The caprolactam market size was USD 13,056.5 million in 2018 and is projected to register a CAGR of 3.59% between 2018 and 2023.
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How is the development of bio-based caprolactam in regions with strict regulations creating an opportunity for market growth?
Most of the organic chemicals and lubricants are crude oil-based products. The development of new industrial bio-based caprolactam, for production in bio-based polyamide 6, has the potential to reduce the dependence on imported oil and improve energy security.
Caprolactam, the monomer for polyamide 6, is produced fermentatively from glucose (other fermentable sugars derived from biomass) via an unspecified intermediate. Bio-based caprolactam is in the development phase, but improved technologies assure new products that can compete with petroleum-based caprolactam, in terms of both cost and performance.
The growing focus on R&D for commercial production of bio-based caprolactam and also resultant bio-nylon is likely to open new lucrative growth opportunities for caprolactam market in the North American and European regions having stringent regulations. In order to gain acceptance from customers, bio-based caprolactam needs to be more cost-effective as well as high-performance- than the petro-based one.
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Are volatile raw material prices challenging the market growth?
The price of raw materials derived from petrochemicals (crude oil), is largely affected by volatile crude oil prices. Hence, the uncertainty of crude oil prices is reflected directly on raw materials that are required to manufacture polyamide. In order to reduce the dependency on crude oil, the polyamide manufacturers are shifting toward bio-based methods to produce caprolactam. This bio-based polyamide is expected to drive the bio-based caprolactam market in the future. Leading market players have started introducing green polyamide, which has a good lifecycle profile, but producing cost-effective polyamide is a big challenge for the manufacturers.
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