Excipients Market Size, Share, Growth Analysis, By product(Polymers, alcohol, sugar, mineral and gelatin), By Administration Route(Oral Excipients, Topical Excipients, Parenteral Excipients and Others), By Region - Industry Forecast 2024-2031

Excipients Market size was valued at USD 5.86 billion in 2022 and is poised to grow from USD 6.21 billion in 2023 to USD 9.90 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).

Global excipients market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'DowDuPont Inc.', 'Ashland Global Holdings Inc.', 'BASF SE', 'Roquette Frères S.A.', 'Evonik Industries AG', 'Lubrizol Corporation', 'Croda International Plc', 'Associated British Foods plc', 'Kerry Group plc', 'Archer Daniels Midland Company', 'Innophos Holdings Inc.', 'WACKER Chemie AG', 'Colorcon Inc.', 'DFE Pharma GmbH & Co. KG', 'JRS PHARMA GmbH & Co. KG', 'Sensient Technologies Corporation', 'Signet Chemical Corporation Pvt. Ltd.', 'Avantor Performance Materials, LLC', 'Pfanstiehl, Inc.', 'Air Liquide S.A.', 'In March 2022, CD Formulation produced tailored solutions for increased bioavailability excipients, which aims to tackle the issue of poor bioavailability, a long-lasting challenge in drug development.'

Biopharmaceuticals are becoming increasingly popular in the healthcare industry. The main reason for this is their striking resemblance to natural biological compounds found in the human body, resulting in high efficiency with minimal side effects. They are also regarded as one of the pharmaceutical industry's fastest-growing segments. Because biopharmaceutical products are highly efficient and safe, their ability to treat conditions that were previously thought untreatable has resulted in a significant increase in the use of biopharmaceutical drugs in many countries. As a result, growth in the biopharmaceutical sector will increase demand for pharmaceutical excipients used in the production and manufacturing of biopharmaceutical drugs and products, boosting market growth in the forecasting period.

The binder segment is expected to grow significantly during the forecast period due to rising demand for pharmaceutical and biopharmaceutical drugs, as well as product launches. Binders have gradually gained recognition in the pharmaceutical industry for their ability to assist active pharmaceutical ingredients in achieving better functionality and providing a competitive advantage. Furthermore, as pharmaceutical production increases, the demand for binders is expected to rise, propelling the segment's growth. The introduction of technologically advanced and innovative products is propelling the market segment's growth. Beneo, for example, will release galenIQ 721 in October 2021. It's a filler binder that boosts the flavour and stability of effervescent tablets and powders. Because it is a non-hygroscopic, water-soluble, and directly compressible excipient, it provides high content uniformity and production efficiency in effervescent applications. Furthermore, strategic initiatives taken by market participants contribute to the growth of the market segment.

Europe is closely followed by North America and Asia Pacific due to the presence of larger companies that are direct manufacturers of the products, such as Avantor Performance Materials Inc. and FMC Corporation. Because of ongoing case studies on drug-excipient interactions to improve delivery efficiency and efficacy, the regions are expected to grow significantly.