The global caprolactam market size was US$ 12.3 billion in 2021. The global caprolactam market is forecast to grow to US$ 18.8 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Caprolactam is widely used in the preparation of nylon. Apart from that, the compound finds wide applications in textile yarn, industrial yarn, engineering plastics, carpet fibers & staples, etc. As a result of these wide applications, the global caprolactam market will grow significantly during the forecast period.
Growing demand for engineering plastics due to their beneficial mechanical and thermal properties will fuel the growth of the global caprolactam market.
Growing industrialization is expected to benefit the global caprolactam market. Furthermore, the rising demand for plastics in the automotive, consumer products, and industrial machinery industries will benefit the global caprolactam market during the study period.
The increasing number of government regulations to curb carbon emissions will soar the demand for lightweight vehicles. As a result, it will escalate the growth of the global caprolactam market during the forecast period.
Volatility in the prices of raw materials may limit the growth of the global caprolactam market during the forecast period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic halted all the manufacturing activities due to the terror of the virus. In addition, the automotive industry witnessed a severe downfall, which also impacted the demand for caprolactam. In addition to that, nylon production also fell drastically due to supply chain disruptions, unavailability of raw materials, and a reduction in consumer demand. Thus, it negatively affected the overall caprolactam market.
Regional Analysis
The Asia-Pacific caprolactam market is forecast to emerge as the largest market, owing to the presence of the largest automotive industry in the region. Furthermore, stringent government regulations promoting the development of lightweight vehicles will benefit the caprolactam market in the coming years. In addition, countries like India, China, Malaysia, Indonesia, etc., are witnessing strong economic growth. As a result, it will boost the growth of the Asia-Pacific caprolactam market during the forecast period. The presence of prominent industry players, such as China Petroleum & Chemical Corporation, Toray Industries, Inc., Gujarat State Fertilizers & Chemicals Limited, Highsun Group, etc., will also prompt the growth of this regional market during the analysis period.
Competitors in the Market
Market Segmentation
The global caprolactam market segmentation focuses on Technology, Application, End-Use, and Region.
By Technology Outlook
By Application Outlook
By End-Use Outlook
By Regional Outlook
