Global Market Research Company US Global Cenospheres Market, Forecast and Opportunit | Page 21

INDUSTRY BRIEF
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.
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.
“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.
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