According to a new report published by Allied Market Research titled, "Polycaprolactone Market by Form, Production Method, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," The global polycaprolactone market size was valued at $530.7 million in 2018, and is projected to reach $1,279.7 million by 2026, growing at a CAGR of 11.6% from 2019 to 2026.
Polycaprolactone is a bio-based biodegradable polymer produced by ring-opening polymerization and polycondensation of carboxylic acid. It is produced by using fuel-based raw material due to which it degrades at a slower pace. Slower degradation developed its use in the healthcare sector specifically in the drug delivery system.
The global polycaprolactone market was valued at $530.7 million in 2018, and is projected to reach $1,279.7 million by 2026, growing at a CAGR of 11.6% from 2019 to 2026. The global polycaprolactone market is in its nascent phase, and is anticipated to grow significantly during the forecast period. This is attributed to its expanding applications in various industries. For instance, coating & thermoplastic polyurethane and healthcare are the established applications of polycaprolactone. Moreover, the emergence of a concept such as osteoboatics is anticipated to provide new growth opportunities to this market during the forecast period. The term osteoboatics refers to the creation of temporary architectural structures which is made of polycaprolactone with the help of robotics.
The global market is witnessing a shift from synthetic to bio-based chemicals to achieve sustainable goals. More specifically, the biodegradable polymer types in bio-based chemicals possess properties that easily comply with environmental regulatory norms. As a result, biodegradable polymers are witnessing significant adoption without impacting the environment. As polycaprolactone is one of the types of biodegradable polymers, a growing preference for these polymers is complementing demand for polycaprolactone to some extent. However, rise in demand for polycaprolactone polyols in coatings application is anticipated to be a growth barrier to this market during the forecast period.
By form, the pellet emerged as the key revenue contributor in 2018. This is attributed to the fact that polycaprolactone in the form of pellet is preferred as a raw material to produce polyurethane.
By production method, the ring-opening polymerization is the most adopted production method over others and accounted for the largest polycaprolactone market share in 2018. No requirement of additional catalyst and zero waste generation are the key benefits, which made this production method beneficial for manufacturers.
Players analyzed and profiled in the global polycaprolactone market are BASF SE, Corbion N.V., Daicel Corporation, Haihang Industry Co., Ltd., Merck KGaA, Otto Chemie Pvt. Ltd., Perstorp Holding AB, Polysciences, Inc., Shenzhen eSUN Industrial Co., Ltd, and Shenzhen Polymtek Biomaterial Co., Ltd.
Key Findings of the Study:
- Depending on the form, pellet emerged as the key revenue contributor with more than 50% market share in 2018.
- By production method, the ring-opening polymerization dominated the global market in 2018, and a similar trend is anticipated to be observed by the end of 2026
- Asia-Pacific is the largest regional market in the polycaprolactone market, whereas, Europe anticipated to register the fastest growth of 12.7% during the forecast period
- Due to growing consumer base, growing investment in sustainable material, increasing number of manufacturers; North America polycaprolactone market anticipated to register highest CAGR during the forecast period.
- Nanosphere is gaining significant popularity in some of the major healthcare applications such as tissue engineering and skin related applications, and is anticipated to exhibit highest CAGR during the forecast period.