The global demand for polycaprolactone polyol based polyurethane resin has grown significantly in the recent years. Polycaprolactone polyols are extensively favoured in the industrial manufacturing domain as they fall under a distinctive high performance polyester class. They are also used for manufacturing polyurethane adhesives with superior UV resistance. Polycaprolactones polyols offer better abrasion resistance and possess higher tensile and tear strength as compared to other polyether-based polyurethane coatings and adhesives. The latest report published by Market Research Future (MRFR) reveals that the global market for polycaprolactone polyol will soar at a strong CAGR of 11.28% between 2016 and 2023 to reach a valuation of over USD 700 Mn. Demand for polycaprolactone polyol is also increasing due its eco-friendly characteristics. In the near futures, polycaprolactone polyol manufacturers are likely to find greater market opportunities owing to increasing bans and restriction on non-degradable polyol.
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Global Market for Polycaprolactone Polyol – Segmental Analysis
MRFR in its report has offered a segmental analysis of the market based on end use, application and region. On the basis of end use, the market has been segmented into footwear, pharmaceutical, resin, automotive, printing and others. By application, the market in segmented into adhesive, elastomer, foam, coating and others. By region, the market is segmented into Europe, North America, Latin America, Asia Pacific and the Middle East & Africa (MEA).
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Asia Pacific is expected to dominate the global market for polycaprolactone polyol over 2023. In 2016, the region commanded for more than 30% of the market share and expected to exhibit a double-digit CAGR of 11.58% during the projection period. Factors such as growth of industrial sector and rapid urbanization is playing an important in driving the growth of the market in the region. Today, the region has become a global manufacturing hub; countries such as China and India are frontrunners in terms of industrial manufacturing. In addition, presence of a large consumer base makes Asia Pacific an ideal market for polycaprolactone polyol. The region will continue to present lucrative growth opportunities to market players throughout the assessment period. Meanwhile, Europe is expected to hold the second position in 2018 and beyond. The region’s market is projected to expand at a CAGR of 11.48% during the forecast period. In North America, demand for polycaprolactone polyol is expected to remain healthy over the next couple of years. Polycaprolactone polyol use is significantly high among American coatings manufacturers. Moreover, increased government effort to promote biodegradable plastics is partly supporting the growth of polycaprolactone polyol market in the region.
Global Market for Polycaprolactone Polyol – Competitive Analysis
MRFR in its report has profiled some of the prominent companies functioning in the global market for polycaprolactone polyol, which include BASF SE, Sigma Aldrich, Gantrade Corporation, Perstrop Holding A.B., Daicel Corporation, Shenzhen Esun Industrial Co., Ltd, and Huntsman International LLC (U.S). Many of these companies are stepping up their research & development to improve their product quality and find new application opportunities. Moreover, market players are also entering into strategic partnerships with oversees players in order to consolidate their market position. Mergers and acquisitions are also key trend noticed in the market: by implementing such strategies, companies are able to expand their operations and improve business bottom line.