Categories: Chemicals

Caprolactam Global Market Anticipated to Attain $21.57 Billion By 2028 at a of CAGR 6.8% | BASF SE, Rhodia S.A., AdvanSix Inc., Vtg Tanktainer Inc., SGL Carbon SE

Caprolactam Market

Overview and Scope
Caprolactam is a mildly unpleasant-smelling, clear to milky white organic compound. Caprolactam is a crystalline cyclic amide derivative of caproic acid with a melting point of 70 °C that possesses various properties such as tensile strength, superior elasticity, chemical and oil resistance, and low moisture absorbency. Caprolactam is used for nylon 6 production.

Sizing and Forecast
The caprolactam market size has grown strongly in recent years. It will grow from $15.61 billion in 2023 to $16.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to textile industry growth, consumer goods manufacturing, innovations in nylon applications, synthetic fibers, automotive sector demand, expansion of manufacturing facilities.

The caprolactam market size is expected to see strong growth in the next few years. It will grow to $21.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growing demand for nylon 6, expansion in emerging markets, increasing demand for engineering plastics, e-commerce packaging, stringent emission standards. Major trends in the forecast period include sustainable production methods, bio-based caprolactam, e-commerce packaging, advancements in manufacturing technologies, automotive lightweighting trends.

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Segmentation & Regional Insights
The caprolactam market covered in this report is segmented –
1) By Raw Material: Phenol, Cyclohexane, Hydroxylamine Sulfate, Other Raw Materials
2) By Application: Nylon 6 Filaments, Textile Yarn, Nylon 6 Fibers, Engineering Plastics, Printer Inks, Other Applications
3) By End-User: Textile Industry, Automobile Industry, Electrical And Electronics Industry, Other End-Users

Asia-Pacific was the largest region in the caprolactam market in 2023. North America was the second-largest region in the caprolactam market share. The regions covered in the caprolactam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growth of the automotive industry is expected to propel the growth of the caprolactam market going forward. The automotive industry comprises the companies involved in the design, manufacture, and sale of motor vehicles and related components. The shift towards fuel-efficient and environment-friendly automobiles has encouraged the use of nylon 6 in automobiles to reduce weight and fuel consumption by the vehicle. For instance, according to the India Brand Equity Foundation, commonly known as IBEF, an Indian government export promotion agency, vehicle production in India is expected to reach 22.93 million vehicles in 2022. Therefore, the growth of the automotive industry is driving the caprolactam market.

Key Industry Players
Major companies operating in the caprolactam market report are China Petrochemical Corporation, BASF SE, Mitsubishi Chemical Corporation , Honeywell International Inc., Rhodia S.A., Asahi Kasei Corporation, Hengyi Industries Co. Ltd., Toray Industries Inc., LANXESS Corporation, Alpek S.A.B. de C.V., Grupa Azoty S.A., Luxi Chemical Group, Petroquímica Unigel S.A. de C.V., Highsun Holding Group, Ube Industries Ltd. , Shenma Group Co. Ltd. , AdvanSix Inc., Vtg Tanktainer Inc., Brueggemann Chemical Inc., SGL Carbon SE , Shandong Xinlong Group Co. Ltd., Leschaco Inc., The Aquafil Group, Nanning Chemical Industry Group Co. Ltd., Shandong Linyi Jinyu Chemical Co. Ltd., Capro Corp. , Spolana s.r.o., DOMO Caproleuna, Jiangsu Yisheng Chemical Co. Ltd.

The caprolactam market report table of contents includes:
1. Executive Summary