The caprolactam market size is expected to grow
from USD 13.1 billion in 2018 to USD 15.6 billion by 2023, at a CAGR of 3.59%
during the forecast period. The major driving factors in the caprolactam market
are the need for lightweight vehicles, the growth of films and coatings
applications, and the growth of emerging economies.
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The major caprolactam
market players include AdvanSix Inc. (US), Alpek S.A.B.
de C.V. (Mexico), The Aquafil Group (Italy), BASF SE (Germany), Capro Co.
(South Korea), China Petrochemical Development Corporation (Taiwan), Domo
Chemicals (Germany), Grupa Azoty (Poland), Gujarat State Fertilizers &
Chemicals Limited (India), Highsun Group (China), KuibyshevAzot PJSC (Russia),
Lanxess AG (Germany), Luxi Chemical Group Co., Ltd. (China), China Petroleum
& Chemical Corporation (Sinopec) (China), Spolana (Czech Republic),
Sumitomo Chemical Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Ube
Industries, Ltd. (Japan), and Zhejiang Hengyi Group Co., Ltd. (China). These
players have adopted various growth strategies such as investment &
expansion, merger & acquisition, contract & agreement, and partnership
& collaboration, to expand their presence in the global caprolactam market.
Investment & expansion and merger & acquisition were the most
dominating strategies adopted by the major players from 2015 to 2018, which
helped them innovate their offerings and broaden their customer base.
The nylon 6 fibers segment is projected to register the
higher CAGR in the caprolactam market during the forecast period.
The
nylon 6 fibers segment is the largest and fastest-growing application of
caprolactam. Nylon 6 fibers are easy to dye, offer deep and bright shades,
provide high strength, and are lightweight. These fibers are combined with
elastane/spandex fibers to provide good stretch-fit properties. Caprolactam is
initially processed to produce polyamide 6 fiber and is then further melted and
spun to produce staple, tow, monofilament, and multi-filament form. The fiber
has outstanding durability and excellent physical properties. Textile is an
area of important end-use for polyamide. The most commonly used polyamide
textiles are produced from polyamide 6, polyamide 66, and other co-polyamides.
The excellent properties of caprolactam enable the end-product to exhibit
pleasant tactical qualities, lighter weight, and higher strength.
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APAC is expected to account for the largest share of the
caprolactam market during the forecast period.
APAC
has emerged as the leading consumer and producer of caprolactam. The easy
availability of low-cost labor and raw materials are driving foreign
investments, which is increasing the production of caprolactam in the region.
APAC is also the fastest-growing caprolactam market.