Pune, India, Aug. 17, 2023 (GLOBE NEWSWIRE) — The global nylon market size was valued at USD 31.33 billion in 2022 and is projected to grow from USD 31.09 billion in 2023 to USD 44.19 billion by 2030 exhibiting a CAGR of 5.1% during the forecast period.
Polyamide, also known as nylon, is a versatile polymer used in various industries for its wide range of applications. It is produced through the polymerization of caprolactam or adipic acid & hexamethylene diamine. Companies in the industry, such as Invista, are investing in expanding their production capacities to meet the growing demand and enhance their manufacturing processes. Fortune Business Insights™ presents this information in their report titled “Global Nylon Market, 2023–2030.”
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List of Key Players Profiled in the Global Nylon Market Report:
DuPont (U.S.)BASF SE (Germany)Lanxess AG (Germany)Nylon Corporation of America, Inc. (U.S.)Shenma Industrial Co., Ltd. (China)Ascend (U.S.)Domo Chemicals (Germany)Radici Partecipazioni SpA (Italy)Invista (U.S.)DSM (Netherlands)Formosa Group (Taiwan)SINOPEC (China)Ube Industries (Japan)LIBOLON (Taiwan)ZIG SHENG INDUSTRIAL CO., LTD. (Taiwan)
Report Scope & Segmentation:
AttributesDetailsForecast Period2023-2030Forecast CAGR5.1%2030 Value ProjectionUSD 44.19 BillionMarket Size in 2023USD 31.09 BillionHistorical Data2019-2021No. of Pages185Report CoverageRevenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest TrendsSegments Covered By FormBy Production ProcessBy ApplicationRegions Covered North AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaNylon Market Growth DriversRising Demand from the Automotive Industry to Drive Market Growth
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COVID-19 Impact
Low Demand from Automotive Sector Dipped Market During Pandemic
The automotive industry, which extensively utilizes PA 6 and PA 6,6, experienced a significant decline in demand and production due to the COVID-19 pandemic, resulting in a double-digit decline in 2020 compared to the previous year. However, a gradual recovery was anticipated as governments implemented measures to revive the manufacturing sector.
Segments:
Versatility of Nylon 6 Fibers in Textile Applications Spur’s Market Growth
By type, the market is segmented into Nylon 6 (resin, fiber) and Nylon 6,6 (resin, fiber). Nylon 6 fibers dominate the global market for their strong adoption in the textile industry, offering excellent mechanical strength and wear resistance for various webbing products.
Automotive Sector’s Strong Demand for Resins and Fibers Propel Segmental Growth
By application, the market is segregated into automotive, electrical & electronics, appliances, film & coatings, wire & cables, consumer, industrial & machinery, and others. The automotive segment held the largest nylon market share in 2022, driven by the extensive use of polyamide resin and fibers in various automobile applications such as airbags, injection molded components, and tire cords.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Drivers and Restraints
Polyamide’s Versatility and Performance Drive its Adoption in the Automotive Industry
The automotive industry extensively utilizes polyamide due to its favorable properties such as workability, strength, and toughness. It can be easily molded and extruded to manufacture various auto parts, and its high-temperature and chemical resistance make it suitable for harsh environments. The lightweight nature of polyamide components improves the efficiency of conventional vehicles, which aligns with the growing emphasis on fuel economy and environmental concerns.
However, the nylon market growth may be stifled by stringent regulations aimed at reducing harmful impacts to the environment.
Regional Insights
Asia Pacific Emerges as Dominant Market Fueled by Automotive and Packaging Industries
Asia Pacific is expected to remain the dominant market for polyamide, driven by the growing demand in automotive and packaging applications, especially in emerging economies such as China and India.
North America, a major producer of polyamide, is primarily driven by the automotive industry, with the U.S. experiencing a significant growth in electric vehicle sales, expected to continue in the projected timeframe.
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Detailed Table of Content:
Introduction Research ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket Dynamics Market DriversMarket RestraintsMarket OpportunitiesKey Insights Key Emerging Trends – For Major RegionsKey Industry DevelopmentsLatest Technological AdvancementInsights on Regulatory ScenarioPORTER’s Five Forces AnalysisCovid-19 Impact Analysis Supply Chain ChallengesSteps taken by companies to overcome the impact
TOC Continued…!
Competitive Landscape
Industry Players Expand Production Capacities amidst Changing Geopolitical Dynamics and Trade Policies
The global market is currently facing an oversupply situation due to the abundance of installed capacities, prompting key industry players to expand their production capabilities. However, the market growth is hindered by price volatility, which can be partially mitigated through pricing contracts with customers, and by the impact of changing geopolitical dynamics and trade policies on the supply chain.
Key Industry Development
April 2022 – DOMO Chemicals announced the expansion of its TECHNYL polyamide production capacity in China. This expansion is aimed at satisfying the increasing demand from industries such as automotive, electrical and electronics, and industrial consumer goods.
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