(EnergyIndustry.Net, April 21, 2020 ) Market Overview Global Caprolactam Market is expected to grow at a CAGR of 4.70% during the forecast period (2019-2026) Caprolactam (CPL) is an organic compound with the formula (CH2)5C(O)NH. Almost, all of the caprolactam produced goes into the manufacture of Nylon 6. It is also used in the synthesis of several pharmaceutical drugs. However, the Caprolactam market is effectively dependent on Nylon 6 applications and demand in various industries like Automotive, Textiles, etc.
Market Dynamics The increasing demand for Nylon 6 from the automotive industry is a primary driver for the market. Nylon 6 fibers are extensively used in the automotive Industry which includes tire cords, engine covers, gears, and bearings, because of its intrinsic properties like high tensile strength, durability and fatigue resistance. As the automotive sector is flourishing worldwide, it will increase the demand for Nylon 6 which in turn will boost the global caprolactam market. The volatility in the raw material prices can hinder the growth of the market during the forecast period.
Segmentation Analysis The global caprolactam market report segments the market by end product and application. The End-product segment includes Nylon 6 fibers, Nylon 6 resins, and others. Nylon 6 fiber is the significant segment in this category. Nylon 6 fibers are extensively used in the production of textiles, carpets, industrial yarns, and so on owing to its superior chemical as well as physical properties such as lightweight and high tensile strength. The market for Nylon 6 fibers is primarily driven by its applications in the textiles and carpet industry. The textile industry is anticipated to witness high growth in the coming years. The value of the global textile mills market totaled 667.5 billion in 2015, and it is estimated to reach 842.6 billion by 2020. Thus, the high growth in the textile industry will continue to augur the demand for Nylon 6 fibers during the forecast period.
Geographical Share The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others. Asia-Pacific held the largest market share in 2017 and will continue to dominate the market during the forecast period. The dominant market share of the Asia-Pacific region can be attributed to the high growth in the end-user industries for Nylon 6. The Automotive and Textile are the two primary sectors driving the market in the region. APAC has the largest textile industry in the world. It accounted for 60.7% of the global textile mills market value in 2016, and it will continue to flourish in the nearby future, thus boosting the demand for Caprolactam. The rising government initiatives in the end-user industries in countries like India and China is also adding to the growth of the Caprolactam market. For instance, the Indian government in the Union Budget of 2017-18 announced the increment in the fund allocation to Mudra Bank from the US 20.4 billion to the US 36.6 billion, which will boost the textile industry in the country, and thereby bolstering the market for Caprolactam. Also, the major market players are concentrating on Asia-Pacific region to increase their production facilities which are contributing to the market growth.
Competitive Landscape The Global Caprolactam market report profiles the following companies BASF, DSM, Honeywell, Toray Industries, Sinopec Ltd., UBE Industries, Capro Corp., Sumitomo Chemical Co. Ltd., Braskem SA, Lanxess AG, DOMO Caproleuna, and GFSC. Market Report Scope By End Product Nylon 6 resins Nylon 6 fibers Others By Application Engineering Resins & Films Industrial Yarns Textiles & Carpets Others By Region Asia Pacific Europe North America South America Rest of the World
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