Pharmaceutical Excipients Market Size, Growth and Trends Analysis by Function (Pharmaceutical Fillers, Binders, Coatings, Disintegrants, Preservatives, Others), Application (Oral, Parenteral, Topical, Others), Product (Organic Chemicals, Inorganic Chemica

Pharmaceutical Excipients Market Size, Growth and Trends Analysis by Function (Pharmaceutical Fillers, Binders, Coatings, Disintegrants, Preservatives, Others), Application (Oral, Parenteral, Topical, Others), Product (Organic Chemicals, Inorganic Chemicals) – Industry Forecast 2032

The pharmaceutical excipients market was valued at USD 9.27 billion in 2023 and is expected to rise from USD 10.02 billion in 2024 to USD 18.48 billion by 2032, with a compound annual growth rate (CAGR) of 7.03% during the forecast period (2024-2032). The primary key drivers fueling market expansion are the increased need for multifunctional excipients and the growing use of generic pharmaceuticals.

Furthermore, the pharmaceutical excipients market is used to enhance the flavor of the medicine, which enhances patient compliance, particularly in youngsters. Pharmaceutical excipients can come from either organic or inorganic sources, depending on their chemical composition. The primary drivers of the pharmaceutical excipients market are increased need for functional excipients, recent patent expirations that increase consumer demand for pharmaceutical excipients, and the rapid development of nanotechnology. Excipients can be added to solid formulations containing moderate APIs to improve long-term stability, increase the potency of the active component in the finished dosage form, or for any other purpose. Excipients are also used to improve the properties of pharmaceutical formulations, such as improving drug absorption, decreasing viscosity, and increasing API solubility.

Market Segment insights
Pharmaceutical excipients are classified into market sectors based on their functions, such as fillers, binders, coatings, disintegrants, preservatives, and others.

The Pharmaceutical Excipients market data divides by-products into organic and inorganic compounds.

The pharmaceutical excipients market is divided into four segments based on application: oral, topical, parenteral, and others.

Regional insights
The study's regional market insights encompass Asia-Pacific, Europe, North America, and the rest of the world. In 2022, the Europe Pharmaceutical Excipients market was valued at USD 2.51 billion and was expected to grow at a significant CAGR. Because of looming drug patent expiration dates, many European governments are focusing on the generics market. As a result, European countries such as Germany, the United Kingdom, France, and others are expected to see strong growth rates over the forecast period. Pharmaceutical excipients are expected to be in high demand in this field.

The pharmaceutical excipients market in North America is the second largest. The constantly increasing pharmaceutical sector, increased demand for functional excipients, strong competitors in the field, and technical advancements will all have a substantial impact on the market's growth over the projection period.

The pharmaceutical excipients market in Asia-Pacific is expected to grow at the fastest CAGR between 2024 and 2032. A recent analysis found that China's overall traditional pharmaceutical sales revenue will continue to rise in the next years.

Major Players
Key players in the Pharmaceutical Excipients market are Evonik Industries AG, Basf Se, Ferro Corporation, P&G Chemicals, Akzo Nobel NV, FMC Corporation, The Dow Chemical Company, Ashland, Inc., and Croda International PLC, among others.