The nylon industry is projected to rise at a healthy CAGR of 5.5% between 2019 and 2029. The increasing application of nylon materials as a substitute to rubbers, steel, bronze, and gunmetal are key factors driving sales. The use of nylon in the production of automotive components such as fuse boxes, timing belts, bearings and more will continue to aid the growth of the nylon market. This promising growth outlook can be attributed to the recent advances made in the field of material sciences, reveals Fact.MR in its new study.
“Market players will leverage advances in material science and manufacturing, while being compliant stringent regulations. Producers will also use industry 4.0 tech along with the latest improvements in raw materials,” concludes the Fact.MR report.
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Nylon Market – Key Takeaways
- Nylon 6 will account for a major market share of 60% of the overall value through 2029.
- Nylon 66 segment will provide highly remunerative opportunities with a 6.7% CAGR.
- Automotive applications will maintain a high growth rate, expanding 1.6x through the end of the forecast period.
- East Asia will remain a leading market with 57% share of the overall market revenue through 2029.
- South Asia and Oceania will provide highly lucrative growth opportunities with a major 7% CAGR in this duration.
Nylon Market – Key Driving Factors
- Essential characteristics of nylon such as high elasticity, tensile strength, and abrasion resistance key factors driving the adoption of nylon.
- Rising demand for high fuel efficiency and stringent carbon emission regulations will support growth of global market.
- The rising use of nylon, as a substitute to multiple materials such as steel and rubber has resulted in a larger consumer base, sustaining market growth.
- Functional innovations in material sciences for end use applications is pushing the nylon market.
- The adaptability of nylon to easily mix with other textile raw materials contribute to sales.
Nylons Market – Key Constraints
- Strong competition from alternative materials such as bio absorbable polymers for their eco-friendliness or polyvinylidene fluoride (PVF), for superior performance are the key threats that are likely to hamper market growth.
Impact of COVID-19 on Nylon Market
The nylon market is indirectly hit by the ongoing global pandemic. The market’s reliance on the automotive industry is adversely affecting sales due to halted productions in major regions such as China and India. The restrictions in China have interrupted large-scale manufacturing has halted the imports and exports of nylon material, thereby putting pressure on the market players. Adding to the burden, the shortage of manpower is limiting the manufacturing quantity. Akin to the situation in the automotive industry, the COVID-19 scare has led to stores and malls being closed down, hurting the retail sales of nylon textiles as a consequence. However, if social conditions improve in the upcoming quarters, the sales will see a rise.
Explore 98 tables and 193 figures in the study. Request ToC of the report at- https://www.factmr.com/connectus/sample?flag=RM&rep_id=4598
The global nylons market is largely fragmented. The leading players profiled in the report include, but are not limited to Goodfellow Group, BASF SE, Toyobo Co. Ltd., Lanxess AG, Ascend Performance Materials LLC, Huntsman Corporation, Ashley Polmers Inc., AdvanSix Inc, Toray Industries Inc., Ube Industries Ltd., Domo Chemicals, and INVISTA. Market leaders are investing in expanding production capacity. Manufacturers are also channeling their efforts towards the inclusion industry 4.0 tech and eco-friendly production processes, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the nylons market. Global, regional and country level analysis of the latest industry trends impacting the nylons market are covered in this Fact.MR study. The report offers compelling insights on the nylons market on the basis of product (nylon 6 and nylon 66), application (automobile, engineering plastic, textile, electricals & electronics, and others), across six regions (Middle East and Africa, South Asia and Oceania, East Asia, Europe, Latin America, North America).