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The Polycaprolactone (PCL) market is experiencing drastic changes due to multiple factors that affect its supply and demand. PCL is among the most widely used biodegradable polyesters in various sectors, including packaging, biomedical, and automotive industries. The trends in this sector are influenced by macroeconomic issues as well as technological advancements and environmental policies. One important factor pushing the PCL market forward is the growing need for sustainable, eco-friendly materials. As people globally start becoming environmentally conscious, many industries shift towards more organic alternatives than normal plastics. The biodegradability nature of PCL, along with its source from renewable sources, has made it gain popularity over time. In this case, packaging firms are responding to customer needs for greener activities, leading them to buy environmentally friendly products as per consumer preferences while meeting regulatory standards.
Technological trends highly influence PCL market dynamics. Innovations in PCL products through research and development efforts make them better performing and expand their application areas as a whole. It is this dynamic innovation landscape that draws new participants into the market while also fostering competition between those who were there before. Global economic trends also affect PCL market dynamics. For example, the rising economies in emerging markets, especially Asia-Pacific, have increased demand for many products, including ones with PCL inputs. The increase in end-user sectors such as health care, packaging, and textiles in these regions has contributed significantly to the overall demand for PCL. Market players are, therefore, strategically expanding their footprints into these emerging markets to take advantage of the prevailing opportunities emanating from economic growth.
Nonetheless, the PCL's market dynamics come with several challenges within them. Raw material price volatility, such as caprolactone, which is important to PCL production, greatly affects producers' overall cost structures. As a result of fluctuations in the prices of raw materials, planning and taking risks have often been necessary for profitability purposes. The medical healthcare industry is one of the significant contributors to polycaprolactone (PCL) market dynamics. The use of polycaprolactone (PCL) is continuously increasing in biomedical applications such as tissue engineering and drug delivery systems. Thereby, making it an attractive medical material due to its biocompatibility and biodegradability. As such, the demand for PCL in healthcare will continue to increase due to advancements within medical studies, thus shaping market dynamics.
Polycaprolactone Market Highlights:
Polycaprolactone Market overview
Polycaprolactone Market was valued at USD 370.42 billion 2018 and is projected to register a CAGR of over 10.00% during the review period. Polycaprolactone is biodegradable polyester, and it is produced by ring-opening polymerization of e-caprolactone and is one of the most frequent uses of polycaprolactone including the production of thermoplastic polyurethane, it is also used as an additive in the resin to boost its processing characteristics to magnify its end-user applications. Polycaprolactone is an environment-friendly element, that is biodegradable in nature, and is progressively adopted in the health care industries as a cost-effective product specifically in tissue engineering. The global polycaprolactone market is observing remarkable growth across the world and it is attributed to the fact that polycaprolactone is a biodegradable polymer, which is used in the manufacturing of thermoplastic polyurethane. As of 2020, the global market for polycaprolactone has not observed any challenging factor, however, an increase in demand for polycaprolactone polyps in similar applications may create challenges during the forecast period.
LyondellBasell, together with Nestle, has announced a long-term partnership focused on sustainable polymer production named Circulen. This new product will be a great step towards tackling climate change.
In 2021, Polyplastic Co., Ltd acquired Daicel Evonik Co., Ltd. Moreover, such an acquisition will increase the company’s product portfolio and allow offering collaborative technology solutions to its clients.
In 2020, Chromocenter Inc. put into effect a joint project with ITOCHU Chemical Frontier Corporation concerning regenerative medicine and cell therapy in biotechnology (pharmaceutical industry).
Perstorp AB, a leading global specialty chemicals company, announced in May 2018 about formation of a joint venture with 3D4Makers, a top-tier high-performance 3D printing filament producer, called ElogioAM to develop new materials for the additive manufacturing industry. Among the most common uses are medical orthotics/fashion made out of Facilan – the world's first fifth-generation 3D filament brought to you by ElogioAM; it has never been used before as prototyping material for advanced diagnostics or artificial muscle fabrication (muscle tissue engineering). The Facilan series also includes Facilan PCL 100, which is pure polycaprolactone filament being utilized for such purposes as drug-loaded implants, scaffolds, smart materials, etc, according to scientists who focus on the development of artificial muscles based therewith.
Segmentation
The polycaprolactone market has been segmented on the basis of form, production method, application, and region.
Based on form, the market has been segmented into pellets, nanosphere, and microsphere.
On the basis of production method, the market has been segmented into ring opening polymerization and polycondensation of carboxylic acid.
By application, the global market has been segmented into thermoplastic polyurethane, healthcare, and others.
