SAN FRANCISCO, May 19, 2021 /PRNewswire/ — The global nylon market size is expected to reach USD 46.31 billion by 2028, according to a new report by Grand View Research, Inc., and is projected to expand at a CAGR of 5.8% over the forecast period. Increasing product demand from engineering plastics, textile, electrical & electronics, and automotive applications are driving the growth of the market. The electrical & electronics application segment is anticipated to progress at a substantial growth rate over the forecast period. This growth can be credited to the wide product usage in these applications including the production of tubes for cables and wirings, connectors, contactors, circuit breakers, and low voltage switch gears among others.
Key suggestions from the report:
- In terms of revenue, the nylon 6 product segment accounted for the highest revenue share in 2020 and is projected to expand further at a steady CAGR over the forecast period
- The automobile application segment dominated the global market and accounted for more than 36% of the overall revenue share in 2020
- Asia Pacific accounted for the highest revenue share in 2020 and will remain dominant even during the forecast period
- This growth is credited to the robust manufacturing base of automobiles, electronics & appliances industries in countries like China, India, South Korea, and Japan
- Various strategic initiatives were recorded by key players over the past few years. For instance, in March 2020, Domo Chemicals, a leading producer of high-quality engineering materials announced plans to invest USD 14.2 million in a new nylon plant in China
Read 114 page research report with ToC on «Nylon Market Size, Share & Trends Analysis Report By Product (Nylon 6, Nylon 66), By Application (Automobile, Electrical & Electronics, Engineering Plastics, Textiles), By Region, And Segment Forecasts, 2021 – 2028» at: https://www.grandviewresearch.com/industry-analysis/nylon-6-6-market
The electrical and electronics industry, unlike other industries, is expected to witness a mixed impact of the global pandemic. Apart from medical devices, electronic product companies that continued working during the lockdown, such as companies engaged in manufacturing remote monitoring electronic devices, witnessed an increase in demand for their products and services. However, disruption across the supply chain of electronic and electrical components from China has hit other electronics and electrical parts manufacturing industries by causing an acute shortage of products and parts coupled with the labor shortage, which is likely to limit the product demand in these industries.
The textile industry is expected to witness a short- to mid-term impact owing to the decline in apparel sales on account of closed malls and stores. However, the demand for face covers has grown significantly, which is expected to have a positive impact on the textile industry. Thus, the impact of the Covid-19 pandemic on textile, including nylon, is expected to be different in the short and long terms as compared to other industries.
The nylon 66 segment is projected to ascend at the fastest CAGR over of 6% during the forecast period due to the wide application scope of these products in the sports apparel industry where it is used to produce swimwear, sportswear, and cords for parachute and others. However, the rapidly increasing cases of Covid-19 have resulted in restricted camping and outdoor activities, which have negatively impacted the demand for sporting apparel, such as swimwear and sportswear, thus, restricting the segment growth. Moreover, nylon 66 is used in the manufacturing of friction bearings, radiator caps, and tire ropes. The manufacturing industry has been badly hit owing to the shortage of raw materials and labor across the globe, which is also expected to restrain the demand for nylon 66 in the foreseeable future.
Grand View Research has segmented the global nylon market on the basis of product, application, and region:
- Nylon Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Nylon 6
- Nylon 66
- Nylon Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Electrical & Electronics
- Engineering Plastics
- Nylon Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of Nylon Market
- BASF SE
- Lanxess AG
- Huntsman Corp.
- AdvanSix, Inc.
- Ube Industries Ltd.
- Domo Chemicals
- Toray Industries, Inc.
- Ashley Polymers, Inc.
- Ascend Performance Materials LLC
- Toyobo Co. Ltd.
- Goodfellow Group
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Tube Packaging Market – The global tube packaging market size was valued at USD 9.91 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.
- Polyethylene Furanoate Films Market – The global polyethylene furanoate films market size was valued at USD 197.5 thousand in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.7% from 2020 to 2035.
- Composite Adhesive Market – The global composite adhesive market size was valued at USD 3.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.9% from 2020 to 2027.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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