Global demand for Caprolactam is projected to grow at a healthy CAGR of 6.85% in the forecast period.
According to ChemAnalyst report, “Global Caprolactam Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”. Caprolactam is a solid, colorless compound formed by utilizing Cyclohexane or Phenol and Ammonia as feedstocks. The chemical compound offers high tensile strength, abrasion resistance, elasticity, and high moisture absorbency. Global demand for Caprolactam is projected to grow at a healthy CAGR of 6.85% in the forecast period on the back of promising demand for Nylon 6 from textile industry along with automobile sector for the manufacturing of tyre cord. Increasing utilization of Caprolactam as an alternative for metal used in automotive, construction and electrical and electronic industry is anticipated to drive the demand for the product in the forecast period.
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Textile industry consolidates more than 90 per cent share of total production of Caprolactam worldwide. As textile industry has registered a high growth in last couple of years, demand for Nylon 6, a prime downstream commodity of Caprolactam has reached extreme heights due to increasing demand for materials with high absorbency and elasticity. Major raw material involved in the production of Caprolactam are Cyclohexane, Ammonia and Phenol. Other applications of Caprolactam include manufacturing of moulding engineering components, extrusion profiles and monomer castings.
In the first half of 2020, Coronavirus outbreak had serious repercussions on the global Caprolactam market. The textile industry was devastatingly hit on disruption of supply chain and lockdown restrictions across various economies implied to prevent the spread of contagion lead to the decline in demand and international sales of textile industry over 60 per cent, rattling the market sentiments of associated chemicals like Caprolactam. Moreover, the outbreak even exacerbated the slowdown in the automotive industry as both the productions and demands were low. However, the crises being faced in both the sectors was steadily released with the stable demand for electrical and electronic goods around the globe. Despite the plummeting fundamentals, Caprolactam market pave its way back on resumption of industrial activities and ease in lockdown restrictions by the end of 2020. As per Analysts, textile and Automotive industries are strongly resuming back consequently, the prolonged decline in the demand as well as prices of Caprolactam are registering significant recovery since the end of FY 20, tracing the buying sentiments of Nylon-6 across the international market.
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Caprolactam market is dominated by Asia pacific region across the globe owing to the presence of largest consumers like China, South Korea, Japan and India. In the past 5 years there have been decent investments in Caprolactam capacities majorly from Northeast Asia, for the production of Nylon 6. Factors like growing textile industry along with automotive sector in the region is expected to anticipate the demand of Caprolactam in the forecast period. However, in U.S. and Europe the market for caprolactam is expected to grow at a sluggish pace in the upcoming years. Moreover, BASF has incremented the price for caprolactam and its derivatives in North America owing to the surge in the demand from textile & automobile sectors coupled with the trajectory in the prices of raw materials because of the Gulf Coast winter freeze in February that leads to the shutdown of Caprolactam’s feedstock plants resulting into the demand exceeding supply.
According to ChemAnalyst report, “Global Caprolactam Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”. Major players operating in the global Caprolactam market include Sinopec Shijiazhuag Refining and Petrochemical Company, China Petrochemical Development Corporation (CPDC), Shangdong Haili Chemical Industry Co. Ltd, Fibrant, Ube Industries, Sumitomo Chemical Corporations, Toray Industries, Honeywell International Corporation, Royal DSM N.V., Lanxess AG etc.
“Global Caprolactam market being linked to textile and automotive industry primary along with other applications in electronics and electricals, has shown a robust growth alongside growing population and changing customers preferences. Moreover, its rising demand for the manufacturing of monomer castings, engineering parts, injection moulding, and speciality chemicals for leather industry are expecting to propel the market for Caprolactam in the forecast period. In addition, rebounding of the automotive industry in the next five years is projected to deliver appreciable gains to the global Caprolactam market during the forecast period. Moreover, the manufacturers are now focusing to offer low carbon footprint Caprolactam due to the rising environmental concern that also drive the expansion of caprolactam market in the upcoming years. With new competitors emerging across the Asia Pacific Caprolactam market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years”said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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