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This study was aimed at improving the white index (WI) to prepare thermally expandable microspheres for wallpaper. In particular, thermally expandable microspheres were prepared for different colloidal silica particle sizes to study thermal properties, foaming ratio, and WI. The spheres obtained from tiny colloidal silica were the best in terms of WI and yellowing. Additionally, thermogravimetric analysis results show that small colloidal silica particles are more likely to be adsorbed physically or chemically to the microsphere surface, thereby improving WI at higher temperatures.