Market Outlook of Cenosphere
By the year 2022, the expected consumption of the Cenosphere will reach USD 798.2 Million from USD 358.8 Million in 2016. According to the survey, there are five prominent regions where Cenospheres are widely used: North America, Europe, Africa, Latin America, and the Middle East. The market survey predicts North America to be the largest market for the Cenosphere in the future. The Asia Pacific region has recently become the fastest-growing market in terms of Cenosphere production and consumption. Some of the major industries that manufacture and import/export Cenosphere are Petra India Group (India), Ceno Technologies (U.S.), Envirospheres (Australia), and Reslab Microfiller (Australia).
In order to construct low-cost housing, the regions of Asia Pacific, especially China, became the fastest-growing user of the Cenosphere. As Cenospheres are one of the most used substances in construction, their use in China has increased in the housing sector. The expected proposed budget in China is HKD 24,932 for the year 2019-2021.
It is expected that the market of the Cenosphere will grow with a CAGR of 12% by 2024. The Global market of Cenosphere is anticipated to reach $870.3 Million by 2027. In the year 2020, due to the global pandemic, the market of the Cenosphere was recorded at US$424.2 Million in North America. However, the market analysis predicts it to reach US$870.3 Million by 2027 with a growth rate of 10.8% CAGR. The demand and consumption of the Grey Cenosphere are more as compared to the white Cenosphere. PETRA BUILDCARE PRODUCTS, is the largest manufacturer of the grey Cenosphere with 6 high-end production plants across India. Thus, the market analysis reveals that Grey Cenosphere reaches US$561.8 Million with a growth rate of 11.5% CAGR between 2020 - 2027 whereas the white cenosphere is accounted to grow at a rate of 9.6% CAGR in the next seven years.
In 2021, the predicted market of Cenosphere in the US is $114.5 Million. Several other countries such as China, Japan, Canada, and Germany have seen the growth of the Cenosphere at 14.3%, 7.5%, 9.3%, and 8.5% CAGR. These countries have noteworthy geographical market size is expected to be US$188.5 Million by the year 2027.
Cenospheres are used to replace cementitious material because their size ranges from 100 to 400 μm and they have a compressive strength of 24 MPa with a specific gravity of 0.9 m/s2. Cenospheres have special applications in oil well cement such as it improved zonal isolation and helps in the formation of a low-fracture gradient due to its excellent compressive strength. One of the studies reveals that Cenospheres exhibit consistency of 30 Bearden units thus it can be used down hole for better pumpability during oil extraction. Cenospheres offer 2.39 N/mm2 split tensile strength which allows them to be replaced with the conventional sources in various industries. They are used in the manufacturing of metal matrix composites, ceramic foams, Ethylene Vinyl Acetate (EVA) foams, bulk filler for grout, aerospace, plastics, and surface coating industries.