Caprolactone Market Trends

Growth Drivers

• Growing Medical Sector –  One of caprolactone's most significant uses in the medical sector is the production of biodegradable sutures. Therefore, On account of the increasing healthcare awareness across the globe, the market is expected to expand more in the upcoming years. In the UK, healthcare spending increased by over 15% in 2020.
• Rising Demand for Biodegradable Polymers – Caprolactone is used as a raw material for the production of biodegradable polymers, as a result, is estimated to drive market growth. Between 2018 and 2023, the global demand for biodegradable plastics was anticipated to rise by over 8% annually.
• Increasing Construction Sector – On the account of rising urbanization and growing household income in emerging economies, the market is expected to expand more in the upcoming years. According to the most recent expenditure data, in India, construction spending was anticipated to rise by over 10% in 2022.
• Surging Demand for Electrical Appliances – It is expected that the rising population across the globe has led to an increase in the demand for electrical appliances. Further, polyurethane-based foams, which are utilized for thermal and acoustic insulation in a variety of electronic applications, are made from basic materials including caprolactone, which is anticipated to drive market growth. It was discovered that consumer electronics sales in India increased by more than 8% in 2022.

Challenges

• Toxic Nature of Caprolactone - The increasing concern amongst individuals for the high toxicity of caprolactone is one of the major factors predicted to slow down the market growth. For instance, caprolactone can cause skin irritation, and allergic reactions, if inhaled or ingested.
• Fluctuating Prices of Raw Materials such as Cyclohexanone and Hydrogen
• Availability of Alternative Materials