Caprolactam Market by Application, Nylon 6 Engineering Plastics, Region - Global Forecast to 2023

The market for caprolactam is estimated 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 base year considered for this study is 2017 and the forecast period is from 2018 to 2023.

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In 2017, the caprolactam market in the nylon 6 fibers segment accounted for the largest share of 47.3%, in terms of volume, and is projected to register a CAGR of 2.90% between 2018 and 2023. The caprolactam market in the nylon 6 engineering plastics segment is projected to register a CAGR of 3.54%, in terms of value, between 2018 and 2023. The increasing demand for caprolactam in engineering plastics and films application is expected to drive the market for caprolactam. The high growth of the caprolactam market is primarily due to the growing electrical & electronics and automotive industries.

Market Dynamics

• Driver

Need for lightweight automotive vehicles

The application of polyamide 6 in the automotive sector started in the 1950s. The application was limited to seat covers and a few small parts of automobiles. After 2000, the application of polyamide 6 in the automotive sector increased to a great extent.

• Restraint

Moisture absorption resulting in degradation of properties

Polyamide 6 is made from the polymerization of caprolactam and is known to have properties such as strength, stiffness, high thermal resistance, and high abrasion resistance, but the absorption of moisture is the key parameter considered during its selection. The products containing polyamide absorb moisture, thereby, decreasing their physical properties and making the product stiff.

• Challenge

Strict regulations in China

In China, there are various regulations pertaining to the use of chemicals such as occupational exposure limits for hazardous chemicals, safety rules for classification, precautionary labeling and precautionary statements of chemicals, regulations on the safe management of hazardous chemicals, and restrictions and prohibitions regarding the import and export of certain chemicals.

Caprolactam Market worth $17.7 billion by 2027

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Key Market Players -

The major players in the caprolactam market are 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).


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