Albany, NY, June 10, 2015 (GLOBE NEWSWIRE) -- According to the report, the microencapsulation market was valued at USD 4.77 billion in 2013 and is likely to reach USD 9.13 million by 2020, expanding at a CAGR of 9.7% during the forecast period from 2014 to 2020.
Key factors driving the global microencapsulation market include rising demand for functional foods, increasing acceptance of specialty detergents and growth of the pharmaceuticals industry. Properties of microencapsulation such as sustained release, targeted delivery and protection of core ingredients in the encapsulating shell are responsible for numerous applications of this technology.
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However, capital-intensive research to select the most suited technology and appropriate shell material required for microencapsulation adds to the cost of the already expensive technology. This is anticipated to hamper market growth during the forecast period. Newer applications of microencapsulation in paints & coatings in order to enhance their functionality are estimated to offer opportunities for the growth of the microencapsulation market during the forecast period.
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Pharmaceuticals was the largest application segment of microencapsulation, accounting for over 65% share of the market in 2013. Controlled and sustained release of active ingredients, masking chemical odors and targeted drug release and delivery are some of the key parameters driving the high demand for microencapsulated pharmaceuticals. However, household products and food additives are projected to be the fastest growing markets during the forecast period. Changing consumer preference towards functional foods such as dietary supplements and probiotics is expected to drive demand for microencapsulation in the food additives market. Additionally, higher demand for fragrant detergents and antimicrobial cleaning agents for household usage is anticipated to augment the growth of the microencapsulation market during the forecast period.
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Regionally, North America and Europe were the largest markets for microencapsulation, in 2013. However, Asia Pacific is estimated to witness the fastest growth during the forecast period, due to rising demand for microencapsulation in numerous applications such as food, pharmaceuticals and detergents. Additionally, growth of the microencapsulation market is projected to be in tandem with development of these application industries, within the forecast period. Asia Pacific is expected to grow at a CAGR of over 10.5% within the forecast period.
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The microencapsulation market is highly fragmented in nature owing to the presence of numerous small and medium scale industries. Companies such as GAT Microencapsulation, Lipo Technologies, Balchem Corp, Encapsys, BASF, 3M, Evonik, Aveka Inc., Microtek Laboratories Inc., TasteTech LtdReed Pacific and Ronald T Dodge Co are some of the renowned companies operating in the market. The report segments the global microencapsulation market as follows:
Microencapsulation Market - Application Analysis
- Pharmaceuticals
- Household products
- Food additives
- Agrochemicals
- Others (Specialty and commodity chemicals for industrial markets, etc.)
Microencapsulation Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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