Caprolactam Market Worth $15.30 Billion by 2022: Grand View Research, Inc.
(firmenpresse) - SAN FRANCISCO, CA -- (Marketwired) -- 09/03/15 -- Global is expected to reach USD 15.30 billion by 2022, according to a new report by Grand View Research, Inc. Rising nylon 6 resin and fiber consumption, on account of increasing demand for electronics, is expected to drive the market. Electronics industry growth in China has subsequently resulted in driving caprolactam demand over the past few years.
Caprolactam manufacturing requires low technical complexity along with lesser initial infrastructure investment, thus encouraging new participants to enter the market. Technological innovations aimed at improving the manufacturing process of the product in order to minimize release of ammonium sulfate as a by-product, on account of its hazardous nature, is expected to have a positive impact on the industry.
North America and Europe together accounted for over 35% of the global market volume share in 2014. Increasing focus on R&D for commercial production of bio-based caprolactam and resultant bio-nylon is expected to open new opportunities for market growth in the near future.
Nylon 6 resins are expected to witness significant gains with projected growth at a CAGR of 5.1% from 2015 to 2022. Increasing consumption of nylon 6 resins for manufacturing of engineering plastics which are used as technical components in electrical & electronics and packaging industry is expected to accelerate market growth.
Ammonia, cyclohexane, phenol and toluene are some of the key raw materials used for manufacturing caprolactam. Volatile raw material prices, limited availability and stringent regulations have been some of the primary factors challenging market growth.
Engineering plastics accounted for over 15% of the global volume share in 2014. Rapid industrialization coupled with tremendous growth in the automotive sector, particularly in Asia Pacific, is expected to have a positive impact on the industry over the forecast period. Innovation in the field of electronics along with increasing consumption of smart phones, tablets, laptops and TVs has resulted in driving demand for engineering plastics, subsequently augmenting market growth.
Asia Pacific caprolactam market was estimated at over 2,940.0 kilo tons in 2014. Encouragement of 100% Foreign Direct Investment by the Indian government for domestic automobile industry growth is expected to augment manufacturing sector. This is expected to fuel nylon 6 resins demand which in turn will have a positive impact on the caprolactam industry over the next seven years.
The global industry is fragmented in nature, on account of presence of numerous companies globally. These include Sumitomo Chemicals, Honeywell, BASF, Toray, DSM, Alpek, Ube, Sinopec and Lanxess.
In May 2015, Sumitomo Chemicals increased contract caprolactam price by USD 70 per metric ton to USD 1,880 per metric ton. In May 2015, BASF SE increased caprolactam prices by USD 0.05 per pound in North America.
Grand View Research has segmented the global caprolactam market on the basis of application, end-use and region:
Nylon 6 fibers
Nylon 6 resins
Textile yarn
Industrial yarn
Engineering Plastics
Carpet fibers & staple fibers
North America
U.S.
Europe
Germany
UK
Asia Pacific
China
India
Latin America
Brazil
MEA
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
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Datum: 03.09.2015 - 05:00 Uhr
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