Key Players
Some of the key players operating in the global polycaprolactone market are
- Perstorp Holding AB (Sweden),
- Daicel Corporation (Japan),
- Shenzhen Esun Industrial Co., Ltd (China),
- Corbion (the Netherlands),
- BASF SE (Germany),
- Merck KGaA (Germany),
- Polysciences, Inc. (US),
- Haihang Group (China),
- Shenzhen Polymtek Biomaterial Co., Ltd (China)
- Durect Corporation (US).
Market OverviewThe growth of the global polycaprolactone market is driven by the extensive use of polycaprolactone in the manufacturing of polyurethane and thermoplastic polyurethane. This is because it exhibits good oil, fuel, and solvent resistance as well as excellent flexibility and toughness. The growing use of thermoplastic polyurethane in major end-use industries such as automotive, construction, and packaging is one of the major factors influencing the growth of the global polycaprolactone market. The growth of the global market is also driven by the growing use of polycaprolactone in the healthcare sector for applications such as drug delivery, wound care management, sutures, wound dressing tape, tissue engineering, orthopedic, and dental implants. The biodegradable nature of the product, its non-toxicity, and biocompatibility are factors increasing their use in the sector. Furthermore, it is added as a polymeric plasticizer to polyvinyl chloride to increase its flexibility. It also can be used in re-moldable plastic on account of its low softening point.
The extensive research and development on polycaprolactone blend to reduce the cost and improve biodegradability by mixing starch and other low-cost organic fillers is expected to create lucrative opportunities for manufacturers operating in the global market.
The manufacturers are focusing on strategic growth initiatives such as joint ventures, product development, and mergers & acquisitions. For instance, in May 2018, Perstorp AB, a global leading specialty chemicals company announced to form a joint venture named ElogioAM with 3D4Makers, a high-performance 3D printing filament producer, to develop new material solutions for the additive manufacturing industry. ElogioAM will offer the world’s first fifth-generation 3D filament, Facilan, which enables applications previously unobtainable in the medical, fashion, orthotics, and advanced prototyping. The Facilan portfolio also consists of Facilan PCL 100, which is a pure polycaprolactone filament that is being used by researchers in artificial muscles, drug-loaded implants, scaffolds, and smart materials.
However, the high cost of polycaprolactone and availability of low-cost substitutes are factors expected to hamper the global market growth during the forecast period.
Global Polycaprolactone Market 2018, by Application (%)
Source: MRFR Analysis
Regional Analysis
The global polycaprolactone market has been segmented into five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for a major market share in 2018, on account of the high use of thermoplastic polyurethane in major end-use industries such as automotive, construction, and packaging. The growth of the construction sector in the region is attributed to rapid urbanization and industrialization. Furthermore, the rising disposable income has increased the sale of automobiles in the region, which is expected to propel the demand for thermoplastic polyurethane, which and consequently boost the demand for polycaprolactone. The European and North American markets are expected to witness significant growth during the forecast period on account of the high demand for surgical equipment and biodegradable products. Increasing use of the product in modeling and splinting of prototyping systems and as feedstock is expected to boost the product demand in the coming years. Moreover, the use of polyurethane and thermoplastic polyurethane in the automotive and construction industries is projected to fuel the demand for the product in these regions.
Segmentation
The global polycaprolactone market has been segmented on the basis of form, production method, application, and region.
Based on form, the global market has been segmented into pellets, nanosphere, and microsphere.
On the basis of production method, the global market has been segmented into ring opening polymerization and polycondensation of carboxylic acid.
By application, the global market has been segmented into thermoplastic polyurethane, healthcare, and others.
Recent Development
May 2023- BASF said that its newly established PCL plant in China had started producing. There is capacity to produce up to 50,000 metric tons of PCL per year at the plant, which will cater to increasing demand from Asia.
June 2023 - Sabic has informed on signing an understanding letter with Teijin about the joint development of new PCL-based products. The two companies will join forces in developing various PCL-based materials, including car parts, electronic components, and medical tools.
In 2020, ITOCHU Chemical Frontier Corporation partnered with Chromocenter Inc. in order to expand cell therapy and regenerative medicine capabilities.
In 2021, Nestle and LyondellBasell have agreed on a long-term partnership under which they will produce Circulen Renew branded sustainable polymers.
In December 2022, polycaprolactone hybrid biomaterials containing bioactive glasses and calcium phosphate-based ceramics were developed; these materials exhibit increased mechanical strength, controlled degradation rates, and higher bioactivity, making them ideal for applications in bone tissue engineering.
Intended Audience
- Polycaprolactone Manufacturers
- Traders and Distributors of Polycaprolactone
- Research and Development Institutes
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratories
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