COVID-19 Impact on Caprolactam Market (Global Forecast to 2023)

The market for caprolactam is estimated 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 base year considered for this study is 2017 and the forecast period is from 2018 to 2023.

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In 2017, the caprolactam market in the nylon 6 fibers segment accounted for the largest share of 47.3%, in terms of volume, and is projected to register a CAGR of 2.90% between 2018 and 2023. The caprolactam market in the nylon 6 engineering plastics segment is projected to register a CAGR of 3.54%, in terms of value, between 2018 and 2023. The increasing demand for caprolactam in engineering plastics and films application is expected to drive the market for caprolactam. The high growth of the caprolactam market is primarily due to the growing electrical & electronics and automotive industries.

♦ Recent Developments –

• In May 2018, Aquafil and Genomatica announced the formation of Project EFFECTIVE, a multi-company collaboration to produce more sustainable fibers and plastics for commercial use by using renewable feedstocks and bio-based technologies. One of the key objectives of Project EFFECTIVE is to develop a more sustainable nylon, made from bio-based caprolactam produced using renewable feedstocks.
• In February 2018, Aquafil signed an agreement with INVISTA, one of the world’s largest integrated producers of chemical intermediates, polymers, and fibers, to acquire certain tangible and intangible assets related to INVISTA’s nylon 6 business activity in APAC. This will accelerate Aquafil’s investment program in APAC, which has the highest potential, in terms of demand growth for synthetic fibers.

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♦ Companies Covered –

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).

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Caprolactam Market by Application, Nylon 6 Engineering Plastics, Region – Global Forecast to 2023

The market for caprolactam is estimated 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 base year considered for this study is 2017 and the forecast period is from 2018 to 2023.

♦ Download PDF Brochure – https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=108120798

In 2017, the caprolactam market in the nylon 6 fibers segment accounted for the largest share of 47.3%, in terms of volume, and is projected to register a CAGR of 2.90% between 2018 and 2023. The caprolactam market in the nylon 6 engineering plastics segment is projected to register a CAGR of 3.54%, in terms of value, between 2018 and 2023. The increasing demand for caprolactam in engineering plastics and films application is expected to drive the market for caprolactam. The high growth of the caprolactam market is primarily due to the growing electrical & electronics and automotive industries.

Market Dynamics

• Driver

Need for lightweight automotive vehicles

The application of polyamide 6 in the automotive sector started in the 1950s. The application was limited to seat covers and a few small parts of automobiles. After 2000, the application of polyamide 6 in the automotive sector increased to a great extent.

• Restraint

Moisture absorption resulting in degradation of properties

Polyamide 6 is made from the polymerization of caprolactam and is known to have properties such as strength, stiffness, high thermal resistance, and high abrasion resistance, but the absorption of moisture is the key parameter considered during its selection. The products containing polyamide absorb moisture, thereby, decreasing their physical properties and making the product stiff.

• Challenge

Strict regulations in China

In China, there are various regulations pertaining to the use of chemicals such as occupational exposure limits for hazardous chemicals, safety rules for classification, precautionary labeling and precautionary statements of chemicals, regulations on the safe management of hazardous chemicals, and restrictions and prohibitions regarding the import and export of certain chemicals.

Caprolactam Market worth $17.7 billion by 2027

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Key Market Players –

The major players in the caprolactam market are 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).

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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CORONA Impact on Caprolactam Market Worth $165.5 billion in 2021

The market for caprolactam is estimated 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 base year considered for this study is 2017 and the forecast period is from 2018 to 2023.

Caprolactam Market by Application (Nylon 6 Fibers (Textile, Industrial, Carpet Filament, Staple Fiber), Nylon 6 Engineering Plastics (Automotive, Electrical & Electronics, Industrial & Machinery, Wire & Cable), Region – Global Forecast to 2023

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Market Dynamics

Driver

Need for lightweight automotive vehicles
The application of polyamide 6 in the automotive sector started in the 1950s. The application was limited to seat covers and a few small parts of automobiles. After 2000, the application of polyamide 6 in the automotive sector increased to a great extent.

