Growth in tablet coatings 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.

Additionally, 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.

Expected Revenue Surge:

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.

Challenge: Changing trade policies between countries

With the current changes in government policies all over the world, upcoming trade policies could prove to be a challenge for the pharmaceutical industry, and in turn, the excipients industry. Trade between the developing countries who are considered to be pharmerging countries such as China, India, and Brazil and developed countries like the US and European countries, who are top markets in the industry, could be severely affected. BREXIT is another pressing issue in this market. Although the effects of BREXIT on the pharmaceutical industry are still unclear, companies like Novartis, Astra Zeneca, and Roche have already shifted manufacturing sites in order to reduce any further risks.

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Growth Restraining Factors:

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.

Additionally, increasing safety & quality concerns, increasing penetration of counterfeit drugs, changing trade policies among countries and alcohol dose-dumping of sustained-release dosages pose significant challenges to the growth of this market.

Global Leaders:

The global tablet coating market is consolidated at the top, with a large number of leading market players based in developed countries.

The prominent players in tablet coating 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.

Opportunity: Growth in the biosimilars market

Biosimilars are cost-effective because they are not required to comply with the stringent requirements imposed by regulatory authorities, as they are generic versions of patented biologic drugs. Over the last decade, over 200 biologics have been approved by the US FDA. As patents and exclusivity periods for these biologics begin to expire, an opportunity for the development of follow-on biologics or biosimilars by a different sponsor is created.

According to the World Preview 2018 report, sales of up to USD 251 billion are at risk between 2018 and 2024, which points towards the fact that the pharmaceutical industry has just entered a second patent cliff era where top biologic blockbusters will be challenged by biosimilars. The expiration of patents and other intellectual property rights for originator biologicals is expected to open up opportunities for biosimilars to enter the market.

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Geographical Growth Dynamics:

Asia Pacific is expected to account for the highest CAGR for players operating in the tablet coatings market

The Asia Pacific tablet coating market is expected to grow at the highest CAGR from 2020 to 2025. Increase in outsourcing of drug manufacturing to specialized contract manufacturing organizations (CMOs), rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, and the large base for the generation of generics & biologics are factors expected to drive the growth of the market during the forecast period.