Caprolactam Market Size is Projected to be US$ 33.97 Billion by 2032, at a CAGR of 4.7% from 2024 to 2032 | Polaris Market Research
New York, USA, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The caprolactam market was estimated at USD 22.55 billion in 2023. The market valuation is expected to be USD 33.97 billion by 2032, registering a staggering CAGR of 4.7% during the forecast period of 2024-2032.
What is Caprolactam?
Caprolactam is an organic compound with the formula (CH25) C(O)NH. The colorless solid is a lactam of caproic acid. Global demand for this compound is roughly five million tonnes per year, and the expansive bulk is utilized to make nylon 6 filament, fiber, and plastics. One of the most normally utilized thermoplastics, nylon 6, is rendered by polymerizing- caprolactam, which consequently emanates from the median cyclohexanone. The conclusion can be produced in several methods, which can be categorized as per the kind of raw material utilized. The commercial techniques for producing caprolactam are CAPROPOL and BASF, which use unadulterated oxygen.
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Key Market Data
Caprolactam market size was valued at USD 22.55 billion in 2023.
The market is anticipated to grow from USD 23.57 billion in 2024 to USD 33.97 billion by 2032.
The market is expected to exhibit at a CAGR of 4.7% during the forecast period.
Paramount Notifications from Report:
The market for caprolactam is expected to increase significantly due to its outstanding mechanical attributes, longevity, and chemical aversion; nylon 6 is broadly utilized in the making of resins, fibers, and engineering plastics.
The caprolactam market segmentation is mainly based on raw material, end-product, application, end-use industry, and region.
Asia Pacific registered as the largest market share.
Caprolactam Market Drivers and Trends:
Growing Investments in Research and Development: Makers are growingly acquiring green practices and funding in research and development to enhance procedure planning, curtailing environmental influence, and improvisation of commodity standards. Also, the escalating concentration of weightless and low-carbon substances in the automotive and aerospace sectors is pushing the market growth.
Technological Progressions: Continuing technological progressions are playing a notable part in pushing the growth of the market. These progressions circumscribe several features of caprolactam production procedures involving inventive manufacturing procedures, catalyst advancements, and procedure maximization.
Growing Environmental Worries: Growing funding in bio-dependent caprolactam production techniques is propelled by escalating environmental worries, and chasing green options to conventional petrochemical-dependent procedures is supporting the caprolactam market growth.
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Market Challenges:
The demand for caprolactam market growth is anticipated to be constrained by the growing contention proposed by bio-dependent options. These options issued from green resources such as biomass and plant-dependent feedstock are acquiring approval because of their diminished carbon footprint and decreased reliance on fossil fuels.
Industry’s Main Contenders:
Advansix
Alpek Polyester
Capro Co.
Central Drug House
China Petrochemical Development Corporation
Domo Chemicals
Fibrant
Kuibyshevazot Engineering Plastics (Shanghai) Co., Ltd.
Geographical Landscape:
Asia Pacific accounted for the most caprolactam market share. This is a result of the existence of some of the globe's biggest economies involving Japan, China, South Korea, and India, which broadly push notable demand for caprolactam-dependent commodities covering several industries.
Due to the region's strong manufacturing foundation and progressive technological potential, especially in industries such as automotive, aerospace, and electronics, which are notable consumers of caprolactam-procured commodities, the North America region is also anticipated to grow at the quickest rate over the forecast period, with a CAGR.
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Market Segmentation:
By Raw Material Outlook:
Phenol
Cyclohexane
By End Product Outlook:
Nylon 6 Fibers
Nylon 6 Resins
Others
By Application Outlook:
Industrial Yarns
Engineering Resins and Films
Textile Yarns
Carpet Fibres
Others
By End Use Industry Outlook:
Automotive
Film Coatings
Plasticizers
Plastics
Synthetic Leather
Textile
Others
By Regional Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Caprolactam Market Report Coverage from Different Publications:
The global caprolactam market size is expected to reach USD 33.97 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period.
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