In new generation vehicles, strength-weight matrices are very critical. New generation vehicles are based on the principle of lightweight and strong structures made up of different advanced materials. These advanced materials are used in different vehicle parts. The metal usage is replaced by these advanced materials and plastics in order to reduce the total weight of the vehicle

Restraint

Moisture absorption resulting in degradation of properties
Polyamide 6 is made from the polymerization of caprolactam and is known to have properties such as strength, stiffness, high thermal resistance, and high abrasion resistance, but the absorption of moisture is the key parameter considered during its selection. The products containing polyamide absorb moisture, thereby, decreasing their physical properties and making the product stiff. This drawback has to be considered by the manufacturers while producing the end application parts from polyamide. Different grades of polyamide have different moisture absorption rates.

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Challenge

Strict regulations in China
In China, there are various regulations pertaining to the use of chemicals such as occupational exposure limits for hazardous chemicals, safety rules for classification, precautionary labeling and precautionary statements of chemicals, regulations on the safe management of hazardous chemicals, and restrictions and prohibitions regarding the import and export of certain chemicals. The Chinese caprolactam market is entirely domestic at the moment; the products are sold locally as high taxes make it difficult for them to export their products. Some cyclohexanone plants remain unable to operate at full capacity in the country due to strict emissions control.

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Mr. Sanjay Gupta
MarketsandMarkets™ INC.
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Market Leader – Caprolactam Market & Key Players – Global Forecast to 2027

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 major driving factors in the caprolactam market are the need for lightweight vehicles, the growth of films and coatings applications, and the growth of emerging economies.

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The major caprolactam market players include 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). These players have adopted various growth strategies such as investment & expansion, merger & acquisition, contract & agreement, and partnership & collaboration, to expand their presence in the global caprolactam market. Investment & expansion and merger & acquisition were the most dominating strategies adopted by the major players from 2015 to 2018, which helped them innovate their offerings and broaden their customer base.

The nylon 6 fibers segment is projected to register the higher CAGR in the caprolactam market during the forecast period.

The nylon 6 fibers segment is the largest and fastest-growing application of caprolactam. Nylon 6 fibers are easy to dye, offer deep and bright shades, provide high strength, and are lightweight. These fibers are combined with elastane/spandex fibers to provide good stretch-fit properties. 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.

Browse 137 market data Tables and 54 Figures spread through 197 Pages here – https://www.marketsandmarkets.com/PressReleases/caprolactam.asp

APAC is expected to account for the largest share of the caprolactam market during the forecast period.

APAC has emerged as the leading consumer and producer of caprolactam. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of caprolactam in the region. APAC is also the fastest-growing caprolactam market.

Caprolactam Market is Expected to Reach Worth $15.6 billion by 2023

The report “Caprolactam Market by Application (Nylon 6 Fibers (Textile, Industrial, Carpet Filament, Staple Fiber), Nylon 6 Engineering Plastics (Automotive, Electrical & Electronics, Industrial & Machinery, Wire & Cable), Region – Global Forecast to 2023″The caprolactam market 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 major factors driving the caprolactam market include the need for lightweight vehicles, the growth of films and coatings applications, and the growth of emerging economies.

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Key Market Players

The major players in the caprolactam market are 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).

Application – 

Nylon 6 Fibers (Textile, Industrial, Carpet Filament, Staple Fiber)

The nylon 6 fibers segment is expected to account for the larger share of the caprolactam market.

The nylon 6 fibers segment is the largest and fastest-growing application of caprolactam.  Caprolactam is used widely in polyamide 6 for manufacturing washable domestic textiles. Polyamide 6 fabrics are dimensionally stable and smooth. The applications of polyamide 6 in the textile industry are classified into apparel, home furnishings, and industrial. Polyamide fabrics have properties such as high elasticity and resistance to mildew and moths. Due to these properties, they are used in nets, stockings, female underclothes, parachutes, and sporting garments, thereby, driving the demand for caprolactam.

Browse 137 market data Tables and 54 Figures spread through 197 Pages Here – https://www.marketsandmarkets.com/PressReleases/caprolactam.asp

APAC is expected to account for the largest market share during the forecast period.

APAC has emerged as the leading consumer and producer of caprolactam. The APAC region is witnessing increased demand for luxury cars due to the increase in purchasing power of consumers. This has led to increased polyamide 6 demand in the region, which, in turn, is driving the nylon 6 engineering plastics segment. Prices for caprolactam are expected to rise in the APAC region due to anti-dumping sanctions imposed by the Government of China. These factors are further driving the demand for caprolactam in the region.

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