Growing production of thermoplastic polyurethane (TPU) has led to an upsurge in demand for polycaprolactone globally. In addition, surge in demand for TPU in range of industries such as automotive, medical device and construction industry is projected to impact the global market growth of polycaprolactone. Transparency Market Research states that the global polycaprolactone market is projected to reflect a CAGR of 9.5% over the forecast period, 2017-2026.
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Growth of the global polycaprolactone market is mainly bound to various macro-economic and micro-economic factor. Increasing demand for production of thermoplastic polyurethane (TPU) has revved up demand for polycaprolactone in the global market. As TPU is increasingly used in range of industries such as automotive, construction and packaging and healthcare. Insulation to high abrasion and high elasticity is projected to boost sales of the polycaprolactone among TPU manufacturers significantly. In addition, polycaprolactone has high resistance degree to grease and oil, due to which this polymer is highly preferred over other biodegradable polymers such as polylactide (PLA) and polyhydroxyalkanoates.
Application of polycaprolactone in range of medical devices such as drug delivery system has continued to pose robust challenges such as slow pace of degradation and low load bearing characteristics. Moreover, approval by the FDA to use polycaprolactone in particular applications such as drug delivery and sutures will continue to impact the global market growth positively. Demand for polyurethane continues to remain high in the healthcare industry attributed to growing need for general purpose tubing, wound dressing, hospital bedding, injection-molded devices and surgical drapes. In order to reduce the cost of polycaprolactone, researchers are increasingly focusing on developing innovative solutions and techniques. Surge in production of plastics, filament and 3D printer extruder will continue to increase demand for polycaprolactone pellets in globally. Preference for polycaprolactone is projected to remain high attributed to comparatively low prices than nanosphere and microsphere.
Growing need for noise barriers in the commercial industry and highways will continue to rev up demand for polycaprolactone globally. As the need for noise resistance persists in the residential and commercial industry, builders are mainly opting for rigid polyurethane foams during construction. Application of polyurethane further enables conservation of the natural resources and preservation of environment. Enhanced insulation features, durability, strength-to-weight ratios and versatility is further likely to fuel sales of polycaprolactone. Furthermore, application of polyurethane allows designing flexibility during the process of remodeling the new homes and projects. Such factors continues to rev up demand for polycaprolactone in the global market during the forecast period.
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Demand for polycaprolactone is further bound to growing need to encapsulate and seal the microelectronic components that are pressure sensitive. With the growing need for resistance against extreme temperature in electronic component, manufacturers are mainly opting for polyurethane that is produced with the polycaprolactone polymer. Tear and abrasion resistance is projected to rev up demand to incorporate the rigid polyurethane foams as an insulator. Increasing demand to insulate the boats from extreme temperature and noise will rev up sales of the polyurethane, which in turn is projected to impact global market growth.
Major players in the global market of polycaprolactone are Daicel Corporation, Perstorp Holdings A.B., Corbion, Shenzen Esun, BASF SE, Shenzhen Polymtek Biomaterial, Haihang Industries Co., Ltd., Polysciences, Inc. and Durect Corporation.
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