Polycaprolactone market is estimated to witness growth, due to increased application in medical devices and adoption in the healthcare industry
Polycaprolactone market is estimated to be valued at USD 530.2 Mn in 2024, exhibiting a CAGR of 9.2% over the forecast period (2024-2031). The market growth is driven by increased application of polycaprolactone in medical devices such as implants, surgical devices and drug delivery systems. Growing adoption of polycaprolactone polymers in the healthcare industry due to their biodegradability and biocompatibility can also drive the market growth.
Market Dynamics
Growing demand from medical industry: Polycaprolactone finds wide application in manufacturing of medical implants, surgical devices and drug delivery systems due to its biodegradability and compatibility with the human body. Rising healthcare expenditure and growing global population has boosted demand for medical devices and technologies, thus, boosting demand for polycaprolactone.
Increasing use in 3D printing: Polycaprolactone is widely used as a filament material for 3D printing due to its thermoplastic properties and biodegradability. The adoption of 3D printing technologies across various industries such as healthcare, consumer goods and electronics has increased the consumption of polycaprolactone for various printing technologies.
Increasing Demand for Thermoplastic Polyurethane (TPU) Elastomers
Polycaprolactone is an important raw material that is used in the production of thermoplastic polyurethane (TPU) elastomers. There has been huge demand for TPU elastomers due to their excelling mechanical properties such as high tensile strength and resistance to wear and tear. TPU elastomers are increasingly being used in applications such as footwear, automotive, wires & cables and sports goods manufacturing.
Growing Biomedical Applications of Polycaprolactone
Polycaprolactone finds widespread application in biomedical applications such as drug delivery systems and tissue engineering, owing to its biocompatibility and biodegradability. It is extensively used to manufacture surgical sutures, implants and scaffolds. With rising healthcare spending and growing global geriatric population, there has been huge demand for advanced medical devices and biodegradable implants. Polycaprolactone, being a crucial material for such biomedical applications, can witness huge consumption.
Strict Environmental Regulations Regarding Plastics
Growing environmental concerns regarding the use of fossil fuel-based plastics has led to enactment of stringent regulations around the world against single-use plastics. Many countries have either banned or imposed levy on production and use of certain plastic items such as shopping bags, cutlery, straws, containers, and others. While polycaprolactone is biodegradable, its degradation rate is still slower compared to other biopolymers. Stricter norms against conventional plastics may restrict the overall plastics market growth and can affect polycaprolactone demand.
Increasing Price Volatility of Crude Oil
Polycaprolactone is produced from crude oil-derived monomers such as cyclohexane and epsilon-caprolactone. Fluctuations in crude oil prices have a substantial impact on production costs and supply of these raw materials. Crude oil prices have witnessed high volatility mainly due to geopolitical issues, supply concerns and fluctuating demand patterns. Uncertain and unpredictable raw material prices pose challenges for polycaprolactone manufacturers, in terms of business planning and profitability. End users also face inconsistent pricing pressures. This price volatility of crude oil poses a significant restraint on expansion of the polycaprolactone market.
Growing Demand from 3D Printing Applications
Three-dimensional (3D) printing is emerging as a promising technology with widespread applications across various industries. Polycaprolactone finds application as a popular filament for 3D printing due to its desirable properties such as high strength, flexibility, stability and ability to melt at low temperatures. It is used to print complex biomodels, medical implants, fashion accessories and several engineering components. With 3D printing penetrating into new domains on an industrial scale, there will be huge demand for polycaprolactone filament. Expanding uses of 3D printing offer significant opportunities for market players in the polycaprolactone industry.
Increasing Demand from New Application Areas
Ongoing research and development activities in the chemical industry have led to identification of new potential applications of polycaprolactone in areas such as catalyst supports, membranes, biomedical coatings and composites. Emerging applications such as development of superhydrophobic coatings for marine applications and membranes for water desalination can open new revenue streams for polycaprolactone producers. Market players are also investigating usage of PCL in additive manufacturing of healthcare and consumer products. Such innovative and emerging application domains will create untapped opportunities for business expansion of polycaprolactone producers.
Link - https://www.coherentmarketinsights.com/market-insight/polycaprolactone-market-3553
Key Developments
- In 2021, Nestlé entered into a partnership with LyondellBasell to produce sustainable polymers under the CirculenRenew brand. This collaboration aims to enhance the availability of renewable feedstock for global brands, contributing to a more sustainable plastics market.
- In 2021, Polyplastic Co. Ltd. announced its acquisition of Daicel-Evonik Ltd., a company known for manufacturing high-performance plastics. This strategic move is expected to bolster Polyplastic's capabilities in the high-performance materials sector and expand its market presence
- In 2020, ITOCHU Chemical Frontier Corporation formed a partnership with Chromocenter Inc. to leverage their expertise in cell therapy and regenerative medicine. This collaboration is aimed at advancing developments in these innovative medical fields, reflecting a commitment to enhancing healthcare solutions through cutting-edge technology.
Key Players
Perstorp Holding AB, BASF SE, Daicel Corporation, Sigma-Aldrich (Merck KGaA), Durect Corporation, Corbion Purac, Shenzhen Esun Industrial Co., Ltd, Haihang Industries Co., Ltd, Polyscienes, Inc., SABIC, 3M Company, Asahi Kasei Chemicals Corporation, Solvay, Sumitomo Chemical Co., Ltd, and LyondellBasell Industries Holdings BV
