Caprolactam Market – Overview
Caprolactam are predominantly utilized in number of end use application such as textile stiffeners, textile yarns, synthetic leather, plastics, film coatings, plasticizers, and others. Caprolactam market is estimated to witness moderate growth owing to their broad range of application usage specifically in textile and automotive. Furthermore, caprolactam is used to produce nylon 6 which is further utilized in automotive and construction sector. Moreover, rising per capita disposable income along with increasing vehicle production and sales in emerging economies is estimated to drive the market growth. In addition, growing building & construction activities in developed and developing economies is estimated to propel the growth of the market. Furthermore, increasing demand for light weight automotive parts along with high adoption rate in end use industries is expected to fuel the growth of the market over the forecast period.
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Geographically, Asia Pacific emerged as the largest market for caprolactam in 2016, followed by Europe and North America. The North American caprolactam market is estimated to witness steady growth with a moderate CAGR over the forecast period owing to robust growth of textile and sports industry combined with rising maintenance activities in this region. In North America the market is further classified into Canada and the U.S., among them the U.S. emerged as the leading market and accounted for more than half of the total regional market share of caprolactam due to strong adoption rate from textile industry. Asia Pacific is predicted to witness tremendous growth over the assessment period, during 2017 to 2023. The demand for caprolactam is expected to raise in numerous developing and developed countries of Asia Pacific such as China, India, Japan, Singapore, Australia, Taiwan, Malaysia, Thailand, and South Korea on account of increasing population along with shifting of manufacturing unit for many key market players in this region. In Europe, caprolactam market is foreseeable to register above average growth due to shifting consumer preference towards the caprolactam based sporting material combined with the strong presence of automotive manufacturers specifically in Germany, Italy, U.K., Spain, Russia, and France. In addition, numerous countries of Latin America and the Middle East & Africa are estimated to witness average growth in caprolactam due to rising per capita disposable income coupled with growing sales of passenger cars specifically in Argentina, Brazil and Mexico rising construction activities in Saudi Arabia, Kuwait, Qatar, and the UAE.
Global key Player:
- China Petroleum & Chemical Corporation
- BASF SE
- Honeywell International Inc
- Kuibyshevazot Ojsc
- Lanxess Ag
- Royal DSM N.V.
- Shandong Haili Chemical Industry Co. Ltd.
- Sumitomo Chemical Company Limited
- UBE Industries
- China Petrochemical Development Corporation (CPDC)
Industry/ Innovation/ Related News:
January 2018– Genomatica, a U.S. based organization established an agreement with Aquafil, an Italian based manufacturer to develop sustainable Caprolactam genomatica. This company aims to offer environmentally friendly way to produce intermediate with improved economics.
April 2017– LANXESS announced to expand its caprolactam production capacity at its Antwerp plant. The investment will cost around USD 31 million. With this acquisition the company plans to strengthen its integrated production complex for polyamide and precursor for plastics in Antwerp.
October 2016– Fertilizer and Chemicals Travancore Limited (FACT) announced to resume their caprolactam manufacturing to enhance their financial prospects in the coming months. This production plant has a capacity of 50,000 tonnes of the organic compound. This strategic move will help the company to meet the increasing demand of caprolactam in Asia Pacific region.
June 2016– Unipetrol, a Europe based petrochemical organization announced to acquire Spolana, which produces industrial fertilizers, PVC, caprolactam, and other inorganic compounds. This acquisition will help company to optimize their manufacturing function and strengthen its market position across the globe.
The caprolactam report has analysed the level of competition among the major manufacturers as well as sector growth and market scenario. The global caprolactam market comprised of a large number of suppliers operating in the market which comprises large scale and medium scale manufacturers. The prominent manufacturers of caprolactam as well as medium level producers which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as small level and medium level suppliers belongs to this region specifically from Thailand, India, Singapore, Australia, Taiwan, Malaysia China, South Korea, Bangladesh, Indonesia, and Japan. On the other hand, the major manufacturers of caprolactam is following various strategic plans to improve their product portfolio by set up research and development centres across the various locations in world, strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the key players in this market are growing their production capacity of caprolactam to meet the rising demand for caprolactam across the globe.