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Caprolactam Market 2024 - By Size, Share Analysis, Future Insights, Current Trends And Global Growth Outlook By 2033
Caprolactam Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Technological advancements have emerged as a key trend gaining popularity in the caprolactam market. Major companies operating in the caprolactam sector are focused on developing new technological solutions to strengthen their position in the market. For instance, in July 2021, Fibrant, a Netherlands-based chemical products and services company, marketed its caprolactam under the tradename EcoLactam, a new generation caprolactam with a reduced carbon footprint. The company will reduce its carbon footprint by over 50 percent by applying proprietary Hydranone technology.
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Major Key Players of the Market:
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.
Caprolactam Market 2024 Key Insights:
• 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%.
• Rise Of Automotive Industry To Drive Market Growth
• Technological Advancements Driving Innovation In Caprolactam Market
• Asia-Pacific was the largest region in the caprolactam market in 2023
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