The caprolactam market size is expected 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 major driving factors in the caprolactam market are the need for lightweight vehicles, the growth of films and coatings applications, and the growth of emerging economies.
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The major caprolactam market players include AdvanSix Inc. (US), Alpek S.A.B. de C.V. (Mexico), The Aquafil Group (Italy), BASF SE (Germany), Capro Co. (South Korea), China Petrochemical Development Corporation (Taiwan), Domo Chemicals (Germany), Grupa Azoty (Poland), Gujarat State Fertilizers & Chemicals Limited (India), Highsun Group (China), KuibyshevAzot PJSC (Russia), Lanxess AG (Germany), Luxi Chemical Group Co., Ltd. (China), China Petroleum & Chemical Corporation (Sinopec) (China), Spolana (Czech Republic), Sumitomo Chemical Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Ube Industries, Ltd. (Japan), and Zhejiang Hengyi Group Co., Ltd. (China). These players have adopted various growth strategies such as investment & expansion, merger & acquisition, contract & agreement, and partnership & collaboration, to expand their presence in the global caprolactam market. Investment & expansion and merger & acquisition were the most dominating strategies adopted by the major players from 2015 to 2018, which helped them innovate their offerings and broaden their customer base.
Major strategies identified in the global market include the following:
- New product launches
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LANXESS, a specialty chemicals company, develops, manufactures, and markets chemical intermediates, specialty chemicals, and plastics, worldwide. It operates in five segments: advanced intermediates, specialty additives, performance chemicals, engineering materials, and Arlanxeo. The company offers caprolactam through its engineering materials segment under its high performance materials business unit. In April 2017, the company expanded its production capacity for polyamide and precursors for plastics in Lillo-Antwerp (Belgium) in order to strengthen the competitiveness of this site. Caprolactam is a key precursor for the production of high-tech plastics and used in the automotive and electrical & electronics industries.
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