Caprolactam Market Market Analysis and In-Depth Analysis on Market Dynamics, Emerging Trends, Growth Factors and Sales Forecast to 2024
Major trend being witnessed in the caprolactam market is upcoming investments and expansions. Caprolactam is a compound that is increasingly replacing metals in automotive applications such as air intake. Hence, in terms of research and development, manufacturing associations and end-product manufacturers impart high investments for future expansions and technology modifications of the compound. The continuous improvements in the processing and manufacturing standard of the end-products is the major trend in the market.
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Caprolactam industry is expected to grow at a significant pace owing to the fact that caprolactam is used to produce nylon 6 fibers and resins that are used widely in various applications. Due to superior chemical as well as physical characteristics of the compound such as light weight and high tensile strength, the nylon 6 fibers have become materials of choice in various textile and carpets application. Also, the fibers are used for making tire cords due to their tensile strength, durability, and fatigue resistance. The growing demand for nylon 6 fibers will continue to aid the growth of the caprolactam market.
One of the major drivers identified in the caprolactam market is the growing purchasing power of individuals in the developing countries. In the recent times, countries such as China and Indian have undergone rapid economic development. The increased economic prosperity in these countries have resulted in growth of middle-class population having high purchasing power. With high purchasing power, the clothing industry in these countries has witnessed a significant growth, which in turn, is boosting the demand for caprolactam used in fabric production.
Some of the major players in the global caprolactam market include Koninklijke DSM N.V., Honeywell International Inc., Ube Industries Ltd., BASF SE, Capro Corporation, China Petrochemical Development Corporation, OSTCHEM, Braskem SA, DOMO Caproleuna GmbH, Gujarat State Fertilizers & Chemicals Ltd., Shandong Haili Chemical Industry Co. Ltd., Sumitomo Chemical Co. Ltd., LANXESS AG, Toray Industries Inc., and Univex Corporation.
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The study provides historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
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