Newark, May 14, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 17.52 Billion caprolactam market will reach USD 32.89 Billion by 2033. Surge in demand of Caprolactam for making nylon 6 fibers may fuel the growth of the Caprolactam Market. Caprolactam is extensively utilized in the production of nylon 6 fibers, which stands as a primary application across various markets. Nylon 6 fibers exhibit exceptional resistance to chemicals and abrasion, including alkalis, acids, and wrinkle formation. Moreover, these fibers boast easy dyeability, resulting in vibrant and deep coloration, alongside being lightweight yet highly durable. Widely employed in hosiery, sportswear, swimwear, and fashion garments, nylon 6 fibers offer excellent stretch and fit characteristics, especially when blended with spandex fibers. Beyond apparel, they find utility in industrial realms such as fishing nets, tarpaulins, and other related applications.
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Caprolactam Market Size by Application (Nylon 6 Fibers, Global Nylon 6 Engineering Plastics), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
The Asia-Pacific region is set to dominate the caprolactam market, projected to hold a commanding 55% share by 2023. This growth is underpinned by rapid industrialization, the establishment of numerous appliance and automotive manufacturing facilities, and surging demand for passenger cars, particularly in China and India. North America is anticipated to emerge as the fastest-growing market during this period, driven by heightened demand for lightweight materials, expanding applications of coatings and films, and the increasing necessity for lightweight automotive vehicles.
In 2023, the nylon 6 fibers segment dominated the caprolactam market, representing 58% of the total volume
In 2023, the nylon 6 fibers segment dominated the caprolactam market, representing 58% of the total volume, primarily fueled by the expanding electrical & electronics and automotive industries. Meanwhile, the nylon 6 engineering plastics segment is anticipated to exhibit the most rapid growth rate. This surge is driven by the escalating demand for caprolactam in engineering plastics and film applications, which is poised to stimulate overall market growth for caprolactam.
Latest Development:
• In 2021, LANXESS announced the establishment of its new nitrous oxide reduction plant in Belgium, with an investment of approximately EUR 10 million. Notably, nitrous oxide, commonly referred to as laughing gas, is generated at the Antwerp site during the production process of the plastic intermediate caprolactam.
• In 2020, KuibyshevAzot, the leading manufacturer of polyamide feedstock caprolactam, inaugurated its inaugural European compounding line in Germany. This facility has a manufacturing capacity of 12,000 tons per year.
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Market Dynamics
Drivers: Rapidly growing demand for nylon fabric in the global market
The increasing utilization of nylon fabric in industrial yarn is expanding its application range, particularly in the manufacturing of ropes, cables, conveyor belts, packaging materials, and mechanical rubber goods. This growing demand for nylon fabrics is driven by their advantageous properties, including high tensile strength, resistance to abrasion, elasticity, and heat resistance. As a result, it is expected to have a positive effect on the caprolactam market throughout the forecast period.
Restraints: Fluctuation in the raw material prices in the global market
The anticipated fluctuations in raw material prices, including cyclohexane, ammonia, and phenol, are projected to serve as significant factors hindering market growth in the forecast period. Additionally, stringent regulations regarding caprolactam usage in China and the ongoing issue of moisture absorption leading to degradation are further expected to constrain market expansion during the mentioned forecast period.
Opportunities: Surge in demand of Caprolactam for making nylon 6 fibers
Caprolactam is extensively utilized in the production of nylon 6 fibers, which stands as a primary application across various markets. Nylon 6 fibers exhibit exceptional resistance to chemicals and abrasion, including alkalis, acids, and wrinkle formation. Moreover, these fibers boast easy dyeability, resulting in vibrant and deep coloration, alongside being lightweight yet highly durable. Widely employed in hosiery, sportswear, swimwear, and fashion garments, nylon 6 fibers offer excellent stretch and fit characteristics, especially when blended with spandex fibers. Beyond apparel, they find utility in industrial realms such as fishing nets, tarpaulins, and other related applications.
Challenge: Strict regulations in the APAC countries: China
In APAC nations, especially those experiencing rapid industrial growth, there's a trend towards enacting more stringent environmental regulations to combat pollution and environmental harm. Caprolactam manufacturing, which involves chemical processes that can produce pollutants and waste, necessitates manufacturers to meet rigorous environmental standards. Adhering to these regulations often leads to added expenses for implementing pollution control measures and adopting sustainable production methods.
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Some of the major players operating in the Caprolactam market are:
• BASF SE
• Honeywell International Inc
• Kuibyshevazot
• China Petroleum & Chemical Corporation
• LANXESS
• DSM
• Toray Industries Inc
• Sumitomo Chemical
• China Petrochemical Development Corporation
• UBE Corporation
Key Segments cover in the market:
By Application:
• Nylon 6 Fibers
• Nylon 6 Engineering Plastics
About the report:
The global Caprolactam market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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