According to a recent market research report published by Transparency Market Research, the global microencapsulation market is estimated to expand at a CAGR of 9.7% during the period between 2014 and 2020. The report, titled “Microencapsulation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, projects the global microencapsulation market to reach a valuation of US$9.13 bn by 2020. The overall market was worth US$4.77 bn in 2013.
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Microencapsulation refers to the process of enclosing active ingredients such as agrochemicals, drugs, pigments, and others inside protective coverings, better known as shells. These shells allow the controlled and sustained release of active ingredients. Targeted delivery of active ingredients with the help of microencapsulation technology has boosted the demand from the global microencapsulation market. The report points out that the rapid growth of the pharmaceutical industry worldwide will propel the global microencapsulation market. Growing acceptance of specialty detergents and cleaning agents will further augment the market’s growth. The rising trend of functional foods will also play a pivotal role in the development of the market during the forecast horizon.
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However, the report mentions that the requirement of extensive research to choose appropriate technology and core materials will restrain the growth of the global microencapsulation market. The paints and coatings industry is expected to open new avenues for microencapsulation market in the near future.On the basis of application, the report segments the global microencapsulation market into household products, pharmaceuticals, food additives, agrochemicals, and others including commodity and specialty chemicals for industries. In 2013, the pharmaceuticals segment accounted for 65% of the market and emerged as the largest application segment. Microencapsulation in the pharmaceuticals industry enables targeted drug delivery and controlled release of active ingredients while masking chemical odors. Microencapsulated dietary supplements, food enzymes, prebiotics, and preservatives help increase the shelf life of food products and also improve their taste and texture. Growing demand for antimicrobial cleaning agents and dietary supplements will contribute towards the rapid growth of the household products and food additive segments.
The report studies the global microencapsulation market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. In 2013, North America and Europe together held 70% of the market owing to extensive usage of microencapsulation technology across pharmaceutical research and the healthcare industry in the regions. Increased acceptance of functional food additives has also propelled the market in these regions. However, during the forecast horizon, the microencapsulation market in Asia Pacific and Rest of the World is expected to grow at a rapid rate due to changing retail and dietary preferences, coupled with the growth of the surfactants and pharmaceutical industries here. The Asia Pacific microencapsulation market is expected to expand at a CAGR of 10.5% during the forecast period.
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The report profiles some of the key players in the global microencapsulation market such as Taste Tech Ltd., Evonik Industries AG, Encapsys, Dow Corning Corporation, Capsulae, Reed Pacific, 3M, Microtek Laboratories Inc., Aveka, Inc., Microtek Laboratories Inc., BASF S.E., Ronald T. Dodge Company, GAT Microencapsulation GmbH, Lipo Technologies, Balchem Corporation, and Bayer AG.
The global microencapsulation market has been segmented as:
Microencapsulation market, by application:
- Household Products
- Food Additives
- Others (Speciality and commodity chemicals for industrial markets etc.)
Microencapsulation market, by geography:
- North America
- Asia Pacific
- Rest of the World
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