An excipient is a pharmacologically inactive substance formulated with an active pharmaceutical ingredient (API) of a drug. It facilities drug absorption, provides stability and further prevents denaturation. A major factor driving growth of the global pharmaceutical excipients market is rising demand for generic medicines. However, stringent regulations on drug approval is a major factor restraining growth of the global market.

The global pharmaceutical excipients market is segmented on the basis of product, functionality, formulation, and region.

On the basis of the product, the global market is segmented into organic chemicals and inorganic chemicals. The organic chemicals segment is expected to witness highest growth in the global market during the forecast period.

On the basis of functionality, the global market is segmented into fillers & diluents, binders, disintegrants, lubricants & glidants, and others. The others segment includes coating agents, preservatives, emulsifying agents, and flavoring agents & sweeteners. The fillers & diluents segment is expected to witness highest growth in terms of revenue in the global market during the forecast period.

On the basis of formulation, the global market is segmented into oral formulations, topical formulations, parenteral formulations, and others. The other segment includes vaginal, inhaled, ophthalmic, and optic formulations. The oral formulations segment is estimated to witness highest growth in the target market during the forecast period.

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On the basis of region, the global pharmaceutical excipients market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe market accounts for significant revenue share in the global market during the forecast period. The Asia Pacific market is expected to witness a highest growth in terms of revenue in the global market over the forecast period.

Key players operating in the global market include Roquette, Ashland Inc., BASF SE, DowDuPont, The Lubrizol Corporation, Evonik Industries, Croda International Plc, Kerry Inc., Associated British Foods plc, and Archer Daniels Midland Company.

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