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The global caprolactam market is expected to exhibit moderate growth during 2021-2026. Caprolactam (C6H11NO) is a colorless organic compound that is widely used as a synthetic polymer for the manufacturing of nylon. It is synthesized by combining cyclohexane, phenol and toluene and is commonly used for the manufacturing of high-performance nylon textile, carpet, industrial yarns, engineering resins and films. It is also used for manufacturing brush bristles, film coatings, synthetic leather, plastics, plasticizers and lysine. Caprolactam exhibits high strength, elasticity and resistance to chemicals, oils and abrasion. It can also be combined with elastane fibers to add stretch-fit properties to the nylon, which is used for manufacturing casualwear and fashion apparel, swimwear, sportswear and hosiery.
Significant growth in the automotive and textile industries is one of the key factors driving the growth of the market. Owing to the growing demand for lightweight automobiles, heavy metal components are rapidly being replaced by lightweight caprolactam components to manufacture airbags, doors, windows, tire cords, gear and under the hood components. In addition to this, rapid industrialization across the globe is also providing a boost to the market growth. Caprolactam is widely used for manufacturing fishing nets, tarpaulins and packaging material with high mechanical, optical and low-permeable properties. Various product innovations, including the development of bio-based caprolactam and product variants with minimal traces of toxic ammonium sulfate, are further creating a positive outlook for the market growth. Other factors, including extensive research and development (R&D) activities to enhance the cost-effectiveness of the product, along with rapid industrialization and rising expenditure capacities of the consumers, are projected to drive the market in the coming years. Looking forward, IMARC Group expects the global caprolactam market to grow at a CAGR of around 5% during the forecast period (2021-2026).
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The competitive landscape of the industry has also been examined with some of the key players being Advansix Inc., Alpek S.A.B. de CV, BASF SE, Capro Corporation, China Petrochemical Development Corporation, China Petroleum and Chemical Corporation (Sinopec), DOMO Caproleuna GmbH, Gujarat State Fertilizers and Chemicals, Koninklijke DSM N.V., Lanxess AG, Sumitomo Chemical Co. Ltd., Toray Industries Inc., UBE Industries Ltd., etc.
According to the estimates by IMARC Group, the global caprolactam market is expected to witness a CAGR of 5% from 2021 to 2026.
The growing utilization of caprolactam in manufacturing brush bristles, nylon textile, film coatings, synthetic leather, plastics, industrial yarns, plasticizers, etc., represents one of the key drivers for the global caprolactam market.
The emergence of bio-based caprolactam with minimal traces of toxic ammonium sulfate is one of the key trends in the global caprolactam market.
Sudden outbreak of the COVID-19 pandemic had negatively impacted the demand for caprolactam due to the temporary shutdown of various textile manufacturing facilities across the globe.
On the basis of the end-product, the market has been bifurcated into nylon 6 fibers, nylon 6 resins and others. Currently, nylon 6 resins hold the largest share.
On the basis of the application, the market has been divided into industrial yarns, engineering resins and films, textiles and carpets, and others. In this segment, textiles and carpets account for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Based on region, Asia Pacific dominates the global market.
The key companies in the global caprolactam market are Advansix Inc., Alpek S.A.B. de CV, BASF SE, Capro Corporation, China Petrochemical Development Corporation, China Petroleum and Chemical Corporation (Sinopec), DOMO Caproleuna GmbH, Gujarat State Fertilizers and Chemicals, Koninklijke DSM N.V., Lanxess AG, Sumitomo Chemical Co. Ltd., Toray Industries Inc., UBE Industries Ltd., etc.
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