Global Microencapsulation Market will Grasp USD 9.25 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 09/05/2017 -- Zion Market Research has published a new report titled "Microencapsulation Market for Pharmaceuticals, Household Products, Agrochemicals, Food Additives and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, global demand for microencapsulation market was valued at USD 5.22 billion in 2014 and is expected to reach USD 9.25 billion in 2020, growing at a CAGR of above 9.5% between 2015 and 2020.
Microencapsulation is a technology used to encapsulate active ingredients like medicine, agrochemicals, pigments, etc. in the protecting coverings known as shells. Advanced microencapsulation technology is mainly used to release the active ingredients along with the protection of the active ingredients from the external surroundings. Mainly, this technology approaches in the fields of agrochemicals, pharmaceuticals, industrial chemicals, detergents, and others.
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The microencapsulation market is primarily driven by rapidly expanding pharmaceutical industry across the globe. The microencapsulation technology is highly adopted by the pharmaceutical industries and this is expected to boost the growth of microencapsulation market. In addition, growing usage of additives in food & beverage industries is also projected to accelerate the growth of the microencapsulation market. However, the volatile raw material price is expected to be a major restraint of the market.
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The microencapsulation market is segmented on the basis of applications such as agrochemicals, pharmaceuticals, food additives, household products and others. In 2014, the pharmaceutical was one of the leading application segments and accounted for over 60% of the share in the microencapsulation market. And it is further expected to continue this trend owing to increasing pharmaceutical application in emerging countries.
North America dominated the microencapsulation market and accounted for the over 30% share of the global market in 2014. North America followed by Europe and Asia Pacific region. In terms of revenue, Europe was the second largest market for microencapsulation owing to huge penetration of microencapsulation technology in food & beverage industry. Moreover, Asia Pacific is likely to be a promising region due to emerging countries like China and India over the forecast period.
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Some of the key player of global microencapsulation market includes Nestle, Bayer CropScience, BASF, P&G, and 3M, Lipo Technologies, Aveka Inc, Microtek Laboratories, Reed Pacific, Encapsys and GAT Microencapsulation GmbH.
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