New York
City, 04 February 2019: The Report Caprolactam Market is expected to
reach USD 28.42 Billion by 2026 according to a new report published by Polaris
Market Research. Caprolactam is a major raw material for the production of
nylon 6 engineering resins and nylon 6 fibers. The global caprolactam market is
primarily drive by high demand from numerous end-use industries such as
automobiles, textiles, electrical & electronics, engineered plastics,
specialty film packaging, wire & cabling, and others.
Automotive
and textile industries have majorly driven the demand for caprolactam. In
automotive industry, caprolactam is used in in the production of nylon 6 fibers
that are increasingly used for engine covers, tire cord manufacture, and gears
& bearings due to their excellent characteristics. Textile industry is
driving growth for caprolactam due to rapidly increasing demand for apparels,
sportswear, fashion clothing, protective clothing, and others. This industry
makes use of nylon 6 fibers that are end-products to caprolactam and are
further used for manufacturing textile products and industrial yarns.
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Growing
global population coupled with the increase in the personal incomes of
consumers has resulted in the rapid growth of textile and automobile industry.
Consumer preference for modern products such as electric vehicles, and strong
economic performance of many middle-income countries in the world has rapidly
driven the high product demand among consumers. Product is manufactured from
ammonia, cyclohexane, and phenol. As its raw materials are petro chemically
derived from crude oil, the product prices might witness price volatility. The
raw materials production is mainly concentrated in China and the United States.
In 2016, the product witnessed high pricing due to rise in its raw material
pricing (benzene and derivatives) and tight supply.
Caprolactam
includes two major end-use products, nylon 6 fibers and nylon 6 resins. Nylon 6
fibers are the dominant product type due to its large array of applications and
excellent properties. Nylon 6 fibers are largely used in carpet, industrial
yarns, and textile industries, whereas Nylon 6 resins are primarily used in
specialty film packaging, engineering plastics, wires & cables, and
automotive industries.
Competitive Landscape and Key Vendors:
China is the
largest consumer of caprolactam in the world and Asia Pacific is the largest
and fastest regional player. This is due to excess capacity in China and rapid
developments in automobile, textile, and plastic industries of the region’s
middle-income economies. Other Asian regions with substantial growth for
caprolactam market include Taiwan, South Korea, Japan, Indian subcontinent, and
the Southeast Asian countries.
The global
caprolactam market comprises of large number of international and domestic
market players. Some of the key companies include BASF SE, China National
Petroleum Corp., Capro Corp., DOMO Caproleuna GmbH, Honeywell Chemical
Intermediates, China Petroleum & Chemical Corp., Royal DSM NV, and IRPC
Public Company Ltd.
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