August 16, 2022 08:45 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global nylon market size was valued at USD 22.08 billion in 2021. The market is expected to grow from USD 22.83 billion in 2022 to USD 30.25 billion by 2029, exhibiting a CAGR of 4.1% during the forecast period. Rising demand for the material from several industries and rapidly advancing 3D printing technology will foster market growth. Fortune Business Insights™ provides this information in its report titled “Nylon Market, 2022-2029.”
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List of Key Players Profiled in the Nylon Report
Nylon 6 to Hold Major Market Share Attributable to its Low Cost and Extensive Adoption
By type, the market is bifurcated into nylon 6 and nylon 6,6. The nylon 6 segment is expected to dominate the market share due to its low cost and extensive adoption.
Automotive Sector to Dominate Attributable to its Extensive Applications
Based on application, the market is classified into automotive, electrical & electronics, appliances, film & coating, wire & cable, consumer, industrial & machinery, and others. The automotive sector is expected to dominate, attributable to its extensive applications.
Regionally, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Declining Demand from the Automotive Industry Impeded Market Progress
This industry was negatively affected during the COVID-19 pandemic due to declining demand for the material in the automotive industry. The closure of manufacturing facilities created a huge raw material shortage. Furthermore, restrictions on travel and transport disrupted supply chains.
However, lockdown relaxations allowed manufacturers to continue manufacturing, thereby accelerating the industry’s growth. In addition, the adoption of industrial automation, advanced sanitization, and reduced capacities may allow manufacturers to balance costs and recover losses.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Strong Demand for the Material from the Automotive Sector to Foster Market Growth
Nylon is a versatile polymeric material that is used in several industries and applications. The strong demand for the material from the automotive sector is expected to elevate its adoption. Its toughness, strength, and workability are expected to bolster its sales. Further, it is used to manufacture several automotive parts.
The material’s chemical and temperature resistance is expected to enhance its adoption. Moreover, the rising demand for vehicles possessing advanced safety features and rigidity is expected to enhance the industry’s progress. In addition, the rising adoption of electric vehicles is expected to drive the nylon market growth.
However, stringent regulations regarding the negative environmental impacts of the material are expected to hamper the industry’s growth.
Strong Demand for the Material from the Packaging Sector to Fuel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the nylon market share due to its strong demand from the packaging sector. The market in Asia Pacific stood at USD 13.32 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Further, strong demand for the material from several sectors of India and China is expected to foster the product’s adoption.
In North America, rising electric vehicle sales in the U.S. is expected to enhance the material’s adoption. For example, as per the information provided by the U.S. Department of Energy, electric vehicle adoption witnessed an 85% spike in 2021. This factor may bolster market growth.
In Europe, the strong demand for the material from the automotive industry is expected to enhance sales. Further, the introduction of stringent norms in the region is expected to foster industry growth. For example, Germany increased electric vehicle subsidies and extended the environmental bonus criterion for e-vehicles owners until 2025.
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Major Players Devise Expansion Strategies to Elevate Market Presence
The prominent players operating in the market devise expansions to enhance their market reach. For example, BASF planned the expansion of its Ultramid polyamide production capacities in India in March 2022.
This development is undertaken to fulfill the rising demand for PA 6,6 and PA6 in industrial manufacturing, consumer goods, electronics, and automotive sectors. This strategy may allow companies to expand its market presence and boost its brand image. Furthermore, companies devise novel product launches, mergers, collaborations, and research and developments to elevate market position.
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