Global Overview of This Study:
The study involved 4 major activities in estimating the current market size for pharmaceutical excipients market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Global Revenue Growth Expectations:
The pharmaceutical excipients market is projected to reach USD 9.7 billion by 2025 from USD 6.9 billion in 2019, at a CAGR of 5.8%.
Growth Boosting Factors:
Factors such as the growing pharmaceuticals industry coupled with advancements in functional excipients, rising adoption of orphan drugs, and increasing uptake of biopharmaceuticals, are driving the market for pharmaceutical excipients. The emergence of multifunctional excipients, shifting the focus of pharmaceutical manufacturing to emerging markets, and the growing biosimilars industry also present significant growth opportunities for market players.
Key Players:
The global pharmaceutical excipients market is highly fragmented as none of the market players held a market share of more than 15%. The top ten players account for more than half of the total market share, while several other global and regional market players account for the remaining share.
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The leading market players are based across developed countries such as the US, Germany, France, the UK, and Ireland. Various small and medium-sized players operating in both developed and emerging markets are making this a highly competitive market. On the other hand, dominant market players have numerous advantages such as stronger marketing & distribution networks, greater budgets for R&D, and better brand recognition. The market also shows the presence of numerous small players operating at the global as well as the regional levels. Companies are increasing their focus on R&D to add innovative products to their portfolios, which, in turn, helps them strengthen their market presence. In addition to this, the lucrative growth opportunities in the relatively untapped APAC market are encouraging market players to strengthen their presence in this region.
Some of the other leading players competing in this market are BASF SE (Germany), Evonik Industries AG (Germany), Associated British Foods (UK), Archer Daniels Midland Company (US), Lubrizol Corporation (US), Croda International (UK), Innophos Holdings (US), Kerry Group PLC (Ireland), WACKER Chemie AG (Germany), Colorcon (US), DFE Pharma (Germany), JRS Pharma GmbH (Germany), Air Liquide SA (France), IMCD Pharma (Germany), Cargill Inc. (US), Avantor Performance Materials (US), and Merck KGaA (Germany).
DuPont (US) brings together the complementary portfolios of Dow and DuPont, making it one of the world’s largest chemical corporation. The company accounted for the largest share of the global pharmaceutical excipients market in 2018. The acquisition of FMC’s Health & Nutrition business in November 2017 alleviated the company’s position in the global pharmaceutical excipients market by bringing an extensive range of products under one roof. The company offers a comprehensive portfolio of excipients ranging from rheology modifiers, tablet coatings, controlled release, stabilizers, solubilizers, binding agents, and masking agents, to name a few. The company is largely known for its diversified cellulose compound offerings for the pharmaceutical industry.
Roquette (France) is also identified as a major player in the global pharmaceutical excipients market in 2018. This is mainly attributed to its exhaustive portfolio of diluents, binders, coatings agents, sweeteners, and dispersants. This company is growing at a rapid pace in this market, with the adoption of various organic and inorganic growth strategies. In line with this, Roquette acquired the company, Itacel, which is the excipient division of Blanver, in Brazil, September 2017. This acquisition positively impacted the company’s revenue and increased its market presence in the North and Latin American regions.
Ashland (US) was identified as the third major player in the pharmaceutical excipients market in 2018.The company has a diversified product portfolio, which comprises of a wide range of tablet binding, tablet disintegration, tablet film coating, solubilizers, and rheology modifier excipients. Ashland’s leading position in the market is attributed to its research and development activities, strong manufacturing capabilities, and wide distribution footprint across the world, which enables it to serve customers in more than 100 countries.
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