3 pivotal trends expediting microencapsulation market forecast
The competitive landscape of the microencapsulation market comprises of companies such as Encapsys, Syngenta, BASF, Bayer, 3M, and Dow, among others.
The global microencapsulation market share is expected to proliferate at a commendable pace over 2018-2024, given its accelerating demand from agrochemical, functional food, and pharmaceutical sectors to ensure the controlled release of active compounds.
There has been increasing adoption of multicomponent delivery systems, need to reduce capsule size, and rising bioavailability of drugs, thus providing substantial growth opportunities in regions with robust healthcare infrastructure, including Western Europe and the U.S.
Likewise, the product has been gaining widespread applications in industries like fragrance, personal care, and home care. These aforesaid factors, alongside the excellent properties linked with the microencapsulation techniques, such as the prevention of the rapid release of edible dietary substitutes & nutrient additives, are likely to amplify industry expansion over the forecast spell.
As per Global Market Insights, Inc. estimates, the global microencapsulation market is anticipated to cross $14 billion by 2024.
With regards to the core material, the solid segment held over 20% of the global microencapsulation market share, owing to its capability to seamlessly disperse the material in a supporting air stream and act as excipients, accelerators, stabilizers, active constituents, and diluents.
Considering the coating material, the gelatin segment is poised to exhibit a growth rate of around 10% through 2024, as a result of the increasing usage of this coating material given that the product is a water-soluble resin. The segmental growth can further be bolstered by its rising adoption in the cosmetics, pharmaceutical, and food industries.
The microencapsulation market, on the basis of application, is bifurcated into agrochemicals, household products, food additives, and pharmaceutical segments. Of these, the pharmaceutical segment is projected to account for 2/3rd of the global market share by 2024, which can be credited to the mounting microencapsulation advantages in increasing stability, improving the release properties of drugs, masking bitter taste, and providing specific drug delivery in this industry.
The growth of the overall microencapsulation industry is further driven by the rising demand for high-performance cleansers in the household and personal care industry.
The market, however, may encounter roadblocks to its steady growth over the forthcoming years, due to the availability of alternative technologies and high processing costs of the microencapsulation technology. In addition, ongoing R&D activities towards alternate technologies, coupled with the technical knowledge and high costs associated with the market, may impede industry outlook in years ahead.
On the regional front, the Europe microencapsulation market will witness considerable growth over the coming years, on account of the increasing availability of coating technologies, raw materials, and high microencapsulation applications across the region. Furthermore, the rising prominence of the technology across the pharmaceutical industry in developed countries such as Italy, France, Germany, and the UK will boost regional industry dynamics over the estimated timeframe.
For example, in October 2020, Lubrizol Life Science Health introduced ASTAGILE™ microcapsules, its organic-certified, sustainable astaxanthin, which was microencapsulated with spirulina, to promote mental agility and ensure healthy aging for consumers.
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