The market for caprolactam is estimated 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 base year considered for this study is 2017 and the forecast period is from 2018 to 2023.
Caprolactam Market by Application (Nylon 6 Fibers (Textile, Industrial, Carpet Filament, Staple Fiber), Nylon 6 Engineering Plastics (Automotive, Electrical & Electronics, Industrial & Machinery, Wire & Cable), Region – Global Forecast to 2023
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Market Dynamics
Driver
Need for lightweight automotive vehicles
The application of polyamide 6 in the automotive sector started in the 1950s. The application was limited to seat covers and a few small parts of automobiles. After 2000, the application of polyamide 6 in the automotive sector increased to a great extent.
In new generation vehicles, strength-weight matrices are very critical. New generation vehicles are based on the principle of lightweight and strong structures made up of different advanced materials. These advanced materials are used in different vehicle parts. The metal usage is replaced by these advanced materials and plastics in order to reduce the total weight of the vehicle
Restraint
Moisture absorption resulting in degradation of properties
Polyamide 6 is made from the polymerization of caprolactam and is known to have properties such as strength, stiffness, high thermal resistance, and high abrasion resistance, but the absorption of moisture is the key parameter considered during its selection. The products containing polyamide absorb moisture, thereby, decreasing their physical properties and making the product stiff. This drawback has to be considered by the manufacturers while producing the end application parts from polyamide. Different grades of polyamide have different moisture absorption rates.
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Challenge
Strict regulations in China
In China, there are various regulations pertaining to the use of chemicals such as occupational exposure limits for hazardous chemicals, safety rules for classification, precautionary labeling and precautionary statements of chemicals, regulations on the safe management of hazardous chemicals, and restrictions and prohibitions regarding the import and export of certain chemicals. The Chinese caprolactam market is entirely domestic at the moment; the products are sold locally as high taxes make it difficult for them to export their products. Some cyclohexanone plants remain unable to operate at full capacity in the country due to strict emissions control.
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