Caprolactam Market: Overview
The
worldwide caprolactam market is likely to generate USD 14.9 billion by
2019. The market is expected grow at a CAGR of 8.1% from 2016 to 2022.
Caprolactam is an organic compound. This colorless solid is a cyclic
amide or a lactam of caproic acid. Caprolactam is a medium primarily
used in the production of resins and nylon 6 fibers. Caprolactam is
majorly consumed in the production of nylon fibers for carpet,
industrial yarns, and textile. Besides, it finds wide applications in
films and engineering resins. Nylon 6 textile fibers can be combined
with elastane/spandex fibers to create good stretch-fit properties.
Nylon 6 finds application in industries such as sportswear, apparel,
hosiery, swimwear, casual, and fashion wear. Rugs and carpets made from
nylon are available in many structures, styles, patterns, and colors.
They provide good abrasion and wear properties. Nylons are easy to clean
and stain resistant. The fibers can also be recycled back to
caprolactam. Furthermore, nylon cords are used in heavy duty bias tires
for bus and truck, off-the-road, industrial, and agricultural purposes.
Nylon offers durable and strong properties coupled with high fatigue
resistance making it apt for heavily loaded carriages. It is also used
in industrial fiber for manufacturing ropes, fishing lines, tarpaulins,
and nets. Caprolactam finds wide application during the production of
nylon 6 resins and nylon 6 fibers. Nylon 6 fibers and nylon 6 resins
account for more than 97% of the total caprolactam manufactured
throughout the world. Moreover, Nylon 6 has excellent elasticity and
strength. Nylon 6 comes with damage resistance from oils, abrasion
resistance, and chemical resistance. The benefits have surged the usage
of nylon 6 in an extensive range of applications across the automotive,
electrical, textile, and electronics industries. Nylon is
high-temperature resistant and can be dyed with the desired color for
enhancing visual appeal. With the increasing industrial importance of
nylon, the global caprolactam market is expected to witness substantial
growth over the forecast period.
However, the adverse environmental impacts of caprolactam is likely to influence the global caprolactam market negatively.
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Key Players
The
global caprolactam market has been dominated by key players such as
Honeywell International Inc, BASF SE, China Petroleum & Chemical
Corporation (Sinopec Limited), Kuibyshevazot Ojsc, Royal DSM N.V.,
Lanxess Ag, Sumitomo Chemical Company Limited, Shandong Haili Chemical
Industry Co. Ltd., China Petrochemical Development Corporation (CPDC),
UBE Industries, and others.
Market Segmentation
The global caprolactam market has been segmented on the basis of source and end-use.
By mode of source, the global caprolactam market has been segmented into toluene, phenol, and cyclohexane.
By
mode of end-use, the global caprolactam market has been segmented into
textile stiffeners, textile yarns, synthetic leather, film coatings,
plasticizers, plastics, and others. Among these, the segment for textile
yarns is estimated to command a major share in the global market. The
growth is ascribed to the surging demand for textile yarn and the use of
nylon 6 fibers in upholstery, bedspreads, carpets, and curtains.
Textile yarn is used in several applications such as house furnishing
and apparel which is likely to create a positive impact in the long run.
Regional Analysis
Geographically, the Global Caprolactam Market
has been segmented into North America, Europe, and Asia Pacific. APAC
market holds a remarkable share in caprolactam production. China is
likely to witness a sharp increase in the caprolactam production owing
to the installation of new and updated capacities. The introduction of
new capacities is anticipated to curtail caprolactam prices over the
forecast period. The Chinese producers are struggling to offload their
high inventories, which is leading to week-on-week lower offers.
Additionally, consumers in China are gradually opting for the domestic
market to meet their inventory requirements in view of the fluctuating
US dollar-Chinese yuan exchange rates. However, China’s environmental
policies are imposing emission control measures which is likely to
restrict the caprolactam market to a certain extent. The Asia-Pacific
market is followed by Europe. Europe market registers growth owing to
the increasing demand for apparels in the market. The North America
market has been recording sluggish growth over the forecast period.
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