Market Overview
The worldwide caprolactam market is likely to generate USD 14.9 billion by 2019. The market is expected to grow at a CAGR of 8.1% from 2016 to 2022. Caprolactam is an organic compound. This colorless solid is a cyclic amide or a lactam of caproic acid. Caprolactam is a medium primarily used in the production of resins and nylon 6 fibers. Caprolactam is majorly consumed in the production of nylon fibers for carpet, industrial yarns, and textile. Besides, it finds wide applications in films and engineering resins. Nylon 6 textile fibers can be combined with elastane/spandex fibers to create good stretch-fit properties. Nylon 6 finds application in industries such as sportswear, apparel, hosiery, swimwear, casual, and fashion wear. Rugs and carpets made from nylon are available in many structures, styles, patterns, and colors. They provide good abrasion and wear properties. Nylons are easy to clean and stain-resistant.
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The fibers can also be recycled back to caprolactam. Furthermore, nylon cords are used in heavy-duty bias tires for bus and truck, off-the-road, industrial, and agricultural purposes. Nylon offers durable and strong properties coupled with high fatigue resistance making it apt for heavily loaded carriages. It is also used in industrial fiber for manufacturing ropes, fishing lines, tarpaulins, and nets. Caprolactam finds wide application during the production of nylon 6 resins and nylon 6 fibers. Nylon 6 fibers and nylon 6 resins account for more than 97% of the total caprolactam manufactured throughout the world. Moreover, Nylon 6 has excellent elasticity and strength. Nylon 6 comes with damage resistance from oils, abrasion resistance, and chemical resistance. The benefits have surged the usage of nylon 6 in an extensive range of applications across the automotive, electrical, textile, and electronics industries. Nylon is high-temperature resistant and can be dyed with the desired color for enhancing visual appeal. With the increasing industrial importance of nylon, the global caprolactam market is expected to witness substantial growth over the forecast period.
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Key Players
The global caprolactam market has been dominated by key players such as Honeywell International Inc, BASF SE, China Petroleum & Chemical Corporation (Sinopec Limited), Kuibyshevazot Ojsc, Royal DSM N.V., Lanxess Ag, Sumitomo Chemical Company Limited, Shandong Haili Chemical Industry Co. Ltd., China Petrochemical Development Corporation (CPDC), UBE Industries, and others.
However, the adverse environmental impacts of caprolactam is likely to influence the global caprolactam market negatively.
Market Segmentation
The global caprolactam market has been segmented based on end-use and source. Based on source, the market has been segmented into Toluene, Cyclohexane, and Phenol. Based on End-Use, the market has been segmented into Textile Stiffeners, Textile Yarns, Synthetic Leather, Film Coatings, Plasticizers, Plastics, and others.
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Regional Analysis
Geographically, the global caprolactam market has been segmented into North America, Europe, and Asia Pacific. APAC market holds a remarkable share in caprolactam production. China is likely to witness a sharp increase in the caprolactam production owing to the installation of new and updated capacities. The introduction of new capacities is anticipated to curtail caprolactam prices over the forecast period. The Chinese producers are struggling to offload their high inventories, which is leading to week-on-week lower offers. Additionally, consumers in China are gradually opting for the domestic market to meet their inventory requirements in view of the fluctuating US dollar-Chinese yuan exchange rates. However, China’s environmental policies are imposing emission control measures which is likely to restrict the caprolactam market to a certain extent. The Asia-Pacific market is followed by Europe. Europe market registers growth owing to the increasing demand for apparels in the market. The North America market has been recording sluggish growth over the forecast period.
