Global Tablet Coatings Market Report and Forecast 2024-2032

Global Tablet Coatings Market Outlook

The global market for tablet coatings reached a value of almost USD 830.19 million in 2023. The market is further expected to grow at a CAGR of 5.50% in the forecast period of 2024-2032, owing to the rising demand from the pharmaceuticals and nutraceuticals segments.

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North America and Asia Pacific to be Significant Regional Markets for Tablet Coatings

The pharmaceutical industry is the leading application sector for tablet coatings. North America is driving the growth of the pharmaceuticals application sector as it accounts for over half the consumption of solid oral dosage forms. Regions such as North America and Europe have high market maturity in the global tablet coatings market. Increasing research and development activities and the development of innovative pharmaceutical products, generics, and biosimilars, along with the lucrative presence of key players, is expected to drive the market in North America.

The emerging regional markets in the pharmacy industry, such as India and China, are expected to have strong growth owing to the rising demand from the generics industry. India and China are also leading the coatings market in terms of volume, in comparison with developed markets such as the United States and Europe. In Japan, due to the increasing use of formulated coatings, the suppliers are creating innovative coating solutions to have an edge over their competitors. The suppliers have also started focusing on clients' needs by providing customised coating solutions. Further, increased drug manufacturing outsourcing to specialised contract manufacturing organisations (CMOs), an increase in the number of companies establishing manufacturing units in the region, favourable government regulations, and low labour and manufacturing costs are expected to drive Asia Pacific market during the forecast period.

Market Segmentations

Tablet coatings are applied on the tablets to protect it from chemical and physical harm. Along with controlling the release of the drug from the tablet, the coatings also help to mask and enhance the odour, taste, and colour of the tablets.

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The end-uses of the market are:

• Pharmaceuticals 
• Nutraceuticals

The regional markets for the tablet coatings can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Rising Demand from the Pharmaceuticals and Nutraceuticals Segments Augmenting the Market Growth

The global tablet coatings market is driven by the rising demand from the pharmaceuticals and nutraceuticals segments. The increasing demand for modified release technologies will help accelerate the bioavailability of poorly soluble drugs, and hence, increase the market growth of tablet coatings. The pharmerging nations are predicted to dominate the demand for tablet coatings, due to a rapidly growing middle class and governments' initiatives and incentives. The increase in the demand for the product could also be attributed to the expansions by private firms and governments, allowing foreign direct investment (FDI) to tap into the markets having low penetration. The drug manufacturers are showing greater interest in the formulated and customisable blends, thus, driving the growth of the market in these segments as this is estimated to increase the total addressable market for tablets and consequently strengthen the tablet coatings market. The market for tablet coatings is further driven by the demand from the oral solid dosage forms section, which includes enteric, sustained, and immediate release tablets. The growing demand for pigmented film coatings is attributed to its application in the prevention of counterfeit drugs. Moreover, products with visual differentiation help brands with enhanced brand recognition, thus, further aiding the growth of the pigmented film coatings segment.

Key Players in the Global Market for Tablet Coatings

The report gives a detailed analysis of the following key players in the global tablet coatings market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Colorcon Inc.
• BASF SE
• Kerry Inc.
• Ideal Cures Pvt. Ltd.
• Evonik Industries AG
• Sensient Technologies
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report