Press release
Global Caprolactam Market: Understanding Business Statistics, Industry Trends, Emerging Technologies, Growth Challenges, and Forecasting Through 2033
Global Caprolactam Market
The Business Research Company offers in-depth market insights through Caprolactam Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Rise Of Automotive Industry To Drive 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.
Competitive Landscape:
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.
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Top Trend - Strategic Partnerships Transforming The Caprolactam Market
Major companies operating in the caprolactam market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the caprolactam market facilitate the sharing of expertise, resources, and technology, fostering innovation, improving production efficiency, and expanding market reach. For instance, in September 2023, Toray Industries Inc., a Japan-based textile company, partnered with Honda Motor Co. Ltd., a Japan-based automobile company, to jointly develop chemical recycling technology for glass-fiber reinforced nylon 6 parts obtained from end-of-life vehicles. The collaboration focuses on depolymerizing the nylon 6 parts using subcritical water, which has high permeability and dissolving power, ultimately regenerating the materials as caprolactam, a crucial raw monomer. The technology has been adopted by the Ministry of the Environment for a fiscal 2023 project aimed at establishing a decarbonized circular economy system, and the companies plan to set up a pilot facility to process 500 metric tons annually of raw resin for validation testing. The initial phase of the collaboration involves recycling used automotive plastic parts, with a goal to apply the technology to automotive resin parts recycling by around 2027.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Caprolactam Market Characteristics
3. Caprolactam Market Trends And Strategies
4. Caprolactam Market - Macro Economic Scenario
5. Caprolactam Market Size And Growth
…..
27. Caprolactam Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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