Caprolactam Market Size is likely to witness a steady growth from 2017 to 2024 pertaining to high growth in nylon 6 applications in end-use sectors such as automotive, electronics, textiles, packaging, etc.
Caprolactam, is a cyclic amide or lactam of caproic acid. It is a colorless organic compound which is a raw material to nylon 6, an extensively used synthetic polymer. Caprolactam is usually manufactured from three different sources such as cyclohexane, phenol and toluene. The most commonly used raw material to produce caprolactam is cyclohexane via converting it to oximes by using hydroxylammonium sulfate followed by Beckmann rearrangement.
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The product’s mechanical properties such as light-weight and high strength makes it an aptly endorsed material to produce nylon fiber and resins. The caprolactam manufacturing plant requires less technical complexity coupled with low initial infrastructure investment which will encourage new participants to enter the market. The product industries generally exhibit high degree of forward integration as most of the caprolactam producers are also involved in production of nylon 6 products.
Increasing application of nylon 6 in the form of fiber and resins will spur the market growth in next seven years. Nylon 6 fibers has a myriad end-use application owing to the unique characteristics including light weight, fatigue & heat resistance, and high tensile elastic strength. Various application of nylon 6 fiber including textile, carpets, industrial yarn, etc. is likely to augment the demand of nylon 6 which will further spur the caprolactam market during the forecast spell. The use of nylon resins in automotive industry to manufacture air bags, doors, windows, tire cords, gear, under the hood components, etc. and in electronic industry to manufacture electrical & electronic components will contribute to the product’s market growth.
Rising disposable income of consumers and changing technologies to manufacture light weight vehicle owing to their fuel efficiency will upscale the demand of nylon 6 which will lead to humongous growth of caprolactam market in next seven years.
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Based on application, the product market is fragmented into nylon 6 fibers, nylon 6 resins and other applications. Caprolactam is majorly used as an intermediate in manufacturing of nylon6 fibers, nylon 6 resins while other niche applications of the product include crosslinking agent for polyurethanes, synthesis of lysine, manufacturing of some engineering plastics, etc. The global nylon 6 resin market is likely to witness CAGR over 6% by the end of 2024 which will further propel the growth of caprolactam market. Favorable government initiatives such as the Indian government’s proposed integrated textile park to assist small and medium entrepreneur by providing financial aid in 2014, will also be a contributing factor for the product industry development.
Asia Pacific will emerge as the fastest growing region which is chiefly driven by increasing number of manufacturing industries in China, India, Japan, and South Korea. Rising automobile & transportation, and textile industry coupled with growing demand of electronic gadgets will augment the demand of caprolactam in the region.
The immense contribution by the companies involved in this industry makes the competitive landscape of caprolactam market vivid and dynamic. Some of the renowned players are Lanxess, Advansix, Fibrant, Ube Industries Ltd., Bruggemann Gruppe, Domo Chemicals, BASF, Spolana, Alpek S.A.B, Kemerovo JSC Azot, Sumitomo Chemicals Co.ltd., Guichon Valves, KuibysheuAzot OJSC, etc.
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