Polycaprolactone (PCL) is a fossil-based, semi-crystalline and biodegradable polyester with the molecular formula (C6H10O2)n. Its molecular weight and crystallinity are inversely proportional to each other, i.e. its crystallinity tends to decrease with any increase in its molecular weight.
On exposure to moisture, heat and micro-organisms, PCL can naturally break down into organic components. Some of the exceptional properties of polycaprolactone include better biocompatibility, biodegradability, non-toxicity and low viscosity and its capability to easily melt, among others. PLC is derived from the chemical synthesis of crude oil and can be degraded by aerobic and anaerobic microorganisms.
Various end-users prefer polycaprolactone based products as an effective solution for different healthcare applications. There has been considerable increase in the usage of biodegradable polyesters for the formulation of thermoplastic polyurethane. Polycaprolactone based polyurethanes are widely used in coating, adhesives, sealants and elastomers.
The availability of economically priced alternatives for polycaprolactone in the market may prove to be a challenge as it deters polycaprolactone adoption in certain end uses. The polycaprolactone market is expected to create incremental $ opportunity worth nearly 369,343.1 US$ Mn during the forecast period while expanding at a CAGR of 10.5%.
Factors Influencing Polycaprolactone Market Growth
Numerous factors are linked with the growth of the polycaprolactone market. Polycaprolactone is one of the highly attractive compounds in the category of biodegradable polyesters. Polycaprolactone is used in the formulation of thermoplastic polyurethane, which is further used in different end-user industries. The main reason implicit behind the adoption of polycprolactone as a raw material in the synthesis of thermoplastic polyurethane is its exceptional properties, such as better hydrophobic characteristics, resistance to oil & grease, wear resistance, chemical resistance, UV-resistance, gloss, adhesion and low temperature flexibility. Also, the biodegradable nature of polycaprolactone promotes its adoption in numerous applications related to the health care industry, such as implants, orthopedic, drug delivery, wound dressing, etc.
On the other hand, increasing regulatory approvals by various regulatory bodies for usage of polycaprolactone in the healthcare industry are expected to drive the polycaprolactone market.
In the global marketplace, in terms of consumption, Europe represents the largest market worldwide, followed by the United States.
Polycaprolactone Market Segmentation and Forecast
The global polycaprolactone market can be segmented on the basis of form, manufacturing process, application and region. On the basis of form, the global polycaprolactone market has been segmented into pellets, nano sphere and microsphere. On the basis of manufacturing process, the polycaprolactone market has been further segmented into ring opening polymerization and polycondensation of carboxylic acid process. Lastly, on the basis of application, the polycaprolactone market has been segmented into thermoplastic polyurethane, healthcare and others. Healthcare application is further segmented into two sub-segments named drug delivery & wound care management.
On the basis of region, the global polycaprolactone market has been segmented into North America, Latin America, Europe, SEA&P (South East Asia & Pacific) & Pacific, China, Japan and Middle East& Africa (MEA).
Polycaprolactone Market Analysis by Form
On the basis of form, the polycaprolactone market is expected to be dominated by the pellets form and will further be followed by the Nano sphere form.
The nano sphere type segment is expected to grow at noteworthy CAGR (1.07X of overall expected market growth rate) over the forecast period owing to the utilization of nano sphere polycaprolactone in the healthcare applications. The other segments are expected to grow at a moderate pace during the forecast period with regular inflow of demand from numerous application.
Polycaprolactone Market Analysis by Manufacturing Process
On the basis of manufacturing process, the ring opening polymerization segment is projected to witness robust growth in the global polycaprolactone market. The segment will remain dominant in terms of value share and is expected to be responsible for 93 % of the global incremental $ opportunity.
Polycaprolactone Market Analysis by Application
In terms of application, thermoplastic polyurethane is projected to hold dominant share in terms of both value & volume. Increasing demand for biodegradable polymers for numerous applications, such as drug delivery & wound care management, is expected to create numerous growth opportunities for the polycaprolactone manufacturers. Implants remains the fastest growing application in healthcare segment & will closely be followed by wound dressing tapes in terms of CAGR.
Polycaprolactone Market Analysis by Region
From a regional perspective, Europe & North America are expected to remain dominant in the global polycaprolactone market throughout the forecast period. Collectively, these two regions will entertain a market value share close to 60%. Of the various countries in South East Asia, India is expected to witness highest growth China holds maximum market share in terms of both production & consumption. On the other hand, Latin America and MEA are projected to remain low volume – high growth regions in the global polycaprolactone market over the forecast period.
Key Players in the Polycaprolactone Market
Some of the players reported in this study on the global polycaprolactone market are Perstorp Holding A. B., BASF SE, Diacel Corporation, Sigma-Aldrich Corporation (Merck), Directs Corporation, Corbion Purac, Shenzen Esun Industrial Co. Ltd., Haihang Industries Co., Ltd., Polysciences, Inc., Shenzhen Polymtek Biomaterial Co. Ltd.
Persistence Market Research (PMR) provides an exclusive analysis of the global polycaprolactone market in its latest report titled ‘Polycaprolactone Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026’. The main aim of this report is to offer exhaustive analysis and provide insights pertaining to the global polycaprolactone market. This report offers a comprehensive analysis of the global polycaprolactone market in terms of market volume (MT) & value (‘thsd US$) and year-wise (Y-o-Y) growth. To give a better understanding of the market, the report comes loaded with analysis of factors, such as drivers, trends, restraints and their impact on the market dynamics. The report has been segmented into four sections on the basis of form, manufacturing process, application and region.
The report on the global polycaprolactone market starts with the executive summary and market introduction, which provide a complete view of the market. This section includes polycaprolactone market view point, value chain analysis and forecast factors’ impact analysis. The section that follows analyses the global polycaprolactone market on the basis of segments and presents a forecast for the period 2018-2026. The global polycaprolactone market has been segmented into:
By Manufacturing Process
The last section of the report includes a competitive landscape, which includes market share analysis and provides information and analysis of companies based on the categories of manufacturers and service providers across the value chain and their presence in the global polycaprolactone market.
The polycaprolactone market volume has been inferred through a series of steps. The first step was data collection where PMR collected information regarding polycaprolactone market from sources including product manufacturers, traders and suppliers, end use procurement agencies and end use sector representatives. Public data sources, such as industry association reports_bk_01_01_2020, SEC filings, government directives and press reports_bk_01_01_2020, reports_bk_01_01_2020 from financial rating and assessment agencies and other corporate reports_bk_01_01_2020 were additionally referred to. These key statistics were collected across all prominent countries of the globe. PMR has considered 2017 as the base year. After this, the hypothesis was developed along with the base number and base year information was further split across categories as mentioned in market taxonomy. This information data-point was collected from available data collected from above mentioned sources. Historic data includes data for the period 2013-2017. Once the information was fully collated, a hypothesis model was prepared on the basis of key findings and associated trends, growth patterns and expected outcome. All the information and data-points were collected from a volume (MT) perspective for historical as well as base year (2017). After that data was validated where the market assessment was deduced from hypothesis model. From the supply side validation, market split by tiers, processing capabilities, market structure and sales footprint of key players were assessed to arrive at market concentration for established and fragmented market players. Other parameters, such as demand from individual end use sectors, material price changes and technological trends, helped in validation of information from demand side. The final step included the forecast development where the PMR utilized proprietary forecast model which incorporates impact of qualitative as well as quantitative factors. Selling price of polycaprolactone was collected at distributor level across key countries to deduce market size in thsd US$. Usual price denomination is in US$ per MT.