The Global Caprolactam Market was valued at US$ 11,453.48 million in 2016, according to a new report published by Coherent Market Insights. The increasing use of caprolactam in the end-use industries such as automotive, textile and electrical & electronics industry is expected to fuel the market of caprolactam. Asia Pacific is poised to be the growth engine of caprolactam market due to growing economy and changing lifestyle. Moreover, increasing population and growing demand for nylon 6 resin further lends traction to the caprolactam market. China is expected to dominate the caprolactam market in 2016 due to rapid growth of electrical and electronic end-use industries in the region. Stringent government regulation are expected to be key challenges for growth of the caprolactam market during 2017-2025. For instance on October 18, 2011, the Ministry of Commerce of the People’s Republic of China (MOFCOM) introduced regulation as per announcement no. 68 of 2011, to carry out anti-dumping measures against imports of caprolactam from U.S. and Europe.
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Caprolactam is the basic raw material required in the manufacture of nylon 6 resin and nylon 6 fibers, which account for 26.13% and 52.94% revenue shares, respectively in 2016. Nylon 6 fibers are widely used in manufacturing of carpets, textiles and industrial yarns, while nylon 6 resin are used in automotive and electrical & electronics components manufacturing industry. The growing automotive industry in Asia Pacific is expected to fuel growth of the nylon 6 resin market. For instance, U.S.-based General Motors plans to invest US$ 1 billion in India by 2020, to increase production capacity of its Talegaon plant in Maharashtra from 30,000 units to 220,000 units per year by 2025. Moreover, the booming economy of India is propelling the rise of textile industry across the region. For instance, the Government of India is actively encouraging new entrepreneurs to invest in textiles sector by increasing allocation of funds to Mudra Bank from US$ 20.4 billion to US$ 36.6 billion. This in turn would fuel growth of the caprolactam market during 2017-2025.
Key takeaways of the market:
Asia-Pacific is projected to be the largest region in global caprolactam market. It accounted for around 64.52% of overall caprolactam market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing textile and automotive end-use industries, rising urbanization, growing demand for electronic gadgets and electrical equipment are some of the key drivers for the growth of caprolactam market in the Asia-Pacific region.
The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing automotive sales are expected to create lucrative growth opportunities for the players in this region.
Automotive and textile industry are the key end-use industries in the caprolactam market. Strong growth in automobile sales in Asia-Pacific and Europe are expected to enhance growth of caprolactam market during the forecast period. The automotive applications such as gear, fittings, bearing and under-the-hood components are the key automotive application for the use of Caprolactam.
BASF SE, China Petroleum & Chemical Corporation, China Petrochemical Development Corporation, Honeywell International Inc., KuibyshevAzot OJSC, Royal DSM N.V., UBE Industries, SINOPEC, Sumitomo Chemical Company Limited are few of the key players in global Caprolactam market.
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Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance, in June 17, 2014, Honeywell International Inc., introduced a new Aegis nylon resin designed to protect electrical wirings and cables used in industrial and consumer products. Moreover, in May, 2015, Sumitomo Chemical Company Limited raised caprolactam price by US$ 70 per MT to US$ 1,880 per MT. Furthermore, in May 2015, BASF SE raised caprolactam price by USD 110.2 per MT in North America.