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Global Caprolactam market size has grown considerably in recent years and is projected to escalate from $15.61 billion in 2023 to $16.61 billion in 2024, reflecting a compound annual growth rate CAGR of 6.4%. This growth can be attributed to the expansion in the textile industry, consumer goods manufacturing, novelties in nylon applications, synthetic fibers, automotive sector demand, and the expansion of manufacturing facilities.
What Is the Anticipated Growth Rate and Market Size of the Global Caprolactam Market?
The Caprolactam market size is estimated to witness substantial growth, escalating to $21.57 billion in 2028, adhering to a compound annual growth rate CAGR of 6.8%. The growth during the forecast period is expected due to escalating demand for nylon 6, expansion in emerging markets, rising demand for engineering plastics, e-commerce packaging, and stringent emission standards. Major trends noted for the forecast period involve sustainable production methods, bio-based caprolactam, advancements in manufacturing technologies, automotive lightweighting trends, and e-commerce packaging.
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What Are The Primary Growth Drivers For The Caprolactam Market?
The surging growth in the automotive industry is projected to fuel the growth of the caprolactam market. Automotive industry, involving the design, manufacture, and sales of motor vehicles and linking components, is driving towards fuel-efficient and eco-friendly automobiles. The shift has encouraged the use of nylon 6 in automobiles to trim down weight and fuel consumption. For instance, as per The India Brand Equity Foundation IBEF, an Indian government export promotion agency, vehicle production in India is projected to hit 22.93 million vehicles in 2022. Therefore, the burgeoning automotive industry is propelling the caprolactam market.
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Who Are The Major Industry Players In The Caprolactam Market?
Major industry operators enumerated in the caprolactam market include China Petrochemical Corporation, BASF SE, Mitsubishi Chemical Corporation, Honeywell International Inc., Rhodia S.A., Asahi Kasei Corporation, Hengyi Industries Co. Ltd., Toray Industries Inc., LANXESS Corporation, Alpek S.A.B. de C.V., Grupa Azoty S.A., Luxi Chemical Group, Petroquímica Unigel S.A. de C.V., Highsun Holding Group, Ube Industries Ltd., Shenma Group Co. Ltd., AdvanSix Inc., Vtg Tanktainer Inc., Brueggemann Chemical Inc., SGL Carbon SE, Shandong Xinlong Group Co. Ltd., Leschaco Inc., The Aquafil Group, Nanning Chemical Industry Group Co. Ltd., Shandong Linyi Jinyu Chemical Co. Ltd., Capro Corp., Spolana s.r.o., DOMO Caproleuna, Jiangsu Yisheng Chemical Co. Ltd.
What Key Trends Are Shaping the Caprolactam Market?
Technological outgrowth is escalating as a key trend gaining traction in the caprolactam market. Predominant companies in the caprolactam sector are driven towards developing innovative technological solutions to reinforce their stand in the market. For instance, in July 2021, Fibrant, a Netherlands-based chemical company, marketed its caprolactam under the trade name EcoLactam, a new-generation caprolactam with a shrunken carbon footprint. The company will reduce its carbon footprint by over 50% by making use of proprietary Hydranone technology.
How Is The Global Caprolactam Market Segmented?
The caprolactam market is categorized by the following parameters:
1 By Raw Material: Phenol, Cyclohexane, Hydroxylamine Sulfate, Other Raw Materials
2 By Application: Nylon 6 Filaments, Textile Yarn, Nylon 6 Fibers, Engineering Plastics, Printer Inks, Other Applications
3 By End-User: Textile Industry, Automobile Industry, Electrical And Electronics Industry, Other End-Users
Regional Insights: Which Region Holds the Highest Share in the Caprolactam Market?
In 2023, Asia-Pacific surfaced as the largest region in the caprolactam market. North America followed as the second-largest region in the caprolactam market share. The regions encompassed in the caprolactam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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