Nylon Market Projected to Hit USD 55.35 Billion, at a 5.47% CAGR by 2030 - Report by Market Research Future (MRFR)
Nylon Market Insights and Industry Analysis by Type (Nylon 6, Nylon 6,6 , Nylon 12 and Others), Application (Automotive, Electrical & Electronics, Packaging, Textile, Sports and Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Nylon Market Overview
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.
Nylon, a highly versatile plastic, is used in a wide range of applications, including fishing lines and carpets. Because of its versatility and inexpensive cost, the nylon market has increased in recent years. Because of the growing popularity of synthetic materials, nylon is in high demand worldwide. This synthetic polymer is manufactured from coal and petroleum products. It is sturdy and long-lasting, making it an excellent choice for a wide range of applications such as home furnishings and industrial components. The fabric is often used in garments, carpets, and tires.
It is perfect for high-wear objects such as carpeting and tires due to its strength and longevity, as well as its resistance to tearing and abrasion. Nylon's high melting point makes it useful for industrial uses.
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Market Size in 2030
USD 55.35 Billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Type, Application, and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Nylon is extensively used in automotive components.
The increasing focus on reduction of the vehicle weight to improve their performance and efficiency.
Market Competitive Landscape:
The important firms in the nylon industry include
Ascend Performance Materials
Nylon Corporation of America Inc. (NYCOA)
Radici Partecipazioni SpA
TOYOBO CO LTD
LyondellBasell Industries N.V.
Evonik Industries AG
SABIC BASF SE
Shenma Industrial Co. Ltd
Because of the presence of a significant number of global and regional companies, the market is consolidating. In the worldwide market, major firms have extensive distribution networks and product brands. The industry's continuing R&D operations present growth and expansion potential for market participants, which is expected to positively influence the overall market. Because of the increased need for nylon 6 and 66, various nylon manufacturers, including BASF SE, TOYOBO CO., LTD., Domo Chemicals, Ascend Performance Materials, and Ube Industries Ltd., have extended their production capabilities to fulfill the application industries' rising demand. Mergers and acquisitions are two significant methods used by big companies to stay competitive.
Taulman3D, a major 3D filament supplier of nylon, recycled PETG, and PET filaments to aerospace, automotive, healthcare, industrial, government, and higher education professions, has been bought by Braskem. The Linton, Indiana-based company's acquisition is said to be a suitable match to Braskem's existing line of next-generation 3D printing filaments (PE, PP, carbon fiber, glass fibre & recycled polymers).
Market USP Covered:
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 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 bearings, 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, and 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 the latest technologies for higher production and efficient nylon.
Nylon is made from caprolactam, which comes from crude oil. Monomers, adipic acid, and hexamethylenediamine are commonly used to make synthetic polyamides (HMD). PA 6 12 resins are made by combining hexamethylenediamine and dodecanedioic acid, whilst PA 610 resins are made by combining hexamethylenediamine and sebacic acid. The price of adipic acid and hexamethylenediamine monomers is closely related to the price of crude oil. For the previous five years, crude oil and natural gas prices have been constantly shifting, affecting the cost of nylon manufacturing.
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COVID 19 Analysis
The demand for face covers and nylon has increased dramatically since the COVID-19 outbreak, which is projected to benefit the textile industry. The majority of textile companies experienced a solid rebound in the third quarter of 2021, which is projected to continue in the first quarter of March as domestic demand progressively recovers. Nylon fabric is used in a wide range of textile products, including headgear, swimwear, athletic shoes, ponchos, bridal veils, flak jackets, backpacks, and wedding gowns. This, combined with the expansion of the textile industry, is predicted to drive up demand for nylon fabric.
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 tires, textiles, household appliances and military supplies.
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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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