Caprolactam Market Overview to 2022:
The global caprolactam market is predicted to garner USD 14.9 billion by 2019, grabbing a CAGR of 8.1% during the forecast period (2016 to 2022). The surging demand for nylon 6 in consumer goods and automobiles is highly favoring the market growth globally. Caprolactam can be defined as an organic compound which is a colorless solid in nature and is also a lactam of caproic acid. The compound is extensively used in several end-use industries like textile stiffeners, textile yarns, synthetic leather, film coatings, plasticizers, plastics, and others. The compound also finds application in the production of nylon 6 resins and nylon 6 fibers.
- BASF SE
- Shandong Haili Chemical Industry Co. Ltd.
- Sumitomo Chemical Company Limited
- Honeywell International Inc
- UBE Industries
- Lanxess Ag
- China Petrochemical Development Corporation (CPDC)
- Kuibyshevazot Ojsc
- China Petroleum & Chemical Corporation
- Royal DSM N.V.
January 23, 2018: Genomatica and Genomatica have recently declared a multi-year agreement in order to create caprolactam, which is a prime ingredient to produce 100 percent sustainable nylon. The collaboration aims towards developing commercially-advantageous bioprocess In order to make caprolactam using plant-based renewable ingredients.
Market Potential and Pitfalls:
Nylon 6 possesses attributes such as elasticity, excellent strength, is resistant to damage from oil, resistant to chemical and abrasion. These benefits have propelled its utilization in a wide range of applications like automotive, textile, and electrical & electronics industries. With high temperature resistance, nylon can be dyed with the desired color to enhance the aesthetic appeal. It is also used to manufacture ropes, sports equipment, and fishing nets. The rising commercial importance of nylon has ensured growth for caprolactam market during the appraisal period. The burgeoning demand from the automotive sector is estimated to create lucrative opportunities for the market to grow. There has been a notable demand for nylon 6 resins in engineering applications owing to its physical properties such as high strength and high fatigue resistance. There has been a paradigm shift towards manufacturing environmentally-friendly automobiles which has further propelled the use of nylon 6 over plastics. Such factors are estimated to influence the market growth in the coming years. Moreover, the increased focus on recycling caprolactam has ensured a burgeoning market.
On the contrary, the fluctuation in the raw material prices is considered to impede the market growth throughout the assessment period. The plummeting cost of caprolactam owing to its oversupply and increased production capacity has further resulted the market to slowdown.
Global Caprolactam Market: Segmental Analysis:
The global caprolactam market has been segmented on the basis of source and end-use.
By mode of source, the global caprolactam market has been segmented into toluene, phenol, and cyclohexane.
By mode of end-use, the global caprolactam market has been segmented into textile stiffeners, textile yarns, synthetic leather, film coatings, plasticizers, plastics, and others. Among these, the segment for textile yarns is estimated to command a major share in the global market. The growth is ascribed to the surging demand for textile yarn and the use of nylon 6 fibers in upholstery, bedspreads, carpets, and curtains. Textile yarn is used in several applications such as house furnishing and apparel which is likely to create a positive impact in the long run.
Geographically, the caprolactam market span across regions namely Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is considered to be the maximum consumer of the market. The developing automotive and textile sectors in economies like South Korea, China, and Japan has resulted in an increased consumption of caprolactam. China being one of the largest producers of polyamide 6 in the world, had a production share of 19.7% in 2017. China is estimated to be the largest manufacturer of automotive in the world with a share of over 29%. The automotive industry in China recorded a growth of 3.19%. The textile industry in China is regarded the largest in the world, owing a share of over 35%. In terms of share, China remained a global leader in textile exports. The increased production of textile in China has further triggered the demand for caprolactam in the APAC region. Such factors along with support from the government are anticipated to contribute to the surging demand for caprolactam throughout the appraisal period.
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