The market for cenospheres is expected to register a CAGR of over 7% during the forecast period. Major factors driving the market studied are the growth of construction sector in Asia-Pacific.
- Limited raw material supply is likely to hinder the market's growth.
- Increasing infrastructure investments in emerging economies are likely to act as an opportunity during the forecast period.
Key Market Trends
Construction Sector to Dominate the Market
- Cenospheres offer various properties, such as low density than that of water, high strength, and good thermal properties, owing to which they are used for several industrial applications.
- In the construction sector, cenospheres 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.
- Additionally, there has been an increase in the expansion of newly constructed projects in China.
- Therefore, from the aforementioned factors, the demand for cenospheres is expected to grow rapidly from the building and construction sector during the forecast period.
Asia-Pacific to Dominate the Market
- In Asia-Pacific, China is the largest economy, in terms of GDP. In China, the housing authorities of Hong Kong have launched a number of measures to push-start the construction of low-cost housing. The authorities have projected a capital expenditure in the construction of HKD 23,923 million, in its proposed budget for 2018-2019.
- China’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
- The aerospace industry is a priority industry of the country, and the government is investing huge amounts to increase its domestic manufacturing capabilities. Additionally, plans are being drawn for the construction of new airports, as well as increasing the maintenance capacities of existing airports.
- In India, the infrastructure sector plays a vital role in the growth and development of the country's economy. The government is taking various steps to restructure corporate taxes and make it more appealing to foreign investors. The move is anticipated to boost investments in health, education, housing, transport, and water infrastructure sectors.
- Hence, from the aforementioned factors, the market studied is expected to grow in the Asia-pacific region during the forecast period.
The Cenospheres market is fragmented in nature. Some of the major players are Cenospheres Trade & Engineering S.A., CenoStar, Delamin Limited, Dennert Poraver GmbH, and Microspheres SA, among others.
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