Microencapsulation Market By Technology (Chemical, Physiochemical, Electrostatic, Mechanical), By Core Material (Solid, Liquid, Gas), By Coating Material (Gelatin, Polyvinyl Alcohol, Ethyl Cellulose, Cellulose Acetate Phthalate)
Ocean View, DE -- (SBWIRE) -- 05/26/2020 -- A report published by Global Market Insights, Inc., projects that in terms of revenue, global microencapsulation market is likely to exceed the USD 14 billion mark by the end of 2024.
Microencapsulation has gained immense popularity as a delivery system and is witnessing steady demand from various industry verticals. Global microencapsulation market is majorly driven by mounting requirement of multicomponent delivery systems, increasing bioavailability of drugs, and growing focus on reduction of capsule size.
Encompassing a diversified application spectrum, the market is witnessing heightened demand from the pharmaceutical sector. The product is broadly utilized in the industry as coating agent, flavoring fixative, filler, and viscosity increasing agent.
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Microencapsulation market from pharmaceutical applications is expected to procure more than two-third of the global share by 2024. Moreover, the technology is also witnessing promising deployment for drug delivery. High consumer demand for microencapsulated drugs and probiotics is expected to propel microencapsulation market trends.
The food industry has emerged as a major application area of the technology, which is likely to boost microencapsulation market outlook. Microencapsulation is proven to improve taste, texture, flavor, and other properties of food products, which has favored its usage in the food additive industry. Increased visibility regarding the benefits of consuming fortified food products has further prompted escalated use of the technology in the food industry. As per estimates, microencapsulation market volume from food and beverage industry application is forecast to register a CAGR of around 10% over 2018-2024.
Speaking of the technology landscape, mechanical microencapsulation technique is highly sought-after across different verticals. Low cost index of the technique supports its extensive usage in the production of microcapsules & microspheres and the segment is forecast to command more than 60% share of the overall market by 2024. Chemical microencapsulation technology is also slated to showcase noteworthy expansion in the coming years owing to escalating demand from pharmaceutical and cosmetics industries.
The liquid core material segment accounts for the major portion of the global market and is driven by persistent demand from cosmetics, pharmaceutical and food industries.
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On the regional front, North America followed by Europe, is likely to be the principal microencapsulation market. The presence of major key players such as Dow, 3M, and Encapsys provides North America unprecedented leverage over others. Moreover, the presence of an established food industry in North America is favoring microencapsulation market trends.
Europe market growth can be accredited to fast technology developments and vast availability of coating technologies. In Europe, developed economies such as the UK, France, Italy, and Germany are deemed to be the key market contributors.
With elevation in the level of health consciousness and shift in dietary preference towards fortified food products, Asia Pacific is slated to emerge as a prominent revenue pocket for microencapsulation market. As per the findings of the report, Asia Pacific microencapsulation market is likely to surpass a valuation of USD 2 billion by the end of 2024.
The competitive landscape of global microencapsulation market is characterized by presence of some of the eminent players including 3M, Dow, Syngenta, Encapsys, BASF and Bayer.
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