Market Synopsis:
Market Research Future (MRFR)
postulates that the global caprolactam market is presumed to garner USD 14.9
billion by 2019. The market is anticipated to expand at a CAGR of 8.1% during
the forecast period (2016-2022) owing to the increasing commercial importance
of nylon. Caprolactam is referred to as
an organic compound which is a colorless solid and is also a lactam of caproic
acid. It is primarily used in the
production of resins and nylon 6 fibers.
A major portion of caprolactam is consumed
in the production of nylon fibers for carpet, textile, and industrial yarns.
The rest of the caprolactam is used in
engineering films and resins.
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Market Potential and Pitfalls
With the augmenting demand for
industrial yarn coupled with the expansion in the automobile industry, the
caprolactam market is estimated to flourish throughout the assessment period. Caprolactam
market is also driven by the rising
demand generated from the production of nylon-6 as a large portion of the
compounds produced is used in the
manufacturing of nylon-6. In water, caprolactam hydrolyzes
and forms aminocaproic acid, which is especially
used medicinally. It is also considered an important polymer which has a
wide range of application across industries. Nylon fibers and resins possess superior properties such as elasticity,
high strength, chemical & oil resistance, abrasion resistance, and low
moisture absorbency, thereby triggering the demand for caprolactam across the
globe. Raw materials like ammonia, cyclohexane, and phenol are used in the manufacturing of caprolactam.
Due to the presence of several oil refineries in China and the U.S., the
production of raw materials is concentrated.
The compound is used in several end-user industries like industrial
yarn, textile yarn, carpet fibers, engineering plastics, and staple fibers,
which is further estimated to augment the market
growth globally. Additionally, technological innovations made towards improving
the manufacturing process of caprolactam to reduce the production of ammonium
sulfate is predicted to bolster the market growth in the coming years. Moreover, with the rising demand for
engineering films and plastics in manufacturing automotive parts like gears,
engine covers, and bearings, due to their resistance to greases and oils is
estimated to propel the growth of caprolactam market.
On the contrary, product prices
are presumed to increase throughout the appraisal period due to the highly volatile raw material prices. Such
concerns are likely to vitiate the market growth in the coming years. Moreover,
the plummeting cost of caprolactam due to oversupply and increasing production
capacity is presumed to pose a threat to the growth of the market globally.
Global Caprolactam Market: Segmental Analysis
The global caprolactam market has
been segmented on the basis of source and end-user.
By mode of source, the global caprolactam market has been segmented into toluene, phenol, and
cyclohexane.
By mode of end-users, 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 presumed to dominate the global market as it is
extensively used in several applications including house furnishing and
apparel. The augmenting demand for textile yarn and the use of nylon 6 fibers in upholstery, bedspread, carpets, and
curtains are anticipated to positively impact
the segment in the coming years.
Competitive Dashboard
·
BASF SE
·
China Petrochemical Development Corporation
(CPDC)
·
Royal DSM N.V.
·
Kuibyshevazot Ojsc
·
China Petroleum & Chemical Corporation
(Sinopec Limited)
·
Lanxess Ag
·
UBE Industries
·
Honeywell International Inc
·
Shandong Haili Chemical Industry Co. Ltd.
·
Sumitomo Chemical Company Limited
Regional Insights
Geographically, the Caprolactam
Market span across regions namely, Europe, North America, Asia Pacific, and
Rest-of-the-World (RoW).
Among all the regions, the Asia
Pacific region is presumed to experience the maximum growth rate owing to the
increasing use of caprolactam in several applications coupled with the
macroeconomic growth of the automotive and the textile industry. Moreover,
rapid industrialization is leading to the establishment of several automotive
and appliance manufacturing plants in China and India which is likely to positively impact the market growth. Also,
burgeoning demand for passenger cars in China and India due to increasing
disposable income is anticipated to trigger the market growth in the coming
years.
Regions like North America and Europe are anticipated to
witness significant growth throughout the
appraisal period owing to the augmenting demand for lightweight materials in
these regions. The metals are replaced with engineered plastics in lightweight
vehicles due to properties such as high mechanical strength and low moisture
absorption.
Industry Updates
May 22, 2018: Genomatica and
Aquafil have recently announced the
formation of Project EFFECTIVE, which is a collaboration of multiple companies in order to produce more sustainable plastics
and fibers for commercial use by using bio-based technologies and renewable
feedstocks. One of the primary objectives of Project EFFECTIVE is to develop more sustainable nylon made from bio-based
caprolactam using renewable feedstocks.
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