The Global 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.
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.
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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