(PharmaNewsWire.Com, June 16, 2021 ) The tablet coatings market is projected to reach USD 969 million by 2025 from USD 739 million in 2020, at a CAGR of 5.6% during the forecast period. Growth in this market is majorly driven by the growing pharmaceutical industry coupled with the increasing R&D activities taking place in this field.
Also, the growing generics market, rapidly growing biopharmaceuticals sector, growing nutraceutical industry, and the rising adoption of orphan drugs are supporting the growth of the market. The shifting focus of pharmaceutical manufacturing to emerging markets along with the increasing outsourcing of operations to these countries and the growing biologics and biosimilars industry present significant opportunities for market growth. The rising focus on sports nutrition and the technological advancements taking place in niche market areas also offers significant growth opportunities for players operating in this space.
On the other hand, the increasing regulatory stringency regarding the approval of drugs and excipients along with the cost and time-intensive drug development process; the high cost associated with the microencapsulation process and the unfavorable drug price control policies are expected to restrain the growth of this market during the forecast period.
The global tablet coatings market is consolidated at the top, with a large number of leading market players based in developed countries. The prominent players in this market are Colorcon Inc. (US), Sensient Technologies Corporation (US), BASF SE (Germany), Evonik Industries AG (Germany), Ashland Global Holdings Inc. (US), DuPont De Numeours Inc. (US), Kerry Group plc (Ireland), Roquette Freres (France), Eastman Chemical Company (US), Air Liquide S.A. (France), Merck KGaA (Germany), Corel Pharma Chem (India), Biogrund GmbH (Germany), Ideal Cures Pvt. Ltd. (India), Wincoat Colours & Coatings Pvt. Ltd. (India), Spectrum Chemical Mfg. Corp. (US), Coating Place, Inc. (US), Lubrizol Corporation (US), Aquadry Pharma Pvt. Ltd. (India), and Aries Exim Pvt. Ltd. (India).
However, in the last few years, a number of smaller players have emerged from niche markets and are competing with global players based on price and technological innovation. Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired technological capabilities or geographic presence.
Colorcon held the leading position in the tablet coatings market in 2019. The company a wide range of immediate-release, enteric-release and sustained-release tablet coatings, along with controlled-release excipients. Colorcon is also engaged in offering a wide range of services for pharmaceutical and nutraceutical formulation development. These services range from dissolution design and patient adherence to productivity, stability, and product authentication services. The company’s Colorcon Academy offers a series of professional programs developed to increase your technical knowledge and regulatory understanding in the areas of film coating, core formulation, excipient selection and controlled release of solid oral dosage forms.
The company has a strong geographic presence established through its manufacturing and distribution facilities, across the globe. Furthermore, the company significantly invests in R&D activities to add innovative technologies and products to its portfolio. The company intends to strengthen its presence in the market by delivering superior solutions and choices to customers. The firm strongly believes that investments in R&D offer great potential for short and long-term growth.
Sensient Technologies Corporation held the second position in the global market. The company has a diversified product portfolio, which comprises of a wide range of immediate release and modified release tablet coating excipients. Sensient’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 150 countries.
The company’s growth strategy for the pharmaceutical excipients business mainly concentrates on expanding its product portfolio and meet rising consumer demand. The company incessantly focuses on the development of the specialty chemicals business by investing in new product discovery. In addition to this, the company’s strategic priority is to leverage its position in the market by focusing on product launches through customer-focused innovation, which enables it to target a larger customer base and diversify its revenue streams.
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