COVID-19 impact on Caprolactone Market
- COVID-19 outbreak hindered the demand for caprolactone in several applications. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for caprolactone.
- One of the major end-use industry of the caprolactone market is the adhesive & sealant industry. Building & construction and packaging industries are major end-users of adhesives & sealants and both industries were majorly hit due to COVID-19 lockdowns. This created a hole in the supply and demand for caprolactone, thereby restricting its demand.
- The COVID-19 outbreak directly affected the production and demand for caprolactone. Key players operating in the market are located in Europe and U.S., and these regions had large number of COVID-19 Infections leading to long lockdowns. This hampered the supply of caprolactone polymers.
Key Drivers of Caprolactone Market
- The building & construction sector is a prominent consumer of adhesive and sealants. Expansion of the building & construction sector is estimated to propel the adhesive industry. Moreover, adhesives are extensively utilized in the packaging industry, which is expanding at a considerable pace due to globalization. The use of caprolactone in the manufacture of polycaprolactone polymer for adhesives is estimated to boost the caprolactone market during the forecast period.
- Rise of residential construction in Asia Pacific, especially India and China, is boosting the demand for paints and coatings. Caprolactone is utilized in the manufacture of paints and coating; hence, expansion of the painting and coating industry is projected to drive the demand for caprolactone. Furthermore, expansion of plastics and resin industry is also anticipated to propel the demand for caprolactone in the near future.
Restraints of Caprolactone Market
- Caprolactone has a hazardous nature with acute toxicity, which is likely to hamper the market in the near future. Caprolactone can cause irritation to the skin and eyes. Moreover, focus on environmental sustainability has increased in the U.S. and Europe, which are key regions of the caprolactone market. Continuous monitoring of production by regulatory bodies can hamper the caprolactone market.
Asia Pacific to Constitute Significant Share of Global Caprolactone market
- In terms of region, the global caprolactone market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020. Asia Pacific is likely to be a prominent market for caprolactone in the near future due to the significant expansion of the construction sector in the region expected during the forecast period. Rise in consumption of caprolactone in the production of paints, coatings, adhesives and sealants is boosting the caprolactone market in the region.
- North America and Europe are also key regions of the global caprolactone market. Poly-caprolactone is majorly manufactured in the U.S. and U.K., which contributed to major share of total consumption.
Competitive Landscape of Global Caprolactone market
There is not much competition in the caprolactone market, as there are very few companies operating the market. Key players are based in the U.S., U.K., and Japan and all the production is based from these 3 countries. The key players are as follows
Global Caprolactone market: Research Scope
Global Caprolactone Market, by Product Type
- 99.5% Pure
- 99.9% Pure
Global Caprolactone Market, by End-use Industry
- Adhesive & sealant
- Paints & coatings
- Plastics & resin
Global Caprolactone Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Caprolactone market Introduction
- Ɛ-Caprolactone, commonly known as caprolactone, is a seven membered cyclic ester. Caprolactone possess the ability to easily form a ring opening polymer; hence, it is used to produce various advanced performance intermediaries with advanced polymer architecture.
- Polymers formed from caprolactone exhibit various properties such as chemical, thermal and abrasion resistance, adhesion, elasticity, low temperature flexibility, durability, etc. Consequently, it is widely used in adhesive manufacturing, paint and coating manufacturing, plastic and resin manufacturing, etc.
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