The caprolactam market size is expected to grow from USD 13.1 billion in 2018 to USD 15.6 billion by 2023, at a CAGR of 3.59% during the forecast period. The major driving factors in the caprolactam market are the need for lightweight vehicles, the growth of films and coatings applications, and the growth of emerging economies.
APAC has emerged as the leading consumer and producer of caprolactam. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of caprolactam in the region. APAC is also the fastest-growing caprolactam market.
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The major caprolactam market players include AdvanSix Inc. (US), Alpek S.A.B. de C.V. (Mexico), The Aquafil Group (Italy), BASF SE (Germany), Capro Co. (South Korea), China Petrochemical Development Corporation (Taiwan), Domo Chemicals (Germany), Grupa Azoty (Poland), Gujarat State Fertilizers & Chemicals Limited (India), Highsun Group (China), KuibyshevAzot PJSC (Russia), Lanxess AG (Germany), Luxi Chemical Group Co., Ltd. (China), China Petroleum & Chemical Corporation (Sinopec) (China), Spolana (Czech Republic), Sumitomo Chemical Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Ube Industries, Ltd. (Japan), and Zhejiang Hengyi Group Co., Ltd. (China). These players have adopted various growth strategies such as investment & expansion, merger & acquisition, contract & agreement, and partnership & collaboration, to expand their presence in the global caprolactam market. Investment & expansion and merger & acquisition were the most dominating strategies adopted by the major players from 2015 to 2018, which helped them innovate their offerings and broaden their customer base.
In line with the rising demand for caprolactam, Aquafil has been working to deliver efficient caprolactam products for various applications. The Aquafil Group is one of the leading manufacturers of polyamide 6 (PA6) fibers and polymers and nylon. The fibers produced by the company mainly targets two sectors; textile flooring (carpets and rugs) and clothing (underwear, hosiery, and technical sports clothing). The polymers are mainly sold on the engineering plastics market. The company operates through three product/business areas – bulk continuous filament (BCF), nylon textile fibers (NTF), and polymers. In May 2018, Aquafil and Genomatica announced the formation of Project EFFECTIVE, a multi-company collaboration to produce more sustainable fibers and plastics for commercial use by using renewable feedstocks and bio-based technologies. One of the key objectives of Project EFFECTIVE is to develop a more sustainable nylon, made from bio-based caprolactam produced using renewable feedstocks.
LANXESS, a specialty chemicals company, develops, manufactures, and markets chemical intermediates, specialty chemicals, and plastics, worldwide. It operates in five segments: advanced intermediates, specialty additives, performance chemicals, engineering materials, and Arlanxeo. The company offers caprolactam through its engineering materials segment under its high performance materials business unit. In April 2017, the company expanded its production capacity for polyamide and precursors for plastics in Lillo-Antwerp (Belgium) in order to strengthen the competitiveness of this site. Caprolactam is a key precursor for the production of high-tech plastics and is used in the automotive and electrical & electronics industries.
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