Market Overview
Caprolactam is used for manufacturing synthetic fibers like nylon 6. It acts as a precursor to Nylon 6, used as a synthetic polymer. These fibers are used in the manufacturing process of various products such as textile stiffeners, film coatings, synthetic leather, plastics, paint vehicles, and plasticizers. These fibers have advanced qualities like high elasticity, chemical and oil resistance, strength, and high abrasion resistance. The demand for the product is propelling due to its properties. Due to this, the Caprolactam Market is estimated to reach a higher growth rate in the forecast period.
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The growing demand for bio-based Caprolactam is comparatively higher in engineering plastics and films application. The rising need for lightweight automotive vehicles is driving Caprolactam Market. Moreover, the development and improvement of the automotive and electronics industry are acting as key growth factors. The demand for plastics is higher in the construction, & electrical & electronics, and automotive sectors. This factor will boost the market in the growth period.
The properties of the fiber, such as higher strength, elasticity, abrasion, and chemical & oil resistance, will propel the market’s demand in the forecast period. The research and development activities on the recycling of Caprolactam will bring wide opportunities for the market.
The Caprolactam Market has reached a value of USD 14.9 billion by 2019, and now it is expected to achieve 15.2 billion by 2022. The estimated CAGR is 8.4 % between 2023 to 2030 in the forecast period.
Market Segments
The Caprolactam Market is segmented into source and end-users.
The Source segment is sub-segmented into Phenol, Toluene, and Cyclohexane.
The Cyclohexane segment will occupy the largest market share because cyclohexane is used in the production of cyclohexanol and cyclohexanone.
The application fragment of the market is categorized into film, Nylon 6 Fibers, Nylon 6 Engineering Plastics, and Others. The Nylon 6 Fibers will acquire the highest CAGR in the forecast period.
The end-user fragment is sub-segmented into Textile Yarns, Textile Stiffeners, Synthetic Leather, Plastics, Film Coatings, Plasticizers, and Others.
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Regional Analysis
The geographical distribution of the Caprolactam Market covers the regions such as North America, Europe, Asia Pacific, and the Rest of the world regions. The Asia Pacific occupies the major share of the market due to the growing demand for polyamide 6. Other factors such as the rising demand for luxury cars and propelling industrialization are continuing to establish automotive and appliance manufacturing plants in APAC. The Asia Pacific market growth is maximum because of the higher usage of Caprolactam for various applications. The macroeconomic growth of the textile and demand from the automotive is driving the regional growth.
The Asia Pacific is followed by Europe, which is also noticing a significant growth rate. North American region observing sluggish market growth rate in the forecast period.
Key Market Players: BASF SE, Honeywell International Inc, Kuibyshevazot Ojsc, China Petroleum & Chemical Corporation (Sinopec Limited), Lanxess Ag, Royal DSM N.V., Shandong Haili Chemical Industry Co. Ltd., Sumitomo Chemical Company Limited, UBE Industries, China Petrochemical Development Corporation (CPDC)
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Industry News
In September 2021, Fertilizers and Chemicals Travancore restarted caprolactam production after nine years. While restarting, it will add about ?600 crore to ?700 crores to the company’s turnover. The product from Fertilizers and Chemicals Travancore will be a major import substitution.
FACT can produce 50,000 tonnes of Caprolactam per year. Caprolactam is produced by FACT and Gujarat State Fertilizer Company in India.
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