The Global Nylon Market is witnessing positive growth due to its versatile applications and increasing demand across various industries. Nylon's excellent mechanical properties, high strength-to-weight ratio, and resistance to wear and tear make it a preferred choice in the automotive, textile, and consumer goods sectors. Its lightweight nature benefits the aerospace industry. Additionally, nylon's recyclability and sustainability aspects have led to its increasing adoption of eco-friendly products. The market's expansion is driven by these positive attributes, ensuring a promising future for the nylon industry.
According to Data Bridge Market Research, the global nylon market is expected to reach the value of USD 31.78 billion in 2021 and is expected to reach USD 42.30 billion by 2029, registering a CAGR of 6.90% during the forecast period of 2022-2029.
"Strong mechanical properties surge market demand"
Nylon's strong mechanical properties, including a high strength-to-weight ratio, exceptional durability, and resistance to wear and tear, make it highly desirable for various manufacturing applications. Its robustness allows it to withstand heavy loads and mechanical stresses, making it suitable for automotive, aerospace, and engineering components. Additionally, its lightweight nature is advantageous in industries where reducing weight is crucial for improved fuel efficiency and overall performance. These properties contribute to nylon's widespread use and popularity across different sectors.
What restraints the growth of the nylon market?
" Fluctuating raw material prices can impede the market growth”
The fluctuating raw material prices, particularly crude oil and petrochemical used in nylon production pose a challenge to the overall cost stability of nylon manufacturing. As these materials are key components of nylon synthesis, their price volatility can lead to unpredictable production expenses. Manufacturers may face challenges in managing costs, adjusting pricing, or passing on increased expenses to customers. Such uncertainty in raw material costs can impact profit margins and strategic decision-making within the nylon market.
Segmentation: Global Nylon Market
The nylon market is segmented on the basis of product and application.
- On the basis of product type, the nylon market is segmented into nylon 6, nylon 66
- On the basis of application, the nylon market is segmented into automobile, electrical and electronics, engineering plastics, and textile.
Regional Insights: North America dominates the Global Nylon Market
North America's dominant position in the nylon market can be attributed to two key factors. The region benefits from increased consumer spending power, driving higher demand for nylon products in various industries such as automotive, textiles, and consumer goods. Additionally, North America has access to abundant low-cost raw materials, particularly petrochemicals, which are essential for nylon production. This availability of affordable inputs helps manufacturers maintain competitive prices, making North America a leading player in the global nylon market.
Europe is poised for significant growth in the nylon market from 2022 to 2029, to its well-established and technologically advanced infrastructure. The region's robust industrial base and advanced manufacturing capabilities offer a competitive edge in nylon production. Europe's emphasis on research and innovation fosters continuous improvement in nylon manufacturing processes and product development. This technological advantage, coupled with a strong industrial foundation, positions Europe for substantial expansion in the nylon market during the forecast period.
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Recent Developments in Global Nylon Market
- In 2021, Ascend Performance Materials announced the establishment of a new production unit for its HiDura PA610 & 612 long-chain nylons. Leveraging their extensive expertise in polymerization, the company enhanced the production capacity at its Greenwood facility in South Carolina.
- In 2021, INVISTA Nylon Chemicals Co. in China aimed to nearly double its production capacity of nylon 6,6 polymer at the Shanghai Chemical Industry Park (SCIP) These expansion plans reflect the growing demand for nylon and the companies' commitment to meet the increasing market needs.
The Prominent Key Players Operating in the Global Nylon Market Include:
- BASF SE (Germany)
- Huntsman International LLC. (U.S.)
- AdvanSix. (U.S.)
- INVISTA (U.S.)
- Toray Industries, Inc. (Japan)
- Ascend Performance Materials LLC (U.S.)
- Goodfellow (India)
- LANXESS (Germany)
- Ube Industries Ltd. (Japan)
- Domo Chemicals (Belgium)
- Ashley Polymers Inc. (U.S.)
- Toyobo Co. Ltd. (Japan)
- Honeywell International Inc. (U.S.)
- Evonik (Germany)
- Mitsubishi Chemical Corporation. (Japan)
- Solvay (Belgium)
- Arkema (France)
- Asahi Kasei Corporation (Japan)
- DuPont. (U.S.)
- Formosa Plastics Corporation. (Taiwan)
- DSM (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list of global nylon market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Nylon Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.