The global macroencapsulation market is anticipated to witness growth over the forecast period. Growing demand for encapsulated materials in food & beverage, phase change materials (PCM) and pharmaceutical applications is expected to be a key driving factor for the market Macroencapsulation is majorly used for providing protection to sensitive ingredients from external environment and providing scope of controlled release in pharmaceutical and food & beverage industries. Increasing demand for functional foods on account of rising awareness towards benefits of nutritional supplementation is expected to promote the market over the next seven years. Growing macroencapsulation demand in the pharmaceutical industry owing to protected and controlled release of active ingredients in drugs is anticipated to have a positive impact on the market over the forecast period. Rising importance of encapsulation technology in cleaning industry particularly in detergents formulation, for coating sensitive ingredients and enhancing enzyme life is likely to have a positive impact on macroencapsulation market in the near future. Macroencapsulation is also deployed in electronics industry for providing a vapor deposition layer in light emitting diode manufacturing. Semiconductor industry growth in Mexico, Japan, Singapore and South Korea is expected to fuel macroencapsulation demand for the production of light emitting diodes Technological advancements pertaining to the development of encapsulation method for flexible organic light emitting diode is expected to open new market avenues over the forecast period.
Macroencapsulation technology is expected to be utilized to negate the hazardous effects of municipal and industrial wastes. Rising environmental concerns on account of increasing solid and liquid wastes from industries has resulted in the implementation of numerous waste disposal laws by regulatory bodies such as European Commission and the U.S. EPA. The European Commission implemented Hazardous Waste Regulations in 2005, for the management, recovery and correct disposal of hazardous waste materials from municipal facilities and manufacturing units. This law is expected to fuel macroencapsulation demand in encapsulating hazardous material over the forecast period. Chemical industry growth in China and India is expected to ensure access of polymers as raw materials for the production of macroencapsulated products and thus in turn open new market opportunities over the forecast period. Microencapsulation and nanoencapsulation are increasingly used in food & beverage and pharmaceutical industries on account of small particle size, better release mechanism and lower consumption of ingredients. As a result, growing demand for aforementioned encapsulation technologies is expected to pose a credible threat for macroencapsulation market over the forecast period.
Growth in pharmaceuticals and food & beverages industries in India and China on account of favorable regulations and rising domestic consumption is expected to have a positive impact on macroencapsulation market. Regulatory inclination for reducing dependence on nuclear energy in Japan is expected to reduce waste disposal and is expected to have a negative impact on the market. Detergents industry growth in Middle East on account of increasing domestic consumption and new product launches is expected to fuel macroencapsulation demand in the near future. Strong regulatory support for increasing pharmaceutical industry output coupled with increasing domestic healthcare spending in Middle East is expected to promote the importance of encapsulated materials and is likely to augment macroencapsulation market in the near future. Increasing importance of functional ingredients in food & beverage industry of Europe is anticipated to have a positive impact on the market over the forecast period. The European Commission announced Climate Package in 2007, intended for increasing energy efficiency to 20% by 2020, is expected to promote the importance of PCM. As a result, increasing importance of PCM in HVAC and construction applications is expected to promote macroencapsulation market growth over the forecast period. Robust manufacturing base coupled with technological advancement of pharmaceutical industry in the U.S. and Canada is expected to have a positive impact on market in the near future. Food & beverage industry growth in Mexico on account of increasing cold drinks consumption and new investments is expected to be a favorable factor for market in the near future.
Key manufacturers in the macroencapsulation market include, Lipo Technologies, ACG Worldwide, Vita Herbs Nutraceuticals Inc., AVEKA Group, ENCAPSYS, and Balchem Corporation. In May 2015, Orcas Naturals acquired Unique Encapsulation for the development of new technology in liquid filled hard capsules with an improved stability and better encapsulation. Establishment of strategic partnerships with buyers in food & beverage, pharmaceutical and electronics industries is expected to remain a critical success factor for market players in the near future.
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The COVID-19 pandemic is expected to restrain the manufacturing industry growth in the near future, which in turn is expected to result in checkered growth for machinery manufacturing companies. Furthermore, end-user companies have put on hold the existing orders until the time the lockdown situation is lifted. The report will account for Covid19 as a key market contributor.