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Caprolactam is an intermediate compound primarily used for the production of nylon 6. Cyclohexane is dominantly used as a raw material in the production of caprolactam, whereas phenol and cyclohexene routes account for a relatively small share. nlon 6 fiber is the major market driver for caprolactam as more than three-fifth of caprolactam is consumed for nylon 6 production around the world. Nylon 6 fiber are further used to make various textile, carpets, industrial yarns and other products.
Nylon 6 fiber is predominantly used for making various clothing such as track pants, jackets, pantyhose, swimwear, and other hosiery clothes. The increasing demand of nylon clothing, especially in the sports industry, is expected to strongly support the growth of the caprolactam market over the forecast period. Moreover, rising consumption of nylon 6 resin for the production of films is also expected to drive the market in the upcoming years.
Key Market Driver -
High Adoption of nylon clothing is driving the market
Key Market Restraint -
Overcapacity of Caprolactam to hinder market growth
However, there has been overcapacity of caprolactam in the world, especially in the Asia-Pacific region leading to relatively low operating rates and declining exports from Europe and North America region. This has resulted in high competition in the market which confines its growth.
Based on application, the market for caprolactam is segmented into nylon 6 fibers (textile & carpet, industrial yarn, and others), nylon 6 resin (engineering resting and films), and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global caprolactam market is highly fragmented, with number of titans operating in the global markets. Some of the key players in the Caprolactam market includes, BASF SE, SINOPEC, LANXESS, DOMO Caproleuna, UBE, Spolana, Fibrant (Highsun Group), SHCHEKINOAZOT, Luxi Chemical Group, and others.
The caprolactam market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific dominates the consumption of caprolactam in the world on the back of China, which accounts for around half of the world consumption of caprolactam. The region is expected to witness healthy growth in demand due to dvelopments in the emerging countries and growing middle class in the region. Falling crude oil prices may increase the production of caprolactam in the region and create oversupply circumstances. Europe region is one of the largest exporter and manufacturer of caprolactam in the world and is expected to remain net exporter over the forecast period. Western countries such as UK, Germany, France, Spain, Italy the leading producers and are expected to witness steady growth in the upcoming years.
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North America also produces significant quantities of caprolactam. The growth in demand in the region is expected to remain low over the foreseeable period due to stagnancy and changing trade policies. GCC countries dominate the Middle East & Africa region. The demand in the region is expected to rise moderately as political turmoil and economic instability are major growth hindrance. Similarly, Latin America is also expected to witness moderate growth over the forecast period. Social & Economic instability are likely to impact the growth in the region. However, improving conditions are anticipated to provide healthy growth opportunities over mid and long term forecast.
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