Cenospheres Market - Forecast(2023 - 2028)

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. 

The report: “Cenospheres Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Cenospheres Market.

By Type: Grey Cenospheres and White Cenospheres

By Application: Insulating Materials, Roofing Materials, Refractory Materials, Tire and Engine Parts, Industrial Coatings, Automotive Parts, Pace Crafts and Others

By End Use Industry: Building and Construction (Mortars, Grouts, Stucco, Cements, Acoustical Panels, Roofing Materials, Shotcrete, Others) Oil & Gas (Oil Well Cements, Drilling Muds, Others), Automotive (Coatings & Composites, Acoustic Insulation and Others)Refractory, Paints & Coatings and Others

By Geography: North America, South America, Europe, Asia Pacific and Rest of World.

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 a lower alumina, higher silicon and iron content as compared to white cenospheres and they are used in applications, wherein resistance to higher temperature and color are less important. It is used in various applications, such as concretes, plastics, resins, coatings, bricks, and rubbers.

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. 

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 increase 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. 

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. 

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 Cenospheres Market during the forecast period, 2020-2025. 

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 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.