The global polycaprolactone market is expected to witness significant growth during the forecast period owing to its extensive use in the production of thermoplastic polyurethane. Likewise, thermoplastic polyurethane is widely used in end-use industries such as construction, automotive, packaging, and electronics, and the growth of these industries across the globe is as a result expected to boost the demand for polycaprolactone and growth of the global market during the forecast period.
The global polycaprolactone market has been segmented based on form, production method, application, and region.
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By form, the global market is segmented into pellets, nanosphere, and microsphere. Among these, the pellets are expected to be the leading segment in the global market as it becomes transparent and pliable as silly putty, after melting at nearly 140°C. Additionally, it can be shaped, re-melted, and reformed as well as can be cut, drilled, and filled after hardening. The pellets produced from polycaprolactone are extensively used in manufacturing of drug delivery systems as the pellets offer advantages such as enhancement of drug dissolution, ease of coating with desirable release characteristics—e.g., sustained, controlled, delayed, site-specific or pulsatile delivery of drug from coated pellets, uniform packing—and ease of capsule filling because of better flow properties due to its spherical shape.
On the basis of production method, the global market is divided into ring opening polymerization and polycondensation of carboxylic acid. The ring opening polymerization method is generally used in the production of polycaprolactone due to its ease of scale up, acceptable purity, and cost considerations. This process helps to produce polymers with the same or lower density than monomers.
Based on application, the global market has been segmented into thermoplastic polyurethane, healthcare, and others. The thermoplastic polyurethane segment dominated the market in 2018 owing to the high demand from major end-use industries such as construction, automotive, packaging, and electronics. The healthcare segment is expected to grow at a faster rate on account of high use of polycaprolactone in drug delivery system, suture, wound care & medical devices, dental and orthopedic implants, and others.
The global market has been segmented into five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia-Pacific market accounted for major market share in 2018, owing to the high demand for thermoplastic polyurethane in the construction, automotive, electronics, and packaging industries. The growth of the construction industry in the emerging economies such as India, Thailand, Malaysia, and South Korea is expected to fuel the demand for polycaprolactone for production of thermoplastic polyurethane. The increasing production and sale of automobiles is also expected to fuel the demand for the product in the region.
The North American market is projected to witness significant demand for the product due to increasing use of 3D printing for applications such as prosthetics and advanced prototyping in the healthcare industry. The growth of the European market is primarily driven by the high production and sale of automotive parts in the UK, France, and Russia. This drives the demand for thermoplastic polyurthane, which is expected to propel the demand for polycaprolactone during the review period.
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Some of the prominent 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), and Durect Corporation (US).