structural advantages, such as reduced weight, low density, electrical characteristics, high melting temperature, and high fluidity, making cenospheres viable for use in a variety of end-use industries such as construction, oil & gas, paints & coatings, and refractory. Cenospheres are used in these industries due to their unique properties including high compression, low specific gravity, good thermal and acoustical insulation properties, and inertness to acids and alkalis. Cenospheres are 75% lighter than other minerals such as clay and talc & calcium carbonate used as fillers and 30% lighter than most resins.
Increasing demand from developing economies for paint and polymer applications
The growing construction industry output is expected to be one of the most significant factors for rising demand of cenospheres in the global market. Rapid urbanization is leading to new construction activities, which is further expected to boost the demand of cenospheres in building and construction industry. The global construction market to grow multifold by 2025 and the growth is estimated to be driven by China, U.S. and India market. The building construction industry in China is expected to record a CAGR of 7.5% to reach $1,374.1 billion by 2024. Rising household income levels along with population migration from rural to urban areas are some of the factors driving the building & construction sector in the country. This trend is estimated to positively impact the global cenospheres market during the forecast period, 2020-2025.
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Global Cenospheres Market Challenges
Limited source of raw material
Cenospheres are extracted from the fly ash generated as a by-product of coal combustion at thermal power plants. Earlier, fly ash was released directly into the atmosphere, however, due to pollution concerns, fly ash is now required to be captured before its release. This requirement has resulted in limited sources to extract cenospheres thus, making it difficult for manufacturers to produce cenospheres according to their requirement. Therefore, the end-users are finding new alternatives such as perlite as a substitute for cenospheres. Limited supply of fly ash is estimated to negatively impact the growth of global cenospheres market.
Focus on R&D initiatives and strategic partnerships are few trends followed by the major industry players. The Cenospheres market is fragmented in nature, some of the major players are Reslab Microfiller, Qingdao Eastchem Inc., Enviropheres Pty Ltd., Ceno Technologies Incorporated, Scotash Limited, Durgesh Merchandise Pvt. Ltd., Omya International AG, Petra Buildcare Products, CenoStar, and Microspheres SA among others.
In September 2019, CenoStar partnered with XG Sciences to manufacture advanced materials containing graphene nanoplatelets used in production of cement.
In October 2018, Omya International acquired industrial site in Egerkingen from Spirig Pharma. Post this move, the company moved its research and development activities to Egerkingen.
The global cenospheres market is expected to grow in the future primarily due to rapid urbanization, growth of technology & automation and advancements in material science technologies.
Grey cenospheres market accounted for majority of the market share as compared to white cenospheres segment.
By end-user segment, the building and construction segment dominated the Cenospheres market in 2019.
The North American market accounted for the largest market share in 2019 primarily due to the upsurge in oil and gas activities.
Strict global shutdown due to Covid-19 pandemic caused huge disruption in the whole production and supply chain of global cenospheres market industry. The industry is witnessing decline in the demand from major end-use industries such as Building & Construction and Automobiles among others.
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