According to the Market Statsville Group (MSG), the global caprolactam market size is expected to grow from USD 12.3 billion in 2021 to USD 18.8 billion by 2030, at a CAGR of 5.5% during the forecast period. The global caprolactam market is expected to witness substantial growth over the forecast period due to its widespread use as a feed stock in the production of nylon 6 fibers and resins. Nylon 6 is used to make industrial yarns, floor coverings, engineering plastics, and films, among other things. Growth in these end-use segments is expected to boost demand, which will boost the caprolactam market in the next seven years.
Companies such as Honeywell and Toray Industries are engaged in manufacturing caprolactam, followed by producing nylon 6 fibers and resins. These companies obtain raw materials from suppliers and manufacture caprolactam, which is then used to make nylon 6, which is then sold to end-user industries.
Due to the relatively lower concentration of crop protection chemicals companies when compared to the overall value chain of agribusinesses, it can be understood that bargaining power is highly inclined with these companies. A below tabulation of key profitability metrics across various categories of agribusiness would shed light on the operational scope of crop protection chemical manufacturers.
Global Caprolactam Market Definition
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Caprolactam is a synthetic crystalline compound that is an intermediate in nylon manufacture.
The cost structure of caprolactam manufacturing varies in comparison to other bulk chemicals. Cyclohexane which is a major starting material accounts for majority of the cost.
Engineering plastics are majorly classified as the group of plastics that exhibit improved mechanical and thermal properties compared to commodity plastics materials. Nylon 6 manufactured from caprolactam, is one of the important materials used in manufacturing engineering plastics. The demand for these materials is driven by industry initiatives to replace traditional materials such as metals and commodity plastics. The major end-use industries for engineered plastics are automotive, consumer products, and industrial machinery.
The automotive industry is one of the major front runners for adopting engineered plastics. The growing emphasis of fuel economy and implementation of stricter emission standards has forced manufacturers to reduce the weight of vehicles. The weight reduction of car body parts can be achieved considerably with the application of engineered plastics. It is estimated that the engineering plastics market is growing at a 2 times faster rate than the automotive production growth.
Due to highly volatile raw material prices, caprolactam prices are expected to increase over the forecast period. Cyclohexane and ammonia are the key raw materials used in caprolactam production. Cyclohexane prices are highly unstable due to varying crude oil prices. Furthermore, growing demand for cyclohexane in various applications coupled with limited production is expected to escalate its price further over the forecast period.
The study categorizes the caprolactam market based on technology, application, and end-use at the regional and global levels.
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Based on technology, the global caprolactam market is divided into hydroxylamine phosphate oxine, hydroxylammonium ammonium sulfate oximation, and others. In 2021, the HSO segment accounted for the largest market share of 54.1% in the global caprolactam market. The process involves the production of hydroxylammonium sulfate solution by the hydrogenation of nitric oxide over a platinum catalyst in the presence of dilute sulfuric acid. The solution is reduced with cyclohexanone and ammonia. This reaction is conducted at 85-90 °C by mixing in a weak acidic solution from which the cyclohexanone oxime is obtained.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global caprolactam market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.8% in the global caprolactam market during the forecast period. China, India, South Korea, Japan, Australia, Southeast Asia, and the Rest of Asia-Pacific are among the countries that make up this region. Strong economic growth in domestic emerging countries such as China, Malaysia, Indonesia, and India is primarily responsible for the region's expansion. Furthermore, MEA is the fastest-growing region after the Asia Pacific, with a CAGR of 4.8% in the global caprolactam market.
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Major Players in the global caprolactam market are:
The global caprolactam market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. The majority of market players concentrate on expanding their operations across regions, enhancing their capabilities, and cultivating strong partner relationships.
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