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The company said that in the next five years, the demand growth of caprolactam in Japan, Western Europe and the United States will be lower than the average annual growth rate of 2%, while the demand growth of caprolactam in Asian countries (excluding Japan) is expected to reach an annual average of 3.5% to 4%. %, the demand growth of Latin American countries will reach an average of 6% to 7%. At present, global caprolactam production capacity is 4.9 million tons/year, of which North America accounts for 25%, Asia (excluding Japan) accounts for 23%, and Western Europe accounts for 22%.
Caprolactam is one of the important organic chemical raw materials and is mainly used for the production of nylon 6 fibers, resins and films. The demand for caprolactam from nylon 6 fiber accounted for about 65% of the total global demand, and the resin and film demand accounted for 30% to 35%. Demand for nylon 6 resin in economically developed regions such as Japan, Western Europe and the United States is one of the main drivers of growth in the caprolactam market.
The rapid increase in demand for caprolactam in Asia has prompted some Asian producers to begin considering energy expansion. The Chinese petrochemical development company in Taipei, China is planning to expand its caprolactam capacity from current 260,000 tons/year to 285,000 tons/year in 2008. China's Sinopec Group is currently expanding 70,000 tons/year of caprolactam plant in Hunan and is expected to complete in 2007. In addition, Sinopec is building a new cyclohexanol plant in Hebei to supply raw materials for the planned new caprolactam plant. Honeywell is expanding its caprolactam plant in Virginia, USA, by 10%. After capacity expansion, the plant's capacity will reach approximately 375,000 tons per year. Allegedly, this is to meet the growing market demand, especially demand from China.
However, analysts also pointed out that due to the current low operating rate of global caprolactam plants, it is unlikely that manufacturers will substantially expand caprolactam production capacity for a longer period of time. At present, the world's top seven caprolactam producers account for about 60% of global production capacity. It is reported that BASF is the world's largest producer of caprolactam, followed by DSM and Honeywell.
Global demand for caprolactam rises steadily
The latest research report released by SRI Consulting Company in the United States shows that in the next few years, global caprolactam market demand is expected to grow at an average annual rate of 2.9%. By 2010, the total market demand will reach 4.5 million tons per year. The growth in Asia and Latin America is particularly rapid and will become a leader in the global market.