Nylon Market is Projected To Grow At A 5.47% Rate Through The Forecast Period
Research Reports
Aug 17, 2023
According to a Comprehensive Research Report by Market Research Future (MRFR), “Nylon Market Information By Type, Application, and Region – Forecast till 2030”, the market is estimated to grow at a 5.47% CAGR to reach USD 55.35 Billion by 2030.
Top Drivers and Restraints
A number of textile and garment factories across the globe had to halt operations owing to the COVID-19 outbreak. The novel coronavirus pandemic and the subsequent lockdown adversely affected the export and import of nylon, fabrics, and yarn between countries, which can most likely be the case throughout the review period. The rising cases of SARS-CoV-2 and the scarcity in human labor and workforce have resulted in delayed shipments of nylon, which can be a huge restraint for the market growth in the following years.
However, despite the COVID-19 impact, the nylon market can gain respite from the rapidly expanding automobile industry. Nylon’s rising use in the manufacturing of various components of automobiles to bring down the overall weight as well as emission levels is favoring the overall market. Nylon 6 and 66 are increasingly being used instead of metal parts in vehicles, given their high elasticity, excellent abrasion resistance and high tensile strength. Nylon 6 is particularly deployed in engine components like bearing, bushings, wire harness connectors, oil containers, cylinder head covers, fuse boxes, timing belts and crankcases.
Nylon is also picking up momentum in the engineering plastics and textile industries. The rivalry between the leading firms in the market is quite intense, who are constantly striving to create better-featured products at competitive prices. For this purpose, the companies are spending substantially on R&D for a more robust product portfolio. Many of the leading manufacturers are also entering into agreements with other players to adopt latest technologies for higher production and efficient nylon.
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Market Segmentation
The Nylon industry has been categorized as type and applications.
The different types of nylon available in the market are Nylon 6,12; Nylon 12, Nylon 6,6; Nylon 6; Nylon 4,6 and more.
The various applications of nylon are tire, textile, house hold appliance and military supply.
Regional Insights
APAC can continue to lead the global market in the years ahead, thanks to the abundance of low-cost labor and raw materials combined with the rising spending power of consumers and end-users alike. APAC is a substantial untapped market and is hugely benefitted by the presence of a supportive government, which encourages international polyamide vendors to set up their distribution and manufacturing facilities in the region. China is currently at the vanguard of the APAC market, on account of the mounting automobile production, advancements in the manufacturing sector, and the rising preference for nylon 66.
The North American market benefits from the thriving automotive industry, which is among the top end-users of nylon. Also, the region observes a strong demand for organic materials in the wake of increasing prices of petrochemical-based raw materials. Therefore, there is a strong possibility that with the escalating demand for organic products, nylon can enjoy higher demand in the near future. Besides, the rising adoption of electronic devices and consumer goods could also work in the favor of the nylon market in the region.
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Key Companies Profiled
AdvanSix Inc., Invista, Ascend Performance Materials, Nylon Corporation of America, Inc. (NYCOA), Laxness, Domo Chemicals, Radici Partecipazioni SpA, Evonik, Toray Industries, Libolon, TOYOBO CO LTD, DuPont, LyondellBasell Industries N.V., Evonik Industries AG, SABIC BASF SE, Shenma Industrial Co., Ltd, Arkema S.A, and others.
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