(MENAFN- PR Newswire) NEW YORK, April 18, 2024 /PRNewswire/ -- The global caprolactam market size is estimated to grow by USD 5184.34 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.79% during the forecast period.
The Caprolactam market is significant in the chemical fiber industry, with applications in textiles, engineering plastics, films, and automotive sectors. Biodegradable Caprolactam production is gaining traction due to fossil fuel depletion and environmental concerns. However, high production costs hinder market growth. Self-sufficient bio-refineries are the solution for sustainable Caprolactam production. Key applications include Nylon 6 fibers, resins, and non-woven fabrics. Volatile prices and fuel economy regulations drive demand.
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Technavio has announced its latest market research report titled Global Caprolactam Market 2023-2027 To understand more about this market-
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Innovation Sparks Market Growth:
The Caprolactam market is experiencing significant growth, particularly in the staple fibers segment. This segment includes applications in apparel, house furnishing, and the production of Nylon fabric for various industries. Nylon fabric is utilized in conveyor belts, packaging clothes, cables, mechanical rubber goods, and metals. In the automotive sector, Nylon fibers are used in lightweight vehicles for moisture absorption and mechanical strength. Bio-based Caprolactam, a sustainable alternative to fossil fuels, is gaining traction in Engineering plastics, Films, and Lightweight automotive vehicles. The electronics industry also relies on Nylon resins and Polyamide containing products for Polyamide grades. Caprolactam, specifically Nylon 6, is a key raw material in the production of non-woven fabrics, chemical fiber, and carpet fiber. Despite the challenges of volatile prices and the transition to bio-based production, the market's overall revenue share continues to expand due to the demand for Nylon fibers and resins in the construction and automotive sectors.
Addressing Challenges:
The Caprolactam market is experiencing significant growth due to the abundant availability of affordable raw materials, particularly ammonia and phenol, in the US. This has led to a decrease in the cost of Nylon 6 monomers and resins, benefiting various industries. In the textile sector, the production of nylon 6 fibers for yarns, including textile and industrial yarns, as well as carpet fibers and staple fibers, has seen increased demand. The automotive industry also utilizes Caprolactam in the production of polymers for automotive parts, such as wheel covers, gears, bearings, and fan blades. Additionally, chemical intermediates derived from Caprolactam are used in the manufacturing of various products, including toothbrushes, raincoats, sportswear, bedsheets, curtains, ropes, racket strings, threads, sleeping bags, louvers, and emission control canisters. The environmentally-friendly nature of Nylon 6 fibers, which are produced using ammonium sulfate, further adds to their appeal. Overall, the Caprolactam market is expected to continue its growth trajectory, with product prices remaining competitive due to the low cost of raw materials.
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Analyst Review
The Caprolactam market is a significant segment of the synthetic chemical fibers industry, with Nylon 6 being a key product. This chemical fiber finds extensive applications in various sectors, including non-woven fabrics for carpet fibers, automotive, and textile yarns for Nylon clothing and Nylon 6 fibre. The market's growth is driven by the increasing demand for abrasion-resistant and wear-and-tear-resilient materials in industries like automotive and textile commodities. Caprolactam is also used as a raw material in the production of resins for engineering plastics, films, and lightweight automotive vehicles. The automotive sector's growing focus on fuel economy regulations and reducing vehicle emissions has led to an increased demand for Caprolactam in the production of bio-based Caprolactam, which is a more sustainable alternative to traditional Caprolactam derived from petrochemicals. Key raw materials used in Caprolactam production include cyclohexane, ammonia, and phenol. The market's growth is expected to continue, driven by the increasing demand for Caprolactam in various industries, including electronics, where it is used as a monomer for the production of Nylon fibers and resins.
Market Overview
The Caprolactam market is a significant sector in the chemical industry, characterized by the production and distribution of Caprolactam fibers and polymers. This raw material is essential in the manufacturing of nylon-6 and nylon-6,6, which are widely used in various industries such as automotive, textiles, and electronics. The global Caprolactam market is driven by factors like increasing demand for nylon-6 and nylon-6,6 in various end-use industries, technological advancements, and government regulations. The market is competitive, with key players including BASF SE, LG Chem, and Invista. The production process involves the oxidation of cyclohexanone to Caprolactam using air and a catalyst. The Caprolactam market is expected to grow at a steady pace in the coming years due to its versatile applications and the rising demand for sustainable and high-performance materials.
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Key Companies:
Caprolactam Market
is fragmented ;
the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products.
Caprolactam Market report includes information on the product launches, sustainability, and prospects of leading vendors including
AdvanSix Inc., Alpek SAB de CV, Aquafil Spa, BASF SE, Capro Co., Caprolactam Chemicals Ltd., China Petrochemical Development Corp., Domo Chemicals GmbH, Fibrant, Genomatica Inc., Grupa Azoty SA, Gujarat State Fertilizers and Chemicals Ltd., Highsun Holding Group, Kuibyshevazot Engineering Plastics(Shanghai) Co. Ltd., Lanxess AG, LUXI Group Co. Ltd., ORLEN Unipetrol AS, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Ube Corp.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
Application Nylon 6 Fibers Nylon 6 Resins Others
End-user Textile Yarn Industrial Yarn Engineering Plastics Carpet Fibers And Staple Fibers
Geography APAC Europe North America South America Middle East And Africa
8
Geographic Landscape
9 Drivers, Challenges, and Trends
10
Venodr
Landscape
11
Vendor
Analysis
12
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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