Microencapsulation Market Analysis By Application (Pharmaceuticals, Agrochemicals, Household Products, Food Additives) And Segment Forecasts To 2020
Global Microencapsulation Market is expected to reach USD 8.73 billion by 2020, according to a new study by Grand View Research, Inc. Rising importance of encapsulation technology in food & beverage, pharmaceutical, agriculture and detergent industries is expected to play a significant role in driving market growth. Growing demand for phase change materials (PCM) in HVAC and construction applications on account of providing better efficiency is expected to have a positive impact on microencapsulation market in the near future.
Pharmaceutical was the largest application, accounting for over 70% of market revenue share in 2013. Growing demand for microencapsulation for controlled release of active ingredients and targeted drug delivery is expected to have a positive impact on the market. Pharmaceutical growth in emerging economies of India, China and Brazil is expected to augment microencapsulation market over the forecast period. Emergence of nanotechnology and macrotechnology in pharmaceutical industry is expected to challenge market growth over the next six years.
Further key findings from the study suggest:
Microencapsulation market demand in household products accounted for less than 10% of revenue share in 2013 and is expected to witness the fastest growth on account of gaining importance of encapsulation technology for storing sensitive ingredients in detergents. Growing demand for detergents in emerging markets of India and China due to rising awareness towards hygiene coupled with application growth is expected to have a positive impact on microencapsulation market in the near future.
North America was the largest microencapsulation market, accounting for more than 30% of global revenue in 2013. Increased R&D expenditure by health care companies for technology development coupled with robust manufacturing base of the pharmaceutical industry in the U.S. is expected to augment microencapsulation.
Europe is expected to witness growth on account of increasing adoption of microencapsulation technology as a cost-saving alternative in food & beverage industry.
Key market participants include InnBio, Evonik, Encapsys, BASF, GAT Microencapsulation and Lipo Technologies. Global microencapsulation market was highly fragmented due to the presence of numerous companies. Product innovation and formation of strategic alliances with application users are expected to be critical success factors. Raw material availability of sodium alginate and PVA in China is expected to open new market avenues over the next six years.
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