Global Cenospheres Market Overview
The key driver impacting the cenospheres market is the rising demand from expanding end-use industries such as refractory, paints & coatings, construction, and oil & gas. the rapidly growing oil and gas industry is estimated to boost market demand in the coming years due to its increased consumption in applications such as oil cement, drilling muds, and as acid grouting compounds. for instance, according to the international association of oil and gas producer report (2018), the worldwide demand for oil in 2018 was 30% higher than it was in 2000. I addition, demand for natural gas was increased by 60% during 2018. as per the International energy agency, the oil demand will grow by 5.7 mb/d in the 2019-25 period at a mean annual rate of 950 kb/d. global oil demand rebounds in 2021, and Asia represents 77% of oil demand growth through 2025. moreover, superior structural properties such as small size, high strength, lightweight, free-flowing, non-porous, hollow ceramic spheres lead to the high demand for cenospheres, which add growth to the market. Whereas with regards to volume,the market was calculated XX Metric Kilo Tons in 2019 and foreseen to grow with a CAGR of XX% during 2020-2026.
According to Value Market Research, the global cenospheres market was valued at around USD 475 million in 2020 and is estimated to grow at a CAGR of about 12.5% during the forecast period of 2020 to 2026.
The rapidly growing industrialization and urbanization lead to a rising construction sector globally. The expanding construction sector is estimated to improve market demand in the forecast period due to the high consumption of cenospheres as fillers in cement and light-weighting material in construction aggregate. For instance, as per the gobal construction 2030 report, it is estimated that construction output total volume will rise by 85% to $15.5 trillion globally by 2030. the growth is majorly driven by three countries the U.S., China, and India, and these are responsible for 57% of all global growth. however, a limited source of raw material may hamper the global cenospheres industry in the long run. Also, the lack of quality control across developing countries is negatively impacting the growth of the market. The current industry trends, such as the reclamation of fly ash lagoons and growing R&D advancements in material science technologies in the automotive sector, are expected to provide beneficial market opportunities for the market players.
The cenospheres market is vast, with many local and global players. the key leaders follow several strategies to improve their market position, such as mergers, acquisitions, expansions, product innovations, and extending product portfolio, to boost their market share globally. the known players included in the report Envirospheres, Ceno Technologies, Qingdao Eastchem Inc., Cenosphere India Pvt. Ltd., Petra India Group (India). Ltd., Durgesh Merchandise Pvt. Ltd., Omya AG, Qingdao Eastchem Inc., Scotash Limited, PR Ecoenergy Pvt. Ltd., Ceno Technologies, and Reslab Microfiller.
In this research report, the cenospheres market is segmented by type, end-user, and region.
Analysis by type:
By type, the report is categorized into gray cenospheres, white cenospheres. The gray cenospheres segment dominates the type segment with 30% market share in 2020. It is due to gray cenospheres occur more frequently than white cenospheres in fly ash. Moreover, the low content of alumina and high content of silica and iron makes it suitable for various applications such as concretes, plastics, resins, coatings, bricks, and rubbers, thus contribute to the vast market demand from a wide range of industries.
Analysis by End-user:
By end-user, the report is categorized into oil & gas, construction, automotive, refractory, paints & coatings, aerospace, syntactic foams, specialty cement, building materials, and others. The construction segment dominates the end-user segment with 20% market share in 2020. It is due to its rising construction of residential and commercial buildings coupled with an increase in infrastructural investment. Moreover, the rapidly growing industrialization and urbanization contribute to the vast cenospheres demand in the construction industry in the forecast period.
Analysis by Region:
In the regional outlook of the global cenospheres market, the North America region is the fastest-growing region during the forecast period. The well-developed automotive sector and the rising shale gas exploration and production activities in the North American region drive the cenospheres market in North America. Moreover, the rapidly expanding construction and the automotive sector contributes to the development of the cenospheres market across North America.
Market Segmentation covered in the Report:
- Gray cenospheres
- White cenospheres
- Oil & gas
- Paints & coatings
- Syntactic Foams
- Specialty Cements
- Building Materials
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.