The global caprolactam market size is anticipated to reach USD 28.2 billion by 2026 according to a new research published by Polaris Market Research. The report “Caprolactam Market Share, Size, Trends, Industry Analysis Report, By End-Product (Nylon 6 Resins, Nylon 6 Fibers, and Others); By Application (Industrial Yarns, Engineering Resins & Films, Textiles & Carpets, and Others); By End-Use (Textile, Carpet, Automotive, and Others), By Regions, Segments & Forecast, 2019 – 2026” provides detailed insight on current market growth indices and future market trends.
Caprolactam is a major raw material for the production of nylon 6 engineering resins and nylon 6 fibers. This market is primarily driven by end- use industries such as automobiles, textiles, electrical and electronics, engineering plastics, specialty film packaging, wire and cabling and others. A rising demand for plastics in the construction, automotive and electrical and electronics sectors is expected to be key enabler to growth over forecast period.
Key properties including high strength, elasticity, abrasion resistance and low moisture retaining capacity is expected to boost demand. The soaring textile industry, particularly in Asia Pacific in line with growing automobile sector is expected to project demand over the forecast period.
Automobile industry is the industry of choice in demand for Caprolactam. Automobile industry makes use of Caprolactam in engine covers, tire cord manufacture, and gears and bearings due to their attractive properties.
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The growth in Caprolactam has made an impact due to rapidly growing sportswear, fashion clothing, protective clothing and others. Nylon 6 fibers are used in manufacturing textile products and industrial yarn. Nylon 6 fibers are derived from Caprolactam.
An expanding populace coupled with growing personal incomes of consumers has seen textile and automobile industry witness extraordinary growth. Electric vehicles having entered the market has soared consumer expectations. The strong economic indices of many middle-income countries in the world have rapidly driven demand for high product among consumers. The product is made from ammonia, cyclohexane and phenol. As these materials are petro chemically derived, the product might be subject to price volatility. The raw materials are mainly located in China and the U.S. The countries drive growth in Caprolactam market because of increasing presence of oil refineries in the countries. The year 2016 saw major price fluctuations due to pricing of raw material benzene and derivatives and restricted supply.
Caprolactam includes two major end-use products, nylon 6 fibers and nylon 6 resins. Nylon 6 fiber is used preferentially in carpets, industrial yarns and textile industries and Nylon 6 resins finds its way in specialty films packaging, engineering plastics, wires and cables and automotive industries.
China is the major consumer of Caprolactam globally amidst Asia Pacific region that has grown to be the fast-regional player. This happens due to excess capacity derived in China and immediate developments in automobile, textile and plastic industries. Substantial product is discovered in Asia pacific region such as Taiwan, South Korea, Japan, India and SE Asia. Caprolactam finds application in various end-use industries including textile yarn, industrial yarn, engineering plastics, carpet fibers and staple fibers.
The location of manufacturers across the value chain is justified with product demand coming from presence of Nylon 6 fibers and resins in various end-use applications. A dominant share of Caprolactam manufactured is used in manufacture of nylon 6. Technical innovations improve the market by reducing presence of ammonium sulphate which is an environment hazard. This results in positive demand for the product.
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The global cparolactum market comprises major international and domestic market players. Some of the key companies include BASF SE, China National Petrochemical Corp., DOMO Caproleuna GmbH, Honeywell Chemical Industries, China Petroleum and Chemical Corp, Royal DSM NV and IRPC Public Company Ltd.