The Global Polycaprolactone Market was worth US$ 601.5 million in 2022 and is anticipated to reach a valuation of US$ 1279.9 million by 2028 and is predicted to register a CAGR of 11.8% during 2023-2028.
Market Overview:
Polycaprolactone is a biodegradable polyester, which is produced by the ring-opening polymerization of e-caprolactone. One of the most common uses for polycaprolactone includes the production of thermoplastic polyurethane. It is employed as an additive in the resin to improve its processing characteristics in order to improve its applications for end users. Polycaprolactone is biodegradable in nature and is being highly adopted in the healthcare industry as a cost-effective product specifically in tissue engineering. The expansion of the global Polycaprolactone market is driven by the high employment of polycaprolactone in the making of polyurethane and thermoplastic polyurethane. In fact, it has good resistance to oil, fuel, and solvents, as well as excellent flexibility and toughness.
Market Trends:
In recent years, the call for high-performance polyurethane elastomers such as polycaprolactone in mature and niche applications has escalated the call. This is credited to the rising requirement for better infrastructure, and highly efficient and permeable polymers related to cost-effective solutions. Polycaprolactone is employed primarily in the production of thermoplastic polyurethane. There are many factors related to the expansion of the polycaprolactone market. It is one of the very attractive compounds in the category of biodegradable polyesters. Polycaprolactone is employed in the formulation of thermoplastic polyurethane, which is also employed in different end-user industries. The main reason behind the adoption of polycaprolactone as a raw material in thermoplastic polyurethane synthesis is its outstanding properties, such as better hydrophobic characteristics, resistance to oils and greases, wear resistance, chemical resistance, and resistance. UV resistant, glossy, low-temperature adhesion, and flexible.
Market Drivers:
The global polycaprolactone market is experiencing significant expansion attributed to the fact that polycaprolactone is a biodegradable polymer, which is employed in the production of thermoplastic polyurethane. In addition, its escalating use in health care and related applications supplement the polycaprolactone market. The biodegradable nature of the product, its non-toxicity, and its biocompatibility are factors that increase its use in the sector. In addition, it is added as a polymeric plasticizer to polyvinyl chloride to increase its flexibility. It can also be employed in removable plastic due to its low softening point. Enhanced application in long-term controlled release of drugs and implants will drive business expansion. FDA approval for the use of polycaprolactone in applications such as sutures and drug delivery will open up new opportunities for industry expansion. Escalated calls for polyurethane from the healthcare industry will drive calls for products. Lowering costs and escalating the biodegradability provided by starch and other organic fillers when mixed with PCL will positively drive the call for products in the healthcare sector.
Market Restraints:
In 2019, the worldwide market did not experience any challenging factors; however, expansion in the call for polycaprolactone polyols in similar applications may create challenges during the outlook period.
Market Opportunities:
The emergence of concepts such as osteolytic is supposed to provide profitable expansion opportunities for this market over the next five years. This is one of the recent trends in the polycaprolactone market that may offer new dimensions of expansion to this industry in the near future. Extensive research and development on polycaprolactone blends to reduce cost and improve biodegradability by blending starch and other organic fillers at low cost is predicted to create lucrative opportunities for manufacturers operating in the worldwide polycaprolactone market.
Market Challenges:
The high cost of polycaprolactone and the availability of low-cost substitutes are factors that may hamper the expansion of the global market during the forecast period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
11.8% |
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Segments Covered |
By Form, Production Method, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America: United States, Mexico, Canada, Europe: United Kingdom, Germany, Italy, France, Asia Pacific: Australia, Canada, China, Latin America: Argentina, Brazil, Chile, Middle East and Africa: Egypt, Iran, Iraq, Israel. |
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Market Leaders Profiled |
Perstorp Holding AB (Sweden), Daicel Corporation (Japan), Corbion (the Netherlands), Durect Corporation (US), BASF SE (Germany), Merck KGaA (Germany), Polysciences, Inc. (US), Haihang Group (China), Shenzhen Polymtek Biomaterial Co., Ltd (China), Shenzhen Esun Industrial Co., Ltd (China), and Others. |
By form, the pellet segment is the biggest of all in 2020. Pellets are employed as raw materials in the production of thermoplastic polyurethane. Therefore, the call for polycaprolactone granules increases with the increase of polyurethane production activities.
Ring Opening Polymerization
Polycondensation of Carboxylic Acid
The production method, ring-opening polymerization is the most perfect method for the production of polycaprolactone. One of the main reasons behind the high adoption of ring-opening polymerization is that small molecules are not removed as waste, resulting in 100% yield with no by-product formation.
Through the application, coating and thermoplastic polyurethane became the most important segment in 2020. Polycaprolactone is one of the first commercially available biodegradable polymers to be employed in thermoplastic polyurethane.
Market Regional Analysis:
By region, Asia-Pacific was the largest market for polycaprolactone in 2018 and is predicted to be the largest regional market during the foreseen period. Factors such as the presence of large chemical industries, escalated industrialization, and the adoption of advanced production techniques are driving the expansion of the polycaprolactone market. Escalated investment in biomedical industries has provided scope for the use of polycaprolactone in this region. China has gained the largest market share for polycaprolactone in the Asia-Pacific region due to the presence of established traditional industries such as automobiles, construction, furniture, and consumer goods. There is a significant need for polyurethane in these industries which is predicted to create expansion opportunities for this market. Asia-Pacific accounted for a significant market share in 2018, due to the high use of thermoplastic polyurethane in major end-use industries such as automotive, construction, and packaging. The expansion of the construction sector in the region is attributed to rapid urbanization and industrialization. In addition, the increase in disposable income has escalated the sale of automobiles in the region, which should boost the call for thermoplastic polyurethane, which will consequently stimulate the call for polycaprolactone.
The European and North American markets are estimated to experience significant expansion during the projection period due to a strong call for surgical equipment and biodegradable products. The growing use of the product in the modeling and splinting of prototyping systems and as a raw material is predicted to increase the call for the products in the coming years. Also, the use of polyurethane and thermoplastic polyurethane in the automotive and construction industries is anticipated to fuel calls for the product in these regions. Europe leads the worldwide call for polycaprolactone in 2019 with more than 1/3 of the share due to the escalating number of new entrants with considerable production capacities in recent years. The use of polycaprolactone in healthcare applications is supposed to increase in the area. Among other regions, North America also has significant market penetration potential.
The Coronavirus outbreak has impacted almost all countries and economies around the world, including the functioning of the worldwide polycaprolactone market space. The call for polycaprolactone in TPU applications has been significantly impacted by the ongoing COVID-19 crisis and will go on to dent market expansion in the short term. As the virus spread gets contained and industries open up slowly, the polycaprolactone market will gradually get back to its original expansion rate. However, the timing and rate of revival will largely depend on the virus spread and the related containment measures implemented by authorities across the world.
Some of the key players operating in the global polycaprolactone market are
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