Global Caprolactam Market driven by an increasing need for lightweight automotive vehicles and growth of films and coatings applications in emerging economies
Published Date | 2019 September 10
According to BlueWeave Consulting, the Global Caprolactam Market is projected to exhibit significant growth during 2019-2025. Owing to their preferred properties like high strength, dimensional stability, high creep resistance, and chemical resistance. The growth attributed to augmented usage of these products in various industries such as Automotive, Electrical & Electronics, Industrial & Machinery, Wire & Cable, and Carpet Filament. Increasing disposable income of consumers and advancement of technologies to manufacture lightweight vehicle will fuel the demand of nylon 6 which will lead to the massive growth of caprolactam market in next five years. More than 60% of caprolactam is consumed in the production of nylon fibers in the textile industry, for carpet and industrial yarns and also utilized in engineering resins and films across the globe.
Growing demand for engineering plastics and films in manufacturing of numerous automotive parts including engine covers, gears, and bearings owing to their resistance to oils and greases is expected to drive product growth. Technological innovations geared at improving the manufacturing process of caprolactam, in order to minimize the production of ammonium sulfate as it is hazardous to the environment, is anticipated to have a positive impact on the product demand. A rise in the fabrics industry will increase the growth opportunities for the market. Other than this, the growing use of nylon 6 in engineering plastics and films, floor coverings, and in the production of industrial yarns will push the sales in the coming years.
Nylon 6 fibers application is projected to be the most lucrative segment of the global caprolactam market during the forecast period
In terms of application, the nylon 6 fiber accounted for the largest market share in 2018 and is projected to dominate the global caprolactam market throughout the forecast period. Rising demand in application of nylon fibers in the automotive industry is likely to drive positive growth in of this market. The fiber has excellent durability and outstanding physical properties. Textile is an area of important end-use for polyamide. These properties of caprolactam aid the end-product to exhibit pleasant tactical qualities, lighter weight, and higher strength. The most commonly used polyamide textiles are produced from polyamide 6, polyamide 66, and other co-polyamides.
The Asia Pacific accounts for the lion’s share of the global caprolactam market during the forecast period
Geographically, the caprolactam market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific is the leading region during the forecast timeline. The regional growth was primarily driven by positive growth in the industries such as the automotive and textile industry. Infrastructure development and improving socio-economic trends are some of the significant factors contributing to the growth. Favorable regulations, availability of workforce, and government initiatives to provide attractive FDI regulations have resulted in a shift of manufacturing bases of significant players to regions like China, India, and Indonesia.
Global Caprolactam Market: Competitive Landscape
Companies such as AdvanSix Inc., Alpek S.A.B. de C.V., The Aquafil Group, BASF SE, Capro Co., China Petrochemical Development Corporation, Domo Chemicals, Grupa Azoty, Gujarat State Fertilizers & Chemicals Limited, Highsun Group, KuibyshevAzot PJSC, Lanxess AG, Luxi Chemical Group Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Spolana, Sumitomo Chemical Co., Ltd., Toray Industries, Inc., Ube Industries, Ltd., and Zhejiang Hengyi Group Co., Ltd. are the leading players of caprolactam market across the globe.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global caprolactam market size & forecast. The report promises to provide state-of-the-art technology of caprolactam production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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