Growth Opportunities and Latent Adjacency in Microencapsulation Market

The microencapsulation market is projected to grow at a CAGR of 11.4%, to reach USD 11.83 billion by 2023

How does the microencapsulation market provide opportunities for the development of advanced technologies to tap the niche market?

With the increasing demand for microencapsulated products, significant R&D activities are being carried out by various companies in the market; this has been aiding the growth of the microencapsulation market sufficiently. New technologies are required in microencapsulation to tap niche markets such as the use of PCMs in energy application and cancer & brain tumor-specific drug delivery.

The market players in PCMs are working on new product developments, microencapsulation technologies, improvement in latent heat storage capacity, as well as evaluation of different phase change temperature options, to enhance the performance of their products. However, no technologies are available for the use of microencapsulated PCMs above 500°C (932°F), which is required in the energy sector. Therefore, addressing this need is expected to provide opportunities for the market.

According to the WHO, global tumor and cancer incidences in the world could increase to 15 million by 2020. The World Cancer Report also states that cancer and tumors are spreading at an alarming rate, worldwide, and this issue needs to be addressed by the efficient drug delivery system. Currently, there is a lack of targeted drug delivery technologies that deliver therapeutics to the site of a brain tumor. The challenge for targeted drug delivery is crossing the blood-brain and brain-tumor barrier to achieve high drug concentration at the tumor site. Current therapies in this area are based on the local controlled delivery of anticancer agents through biodegradable polymers. Hence, the need for more advanced targeted delivery therapies, especially for the treatment of brain tumors, provides an excellent opportunity for the growth of the microencapsulation market.

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The microencapsulation market provides opportunities to develop technologies for products used for animal care, which is expected to have a significant scope in the future. In the pharmaceutical industry, there is a limited presence of organ-specific drugs. The development of these drugs would provide an opportunity for the microencapsulation market. Furthermore, the microencapsulation market provides opportunities in terms of reducing capsule size, increasing bioavailability, and providing multi-component delivery systems.

The North American region is projected to hold the largest market due to its increasing use of microencapsulation for the development of several products such as phase change materials, pharmaceutical & healthcare drugs, agricultural inputs, and food additives. The market in this region is driven by technological advancements in the microencapsulation industry.

The microencapsulation market, on the basis of application, mainly constitutes of seven segments— pharmaceutical & healthcare products, household & personal care products, food & beverages, agrochemicals, textiles, construction materials, and others. The food & beverage segment is projected to grow at a significant rate due to the growing consumption of fortified food & beverages owing to its nutritional values. Since consumers are becoming more health-conscious, they are demanding fortified food & beverages, which fuels the demand for microencapsulated food ingredients.

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Key Market Players

The key players profiled in this market include BASF (Germany), Royal FrieslandCampina (Netherlands), Syngenta Crop Protection (Switzerland), Koninklijke DSM (Netherlands), Givaudan (Switzerland), Firmenich (Switzerland), Symrise (Germany), International Flavors & Fragrances (US), Sensient Technologies (US), Lycored Corp. (UK), Balchem Corporation (US), Encapsys (US), Arcade Beauty (US), and Koehler Innovative Solutions (Germany). These companies are focusing on strategies such as new product launches, expansions & investments, acquisitions, agreements, collaborations, joint ventures, and partnerships to expand their operations across the globe.

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