The global caprolactam market is projected to reach USD 15.74 billion by 2022, according to a new report by Grand View Research, Inc. rising need for nylon 6 resins and fibers, on account of the growing electronics industry in China, has resulted in a significant increase in demand for the product over the past few years.
Growth of the automotive industry, particularly in emerging economies of China, Brazil and India, coupled with rising disposable income of consumers, is expected to augment engineering plastics demand. Development of the fabrics industry is also anticipated to result in high product demand over the forecast years. Nylon 6 is employed in numerous applications including the production of industrial yarns, floor coverings, engineering plastics, and films. Growth in these end-use segments is expected to augment product demand, which will further have a positive impact on the industry growth over the forecast years.
Caprolactam manufacturing requires low technical complexity and low initial infrastructure investment. High demand for nylon 6 resins and fibers has resulted in a significant demand for the product over the past few years, and this trend is expected to continue over the forecast period. In addition, technological innovations are being done to improve manufacturing process of the product in order to minimize the release of ammonium sulfate (by-product), due to its hazardous nature, is expected to have a positive impact on the industry.
Textile yarn was the largest application segment of caprolactam in 2015. Caprolactam is extensively used in the production of nylon 6 fibers. Nylon fabric is employed in the manufacturing of various apparel including sport wear, cycle wear and swim wear. In addition, nylon 6 fibers are used in manufacturing house furnishings. Growing demand for nylon fabric in the textile industry is expected to augment product demand over the next seven years.
Asia Pacific was the largest market for caprolactam in 2015, and this trend is expected to continue over the forecast period. Growth of the textile industry, coupled with the growing automotive sector especially in India and China, is expected to positively impact the market. In addition, encouragement of FDI in the automobile sector in India, is expected to drive production in the country, thus driving the demand for caprolactum.
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Further key findings from the report suggest:
- The global caprolactam is anticipated to reach 7,200.5 kilotons by 2022, at a CAGR of 4.9% from 2015 to 2022
- In terms of revenue, the textile yarn segment is projected to grow at a CAGR of 5.4% over the forecast period owing to the increasing demand from the household furnishings segment.
- The nylon 6 application segment dominated the global industry with a share of over 55.6% of the revenues in 2014.
- The U.S. caprolactam market volume is anticipated to exceed 705.9 kilotons by 2022.
- Europe is projected to witness a remarkable growth rate of 8.7% over the forecast years, owing to the presence of a large number of automobile manufacturers in the region
- Asian countries, especially India and China, are expected to observe a remarkable growth in next few years owing to growth of textiles and automotive industry in the region.
- The market for caprolactam is highly competitive with the presence of a number of multinational companies with huge product portfolios
- Some of the key companies present in the market are Sumitomo Chemical Co., Ltd., UBE Industries, Ltd., DSM, Capro Co., China Petrochemical Development Corporation and LANXESS AG.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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