- The caprolactam market demand owes to accentuating demand for caprolactum in engineering applications. It is projected to attain around USD 15 billion by 2022. The growing consumption of nylon fibers and nylon-6 resins, owing to expansion in the electronics industry, is predicted to propel the income of the market. Huge expansion in the electronics industry of China would also ensure sound growth of the same.
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Caprolactam production involves lesser technicalities and infrastructural spendings. This motivates the entry of new players. These players invest in the sales of caprolactam and develop strategies to gain a strong market foothold. The caprolactam market is estimated to undergo significant development through the forecast phase. This product is broadly utilized as a raw material for the manufacture of nylon resins and nylon-6 fibers.
Surging demand for plastics in the industries of automotives, construction, and electronics is predicted to remain the most vital market propelling factor in the coming years. Conversely, the unstable supply of feedstock would act as a market hindrance. Caprolactam has various features which steer its sales. Some of these are resistance to abrasion, high potency, and resistance to oils and chemicals.
These properties allow it to be utilized across various application and end-user segments. The expanding fabrics industry in Asia Pacific, together with the growing automobile industry is anticipated to boost the demand for the caprolactam market in the seven years ahead. The strong production base of fabrics industry coupled with rising demand for this product in several European nations is also predicted to propel market revenue.
Constant research and developments to achieve cost-affordable production have played a major role in pushing the sales of the market. Asia Pacific led the caprolactam market in 2014. It occupied more than 55 percent share. Various appliance and automotive plants in India and China add sales to this region. Europe accounted for the second biggest market in the same year.
Accelerating research and developments for the generation of eco-friendly products in Europe are estimated to positively affect the regional market over the forecast phase. In 2014, the dominating market application and end-user were nylon-6 fibers and textile yarn respectively.
Information Source: Grand View Research
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