Rockville, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published market research report on caprolactam, reveals that worldwide Caprolactam Market is estimated at a market value of US$ 15.6 billion in 2023. The global caprolactam market is predicted to expand at a CAGR of 4% from 2023 to 2033.
Increasing demand for nylon from several end-use sectors, including textiles, home furnishings, transportation, automotive, etc., as a synthetic fiber, is driving opportunities for market players. Caprolactam is used extensively for the production of engineered resins and films that further find application in medical, military, packaging, and agricultural industries.
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Further, fast-paced industrialization across developing countries, along with increasing investments in the expansion of these industries, is generating demand for fibers. Higher elasticity, chemical and oil resistance, tensile strength, and low moisture absorbency of caprolactam generate its demand across industries.
It is an organic compound that is used in the production of nylon 6 resins and fibers in the automotive and textile industries. The product is used extensively in electrical and electronic equipment, including circuit breakers, switchgear, connectors, and contractor due to its low weight in comparison with metal tubes.
Key Takeaways from Market Study
- The global caprolactam market is valued at US$ 15.6 billion in 2023.
- Worldwide demand for caprolactam is anticipated to reach a market valuation of US$ 23.1 billion by 2033.
- Sales of caprolactam are projected to rise at a CAGR of 4% from 2023 to 2033.
- The United States market is forecasted to expand at a CAGR of 3.7% through 2033.
- Demand for caprolactam in the United Kingdom is predicted to rise at a 3.5% CAGR from 2023 to 2033.
- The market in China is estimated to reach US$ 1.61 billion by 2033-end.
- Sales of caprolactam in Japan are projected to increase at a CAGR of 2.8% through 2033.
- Nylon 6 resins account for 60% share of the overall demand for caprolactam in 2023.
“Fast-paced industrialization in developing countries and rapid expansion of the textile and automotive industries are fueling the demand for synthetic fibers, including caprolactam,” says a Fact.MR analyst.
High Tensile Strength and Elasticity of Nylon 6 Driving its Demand in Textile and Electronics Industries
Caprolactam is used as one of the prominent intermediate compounds to produce nylon 6 that is used commercially in multiple end-use industries. It is lightweight and has luster, elasticity, and high tensile strength, which is leading to increased caprolactam adoption to produce smooth and durable garments.
Fibers produced from nylon 6 are used in industrial yarns, fabrics, films, fibers, and floor coverings. Moreover, numerous threads, filaments, ropes, floor coverings, films, fibers, and textile hosiery are manufactured from nylon 6. Thriving demand for printed textiles manufactured from hydrophobic fibers is predicted to result in the rising application of caprolactam in the paints & inks sector.
Nylon 6 finds applications in the electrical and electronics industry owing to its resistance to electricity, flame, and heat and good dielectric strength. Growing awareness about the adoption of materials for application in computer motherboards, mobile phones, circuit breakers, power tool housings, computer peripherals, and sockets is also generating opportunities for industry players.
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Key Market Players
Key manufacturers of caprolactam are BASF SE, LANXESS, Honeywell International Inc., China Petroleum & Chemical Corporation, Toray Industries, Fibrant, Capro Co., UBE Corporation, Kuibyshevazot, DSM, Sumitomo Chemical Company Limited, and China Petrochemical Development.
Which European Nation is Drawing the Interest of Caprolactam Producers?
In the realm of caprolactam manufacturing, a particular European nation has been capturing the attention of industry stakeholders. That nation is none other than the United Kingdom.
The United Kingdom's caprolactam market is on an upward trajectory, with analysts predicting a Compound Annual Growth Rate (CAGR) of 3.5%. This impressive growth is expected to culminate in a market valuation of approximately US$ 904 million by the year 2033.
One of the primary factors fueling this growth is the United Kingdom's prominent status as both a caprolactam manufacturer and exporter on the global stage. Caprolactam is a crucial raw material in the production of various plastics, fibers, and resins. The United Kingdom's prowess in caprolactam manufacturing not only satisfies domestic demand but also positions it as a significant player in the international caprolactam market.
This dual role as a manufacturer and exporter creates a wealth of opportunities for businesses operating in the caprolactam industry. The robust domestic manufacturing capabilities provide a stable supply base, ensuring a consistent flow of caprolactam for various applications. Additionally, the United Kingdom's status as an exporter opens doors for international trade and collaboration, allowing businesses to tap into global markets and expand their reach.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the caprolactam market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product (nylon 6 fibers, nylon 6 resins) and end use (construction, textiles, plastics, automobiles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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