New York, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global caprolactone market size is slated to expand at ~7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 320 million by the end of 2035, up from a revenue of ~USD 261 million in the year 2022.The market growth is primarily owed to increasing demand for polyurethane elastomers, adhesives, sealants, and industrial coatings from various industries for construction purposes across the globe. In addition, caprolactone has various advantages when used as a specialized intermediate, including excellent chemical resistance, durability, water resistance, abrasion resistance and UV resistance. This is expected to be a key factor driving market growth in the coming years as well. Moreover, the increasing number of infrastructure activities worldwide and the need to improve the performance of end products that use resins and polymers are projected to provide ample growth opportunities for the market in the near future.
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According to the data by The World Bank, the net output value of the construction industry was USD 22.637 trillion in the year 2019, compared to US$22.205 trillion in 2018 and USD 21.0453 billion in the year 2017. ε-Caprolactone, or simply caprolactone, is a lactone with a seven-membered ring. Its name comes from caproic acid. This colorless liquid is miscible with most organic solvents and water. It was once produced on a large scale as a precursor to caprolactam.
Caprolactone Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The epoxy resin segment to garner the highest growth
- Market in North America to grow at a highest rate
Spiking Expansion in Urbanization around the Globe to Boost Market Growth
The term urbanization describes the integration of people in a particular geographical area. As a result of this concentration, land is converted to residential, commercial, industrial and transportation purposes. This includes not only densely populated areas, but also adjacent peri-urban or suburban areas. The migration of population from rural to urban areas, the consequent decline in the population living in rural areas, and how societies are adapting to this transition are also considered. Urbanization has increased significantly across the world and is estimated to increase further during the forecast period. Globally, 55% of the population lived in cities in 2018, and this is projected to grow to 68% by 2050. The rate of urbanization is increasing as more and more people show a tendency to move to urban areas. As a result, the demand for antibacterial and antiviral coatings, where resins such as caprolactone are widely used in various construction activities, is impressive. Ultimately, all these factors have the potential to accelerate the expansion of the global caprolactone market over the forecast period. Caprolactone is a monomer used to make highly specialized polymers. For instance, ring-opening polymerization yields polycaprolactone. Another polymer is polyglucapron, which is used as a suture material in surgery. 1- Polycaprolactone or PCL is a partially crystalline synthetic polyester with a low melting point (60°C) and glass transition temperature of -60°C. Produced by the ring-opening polymerization of ε-caprolactone. PCL is readily degraded by microbial lipases and esterases. PCL is soluble at room temperature in chloroform, dichloromethane, carbon tetrachloride, benzene, toluene, cyclohexanone, and 2-nitropropane. It is sparingly soluble in acetone, 2-butanone, ethyl acetate, dimethylformamide, and acetonitrile, and insoluble in alcohol, petroleum ether, and diethyl ether.
Global Caprolactone Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Government Initiatives to Build Smart Cities to Drive the Market Growth in Asia Pacific Region
The caprolactone market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the fact that there are a growing number of government initiatives to build smart cities in the region. According to the India Brand Equity Foundation, the total investment allocated for 'Smart City Missions' in the year 2020 was USD 28.31 billion, of which about 86% of the projects were tendered. Smart cities are technologically advanced urban spaces that use various types of electronic methods and sensors to collect specific data. Information derived from this data is used to effectively manage our assets, resources and services. This data is then used to improve citywide operations. A smart city is a community that uses information and communication technology (ICT) to increase operational efficiency, share information with the public, and improve both the quality of government services and the well-being of its citizens. Key infrastructure elements of smart cities include adequate water supply, safe power supply, sanitation including waste management, efficient urban mobility and public transport, and affordable prices for housing especially for the poor, robust IT connectivity and digitization, and good governance.
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Booming Residential Construction Industry to Propel the Growth in the North America Region
The caprolactone market in the North America region is estimated to garner the highest CAGR by the end of 2035. Market growth in the region is primarily owing to the booming residential construction industry in the region, which is expected to increase the use of caprolactone. U.S. residential growth is slower than non-residential growth. Population growth is estimated to boost domestic and smart housing demand. In addition, about 20 million apartments will be built in the area over the next ten years. The US commercial construction sector is expected to grow in the coming years. The University of Illinois at Chicago (UIC) recently announced plans to build a USD 95 million arts center on its campus. The 88,000-square-meter building is primarily used by its UIC School of Drama and Music. San Francisco city officials recently unveiled plans for the South San Francisco Civic Center Campus. This includes new libraries, parks, recreation centers and a new parliament. It is estimated that the project's budget is at USD 210 million. All these factors are estimated to increase the demand for caprolactone in this region during the forecast period and hence, fuel the regional market growth.
Caprolactone, Segmentation by Functions
- Polycaprolactone
- Acrylic Resin Modified
- Polyesters Modified
- Epoxy Resin Modified
- Others
Amongst these five segments, the epoxy resin modified segment in caprolactone market is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the fact that epoxy resins, which are water based resins are increasingly being used to create complex composite structures in the aerospace and leisure industries. The revenue of the water based resins industry is also increasing and is estimated to add to the segmental growth notably. In the year 2021, the industry garnered a revenue of nearly 40 billion around the globe. Apart from that, the large-scale use of the material as a binder for cement and mortar should also drive the growth of the segment over the forecast period. It is estimated to capture the largest share during the forecast period owing to the increasing use of this type of caprolactone in the production of polyglucapron, which is a surgical suture material.
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Caprolactone, Segmentation by Type
- 99.5% Purity
- 99.9% Purity
Amongst these two segments, the 99.5% purity segment in caprolactone market is anticipated to hold a significant share over the forecast period. The purity of organic chemicals is tested using a variety of methods on inorganic substances. For instance, ICP-MS can be used to test its Hafnia and HPLC (High Performance Liquid Chromatography) can be used to test Dihydromyricetin. In the organic sector, 99.5% means an almost pure product. The other two are minor impurities or perfectly acceptable detection errors. For extreme rigor, 99.9% HPLC purity can be sought. However, most of the time it does not make sense. Companies cannot provide 100% of HPLC products. Even if the purity of the HPLC spectrum is 100%, with a single peak, it may still be 99.5% with conventional testing methods. This is caused by impurities in the test solvent or different machines.
Few of the well-known industry leaders in the caprolactone market that are profiled by Research Nester are BASF SE, Daicel Corporation, Perstorp AB, Merck & Co., Inc., Leschaco Japan K.K., ITOCHU Chemical Frontier Corporation, Solvay S.A., Santa Cruz Biotechnology, Inc., Esun International Co., Ltd., Tokyo Chemical Industry, and other key market players.
Recent Development in the Caprolactone Market
- BASF has announced a price increase of US$0.05 per pound for caprolactam and polyamide polymers in North America.
- CSIR-IICT licenses new phosphor technology to Tokyo Chemical Industry focused on the design and synthesis of various classes of sustainable dyes.
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