Caprolactam Market, By Raw Material, Product Type, and Geography - Insights, Opportunity Analysis, and Industry Forecast, 2022 - 2028
Report Description
Caprolactam are organic compounds with molecular formula ((CH2)5CNH). It is a colorless, solid, toxic substance and process an irritant properties. The caprolactam market is segmented by nylon 6 fiber and nylon 6 resin. The nylon 6 fiber is the largest segment and is mainly used in textile, carpet, industrial yarns and others end use industries. Also, the nylon 6 resins are used in automobiles, specialty films packaging for food, wires & cables and other end use industries. Growing demand for caprolactam in end-use industries due to various application of nylon 6 resin and nylon 6 fibers across the world. Asia Pacific is expected to dominate this market in the foreseeable according to Coherent Market Insights. Growing demand for electronic gadgets and equipment in Asia Pacific due to populous economy and changing lifestyle is expected to drive growth of the market. Growing electronics industry is propelling demand for nylon 6 resin and fiber consumption. Continuous technological innovations aimed at improving manufacturing process of the product to reduce ammonium sulfate production as a by-product, due to its hazardous nature and increase in production cost is expected to propel demand for caprolactam during 2017 - 2028. For instance, EniChem in 1994 developed a process to produce cyclohexanone oxime directly from ammonia and cyclohexanone and eliminating the conventional process which lowers the capital expenditure and ammonium sulfate production. Moreover, in 2003, Sumitomo Chemical Company Limited started production of cyclohexanone at its Ehime Plant in Japan, with a capacity of 67,000 tons per year.
Market Dynamics
Caprolactam are the primary raw materials required in the manufacture of engineering plastics. Growing textiles industry is expected to fuel the market for caprolactam in Asia Pacific. Favorable government policies and foreign investment in the region which includes, according to India Brand Equity Foundation (IBEF), is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India. For instance, Raymond Group has signed a Memorandum of Understanding (MoU) with Maharashtra government for setting up a textile manufacturing plant with an investment of US$ 208.76 million in Maharashtra’s Amravati district of India. Moreover, The Clothing Manufacturer Association of India (CMAI), signed MOU with China Chamber of Commerce (CCCT), for import and export of textiles. Moreover, nylon 6 have wide applications in the manufacturing of fishing nets, sports equipment, tracking harness, ropes, among others. The demand for caprolactam in end-use industry is propelling due to rapid innovation and development of new product aided advantages, for instance on June 17, 2014, Honeywell International Inc., introduced a new Aegis nylon resin designed to protect electrical wirings and cables used in industrial and consumer products.
Market Taxonomy
This report segments the global caprolactam market on the basis of raw material and product type. On the basis of raw material, the market is segmented as cyclohexane/benzene, phenol and others. On the basis of product type, the global caprolactam market is segmented as nylon 6 fiber, nylon 6 resin & films and polymer chips. The nylon 6 fibers market is further sub segmented into textile, carpet, industrial yarn and others. The nylon 6 resin and films, are also sub segmented into automotive, specialty films packaging for food, wires & cables and others.
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