Rising Automotive Production to Bolster Nylon Market Growth, Opines Fact.MR
Published : 12 Mar 2020 Industry: Chemical & Materials
Surging automotive and electronics production to cater to a proliferating consumer demand is projected to propel the global nylon market to grow 1.7X during the forecast period (2019 – 2029). Nylon is employed in the manufacturing of automotive and electrical components that require high tensile strength, heat resistance, and high elasticity. The material offers superior abrasive resistance which positions it as a viable alternative to steel, aluminum, rubber, gunmetal, brass, and bronze. The superior finishing of nylon products even when reinforced makes it a suitable alternative for aesthetically appealing applications. Its compatibility with polyester, spandex, and cotton impels demand from the textiles industry. Nylon 6 and Nylon 66 will provide remunerative growth opportunities for market players during the forecast period.
Key Takeaways of Nylon Market Study
- Nylon 6 accounts for a majority share of over 60% of the total market value, whereas, nylon 66 offers remunerative growth opportunities with a promising 6.7% CAGR during the forecast.
- Automotive application will grow 1.6X from 2019 to 2029. This can be attributed to synergetic characteristics of the material for engine parts and internal components of automotive.
- East Asia is in the vanguard of global sales with a majority share of 57% of the total market revenues. Booming automotive manufacturing in East Asian countries heightens product demand in this region. East Asia will grow 1.8X through 2029.
- South Asia & Oceania offer the most lucrative growth opportunities with a strong 7% CAGR from 2019 to 2029. Developing economies such as Indonesia are witnessing an impressive spurt in electric vehicle manufacturing that employs nylon for its light weight and high tensile strength.
“Market players must leverage advancements in material science and manufacturing processes. Amidst stringent statutory regulations, it is crucial for manufacturers to employ industry 4.0 technologies along with latest advancements in raw materials.” -Says the Fact.MR Analyst
Industry 4.0 and Advanced Material Science Paving Way for Market Growth
Innovation of raw materials such as bio-based monomers will drive market growth during the forecast period. Market Players are investing in capacity expansion, reducing production costs and carbon emissions by leveraging industry 4.0 technologies. Leading players are looking at higher penetration within the Chinese nylon market on the back of surging demand for nylon based products. Industrial automation and advancements in material science will propel market growth. Increasing consumer traction for nylon based clothing will positively impact sales. Use of nylon by popular brands such as Versace has brought nylon fiber in lime light. Manufacturers must leverage such trends to garner increase sales during the forecast period.
Find More Valuable Insights on Nylon Market
Fact.MR, in its new offering, provides an in-depth analysis of the global nylon market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the nylon market on the basis of product (nylon 6 and nylon 66), applications (automobile, engineering plastic, textile, electrical & electronics, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
>>> To Get more insights on nylon market, visit-https://www.factmr.com/report/4598/nylon-market
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs across the value chain. With an exhaustive database of over 1,000 reports and 1 million plus data points, the team has analyzed a number of chemicals and materials lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations. For more chemicals domain expertise, visit here.