LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global caprolactam market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global caprolactam market for 2016-2020. To calculate the market size, the report considered the revenue generated from the sales of nylon 6 resins and nylon 6 fibers by considering 2015 as the base year.
The global caprolactam market is foreseen to grow at a steady pace during the forecast period. The market largely comprises nylon 6 products in the automotive industry, where nylon 6 is used to produce wing mirror housings, molded plastics in automobiles, and movable and support components in building accessories. Nylon 6 is increasingly preferred in packaging applications due to its texture. The polymer has injection molding extrusion capabilities, which further broadens its application areas.
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Technavio chemicals and materials analysts highlight the following three factors that are contributing to the growth of the global caprolactam market:
- Commercial importance of nylon
- Growing economies: a boon
- Rising demand from automobile sector
Commercial importance of nylon
Since its first production in 1935, nylon resins and fibers have been extensively used in many applications. Non-conducting and heat resistant properties of nylon have increased its use in the electronics industry. Since nylon 6 has a low coefficient of friction, it is being used in sliding or rotating mechanisms. The surface abrasive wear-resistant properties of nylon allow for its use in the manufacture of industrial bearings.
Ajay Adikhari, a lead olefins analyst at Technavio, says, “Nylon has high temperature resistance and can be dyed with the desired color for aesthetic appeal. Therefore, it is used in the manufacture of cooking utensils and appliances such as forks, tongs, brushes, slotted spoons, and spatulas. Further, nylon offers an excellent non-stick surface finish.”
Growing economies: a boon
The adoption of newer methods of packaging with improved barrier properties and the need for better packaging materials in the food and beverages industry and the personal care industry is aiding the growth of the global caprolactam market. The consumers, especially in the developing economies, are increasingly shifting toward packaged, ready-to-eat, microwaveable foods, owing to lifestyle changes.
“India, China, and Brazil are foreseen to be the largest contributors to the global packaged food market. Vendors in the market are establishing production facilities in emerging countries due to low operational costs and the availability of skilled workforce and cheaper labor. APAC is also known as the hub for textile production,” adds Ajay.
Rising demand from automobile sector
The automobile sector is anticipated for an unprecedented growth during the forecast period. The imposition of stringent regulations regarding emissions and the need for increased fuel efficiency have compelled manufacturers to invest in R&D for the development of alternative materials to conventional metal alloys. Nylon not only allows the manufacturers for meeting the imposed regulations but also reduces the overall cost of the automobile. Parts that require rolling and sliding motion are being manufactured from nylon due to its wear-resistant properties. Nylon also has excellent heat resistance and offers greater flexibility and durability.
The demand for passenger vehicles is primarily influenced by economic conditions, changes in government policies, inflation levels, fluctuation in exchange rates, and GDP growth of the country. The growth in the automotive sector is a major driver in the nylon 6 resins market. China and India have been contributing to the growth of automotive industry considerably.
Top vendors:
- Honeywell
- BASF
- DSM
- UBE Industries
- Capro
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