According to a report by Grand View Research, Inc.; the worldwide microencapsulation market is predicted to attain around USD 17.94 billion by 2025. Microencapsulation is a process in which liquid, solid, and gas particles are surrounded in microscopic particles. This technology has the capability to allow mixing of flavors, minerals, vitamins, and essential oils in food products for improving nutritional value.
The utilization of the technology as an active ingredient protection and controlled release in applications including pharmaceutical, food and beverage, and detergents industry can drive the market during the forecast period (2014 to 2025). The technology can be used for storing sensitive ingredients and for improving fragrance properties and color in laundry detergent and various cleaning products. Moreover, increasing importance of organic synthesis in the pharmaceutical industry to provide highly complex mixture as compared to the inorganic procedure can drive demand for the technology in forthcoming years.
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Increasing applications of microencapsulation in paints and coatings and electronic inks are expected have a positive impact on the overall growth in near future. Growing use of electronic display equipment such as mobile phones and tablets is expected to impel demand for electronic inks. However, growing popularity of nano-encapsulation technology particularly in the pharmaceutical application may hamper the growth of the market during the forecast period.
The worldwide microencapsulation market can be fragmented on the basis of application and regions. Based on applications, the segments are pharmaceutical, household product, agrochemical, phase change material (PCM), food additive, and others. Household product emerged as the fastest growing segment with over 5% of the market in 2015. Pharmaceutical application accounted for over 70% of the overall market share in terms of demand in 2015 and is expected to grow at a CAGR of 11% from 2016 to 2025. Food additives segment is likely to grow at around 14% CAGR till 2025. The demand from agrochemicals is anticipated to grow at a CAGR over 10.5% in near future.
Geographically, the market can be divided into North America, Asia-Pacific, Europe, and Rest of the World. In 2015, North America was estimated as the largest market and accounted for over 35% of the total demand. This growth is attributed to the existence of strong manufacturing base of detergent, food and beverage, and pharmaceutical companies. The food industry in the US is predicted contribute to the high demand for food additives, which is likely to boost the overall market during the forecast period.
Europe is anticipated to grow at a CAGR of over 10.5% from 2016 to 2025. This growth can be accredited to increasing popularity of functional foods and positive outlook of advanced PCM in the region. The European Commission has passed the Regulation EC 1333/2008 for food additives. It is expected to increase the use of the technology in food and beverage industry. Rising popularity of nutraceuticals and dilatory supplement in the UK, France, and Germany is also likely to create a positive outlook for the market.
Asia Pacific is predicted to display the fastest growth over the forecast period due to speedy growth of food processing and pharmaceutical industries in Japan, India, and China. Flourishing detergent market in the region due to growing use of detergents and cleaners can further propel the regional market.
Some of the leading players operating in the global microencapsulation market include Bayer AG; Dow Corning Corporation; Microtek Laboratories, Inc.; Ronald T. Dodge Company; and BASF SE. High investments in research and developments (R &D) and new products developments are the common strategies of companies to cater to the demand from various end-use industries. Strong base of the existing companies and high cost of investment may create a hurdle for the new companies entering the market in forthcoming years.
Recently, the University of California, Davis (UC Davis) and BASF have signed an agreement for collaborative research for investigating a microencapsulation technology. This patent-pending technology can be beneficial for providing protection and for improving performance and delivery of active compounds for various applications such as industrial, cosmetics, and agriculture. The technology is anticipated to combine multiple high energy processing steps into one technologically efficient step of spray-drying, which encapsulates active constituents in Cross-Linked Alginate Microcapsules (CLAMs).
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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