Global market for caprolactam is expected to witness growth due to its increasing use as a feedstock for the production of nylon 6. China was the largest manufacturer of nylon 6, accounting for over 30% of global capacity in 2013. Capacity expansion of caprolactam production in China due to application growth of fibers and plastics in automotive, construction and electronics industry is anticipated to fuel caprolactam demand over the forecast period. Declining crude oil prices on account of increasing production output for shale gas and tight oil is anticipated to have a positive impact on caprolactam market over the forecast period. In October 2014, Genomatica announced plans to develop bio-based caprolactam through enzymatic conversion. This move is anticipated to open new opportunities for caprolactam market over the forecast period.
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Regulatory framework intended for restricting production of synthetically derived chemicals as well as polymers, in the U.S. and European Union is anticipated to hamper caprolactam demand. This regulatory outlook in the U.S. and Europe is likely to open new market opportunities for companies to deploy efforts on the development of bio-based caprolactam over the forecast period. In July 2014, Lanxess commenced production of nylon-6 at Antwerp (Belgium) with an annual production capacity of 90,000 tons. The new plant is anticipated to increase the use of caprolactam in nylon 6 production over the forecast period.
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Key market players include BASF, China Petroleum & Chemical Corporation, Honeywell International Inc., KuibyshevAzot OJSC and DSM. Favorable government policies in India and China intended for promoting FDIs in domestic chemical sectors is anticipated to open avenues for caprolactam market over the forecast period.
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