The growth of applications is increasing the consumption of caprolactam.
The caprolactam market size is expected to grow from USD 13.1 billion in 2018 to USD 15.6 billion by 2023, at a CAGR of 3.59% during the forecast period. The caprolactam market is driven by the need for lightweight vehicles, the growth of films and coatings applications, and the growth of emerging economies. However, moisture absorption resulting in degradation of properties is the major restraining factor for the market.
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Increasing consumption of caprolactam in nylon 6 fibers and engineering plastics is expected to fuel the demand for caprolactam.
The nylon 6 fibers segment is the largest and fastest-growing application of caprolactam. Caprolactam is initially processed to produce polyamide 6 fiber and is then further melted and spun to produce staple, tow, monofilament, and multi-filament form. The fiber has outstanding durability and excellent physical properties. Textile is an area of important end-use for polyamide. The most commonly used polyamide textiles are produced from polyamide 6, polyamide 66, and other co-polyamides. The excellent properties of caprolactam enable the end-product to exhibit pleasant tactical qualities, lighter weight, and higher strength.
APAC is expected to register the highest growth during the forecast period.
APAC has emerged as the leading consumer and producer of caprolactam due to the growing manufacturing sector in all major economies of the region. In addition, the presence of many big, as well as, small caprolactam producers, is driving the market in the region. The demand for caprolactam in APAC is majorly driven by consumption in China. Other APAC countries such as Taiwan and India are also witnessing significant investments in polyamide production to cater to the automotive and electrical & electronics industries.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the caprolactam market.
- By company type: Tier 1 – 42%, Tier 2 – 25%, and Others – 33%
- By designation: C Level – 36%, Director Level – 19%, and Others – 45%
- By region: Europe – 42%, North America – 25%, APAC – 17%, South America – 8%, and Middle East & Africa – 8%
The caprolactam market comprises major solution providers such as AdvanSix Inc. (US), Alpek S.A.B. de C.V. (Mexico), The Aquafil Group (Italy), BASF SE (Germany), Capro Co. (South Korea), China Petrochemical Development Corporation (Taiwan), Domo Chemicals (Germany), Grupa Azoty (Poland), Gujarat State Fertilizers & Chemicals Limited (India), Highsun Group (China), KuibyshevAzot PJSC (Russia), Lanxess AG (Germany), Luxi Chemical Group Co., Ltd. (China), China Petroleum & Chemical Corporation (Sinopec) (China), Spolana (Czech Republic), Sumitomo Chemical Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Ube Industries, Ltd. (Japan), and Zhejiang Hengyi Group Co., Ltd. (China). The study includes an in-depth competitive analysis of these key players in the caprolactam market, with their company profiles, recent developments, and key market strategies.
The market study covers the caprolactam market across segments. It aims at estimating the market size and the growth potential of this market, across different segments based on application and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall caprolactam market and the subsegments. This report will also help them understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. Furthermore, the stakeholders can understand the pulse of the market and gain information about key market drivers, restraints, challenges, and opportunities in the market.