Polycaprolactone Market to Grow at a CAGR of 9.5% during the 2023 to 2031 Forecast Period | TMR Study
Increase in adoption of lightweight and high-performance materials in various end-use industries is also boosting demand for polycaprolactone.
Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global polycaprolactone market stood at US$ 500 million in 2023 and is projected to reach US$ 1.1 billion in 2031. The global polycaprolactone market is anticipated to expand at a CAGR of 9.5% between 2023 and 2031.
Polycaprolactone (PCL) is a partially crystalline biodegradable polyester produced either by polycondensation of carboxylic acid or ring-opening polymerization using catalysts such as stannous octoate. Biodegradable polyesters help address environmental concerns associated with plastic pollution. PCL is used to make thermoplastic polyurethane, which, in turn, is employed as an elastomer, adhesive, and coating in various end-users including automobiles, paints & coatings, and construction. Polycaprolactone resin has a low melting point, making it easy to process and shape.
Polyurethane-based materials are gaining in the construction sector due to their elasticity and flexibility. R&D of novel polyurethane adhesives is projected to offer lucrative opportunities to vendors in the global polycaprolactone industry. Vendors are developing sustainable products for use in the production of transient and biodegradable electronics. They are also specializing in the production of biodegradable polycaprolactone for medical devices.
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Thermoplastic polyurethane is utilized in tissue management in the healthcare sector. It is also used in the fabrication of fused filament in 3D printing, sutures, and drug delivery devices. Additionally, PCL-matrix composite coatings are preferred for dental implants. PCL-based nanoparticles are utilized to deliver several drugs such as antibiotics, anti-cancer agents, and anti-inflammatory agents. Polycaprolactone is derived from crude oil. Fluctuations in prices of crude oil are likely to limit the polycaprolactone market growth in the near future.
Non-foam polyurethanes, better known as potting compounds, are widely employed in the electronics sector to seal, encapsulate, and insulate pressure-sensitive and fragile microelectronics components, printed circuit boards, and underwater cables. Polyurethane potting compounds, particularly those containing polycaprolactone, provide exceptional adhesion and dielectric properties to protect electronic components and boards from mechanical stresses and shocks.
- Perstorp Holding AB
- Shenzhen Esun Industrial Co. Ltd.
- BASF SE
- Merck KGaA
- Polysciences Inc.
- Haihang Group
- Shenzhen Polymtek Biomaterials Co. Ltd.
- Durect Corporation
Key Takeaways of Market Report
• Global polycaprolactone market to generate absolute dollar opportunity worth US$ 1.1 billion until 2031.
• Global polycaprolactone market from 2023 to 2031 is 9.5%
• The global polycaprolactone market is valued at US$ 500 million in 2023.
• The global polycaprolactone market stood at US$ 485 million in 2022.
Polycaprolactone Market: Growth Drivers
- Lightweight and high-performance materials are gaining traction among end-users. Polyurethane has a high strength-to-weight ratio and excellent insulation properties, thereby facilitating its use in high-performance flooring solutions. Reflective plastic coverings atop polyurethane foam can repel sunlight, which helps in maintaining the temperature of houses. Moreover, foam-core panels provide a broad variety of colors for roofs and walls. Foam-cored garage doors and entry doors are available in diverse styles and finishes. Polyurethane-based materials are known for their elasticity and flexibility, making them an ideal solution for the construction of modular homes. Thus, expansion in the construction sector is fueling the polycaprolactone market value.
- Surge in demand for transient and biodegradable electronics is boosting the polycaprolactone market progress. Biodegradable electronics can be produced at a low cost and offer high design flexibility. Radio frequency magnetron sputtering facilitates the metallization of electro-spun polycaprolactone. Electroless plating can be done at low temperatures, making it ideal for metalizing polycaprolactone. This metalized PCL is further used to manufacture electronic components and boards.
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Polycaprolactone Market: Regional Landscape
- According to the latest polycaprolactone market forecast, Asia Pacific is expected to hold largest share from 2023 to 2031. Growth in the construction sector is fueling the market dynamics of the region. China, Japan, and India are major markets for polycaprolactone. Expansion in automotive and construction sectors is propelling the polycaprolactone industry statistics in China. According to the European Automobile Manufacturers Association, China accounted for 32% of 74 million cars produced worldwide.
- The industry in North America is estimated to grow at a steady pace in the near future. Rise in production of surgical equipment and automotive components is fueling the demand for polycaprolactone in the region. Expansion in automotive sector is driving the polycaprolactone market revenue in Europe. Germany is a major market for polycaprolactone in the region.
Polycaprolactone Market: Key Players
- Nestle and LyondellBasell announced entering into a long-term collaboration to produce sustainable polymers to be sold under the CirculenRenew brand name
- Polyplastic Co. Ltd. completed the acquisition of Daicel-Evonik Ltd., a manufacturer of high-performance polymers
Polycaprolactone Market: Segmentation
- Form Type
- Thermoplastic Polyurethane (TPU)
- Drug Delivery
- Wound Dressings
- Tissue Engineering
- Dental Implants
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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