DUBLIN, October 1, 2021 / PRNewswire / – The “Global Nylon Market Size, Share and Trend Analysis Report by Product (Nylon 6, Nylon 66), by Application (Automotive, Electrical & Electronics, Engineering Plastics, Textiles), by Region and Segment Forecast, 2021 The -2028 report “has been added to ResearchAndMarkets.com offer.
The global nylon market size is expected to reach $ 46.31 billion by 2028., and is expected to increase at a CAGR of 5.8% during the forecast period. Growing demand for products from engineering plastics, textiles, electrical and electronics, and automotive applications is driving the growth of the market.
The electrical and electronic applications segment is expected to advance at a substantial growth rate during the forecast period. This growth can be attributed to the wide use of the products in these applications, including the production of tubes for cables and cabling, connectors, contactors, circuit breakers and low voltage switchgear, among others.
The electrical and electronics industry, unlike other industries, is expected to experience a mixed impact from the global pandemic. In addition to medical devices, electronics companies that continued to work during the lockdown, such as companies making electronic remote monitoring devices, have seen increased demand for their products and services.
However, disruptions in the supply chain of electronic and electrical components originating from China has hit other electronics and electrical parts manufacturing industries causing an acute shortage of products and parts coupled with a shortage of labor, which is likely to limit the demand for products in these industries.
The textile industry is expected to experience an impact in the short to medium term due to the drop in clothing sales due to the closure of malls and stores. However, the demand for face coverings has increased significantly, which is expected to have a positive impact on the textile industry. Thus, the impact of the Covid-19 pandemic on textiles, including nylon, is expected to be different in the short and long term compared to other industries.
The nylon 66 segment is expected to grow at the fastest CAGR of over 6% during the forecast period due to the wide scope of these products in the sportswear industry where it is used to produce swimwear, sportswear and parachute cords and the like. . However, the rapid increase in Covid-19 cases has resulted in restriction of camping and outdoor activities, which has negatively impacted the demand for sportswear, such as swimwear and swimwear. sport, thus limiting the growth of the segment. Additionally, nylon 66 is used in the manufacture of friction bearings, radiator caps and tire cables.
The manufacturing industry has been hit hard due to the shortage of raw materials and labor around the world, which is also expected to dampen demand for nylon 66 for the foreseeable future.
Highlights of the Nylon Market Report
- In terms of revenue, the nylon 6 product segment accounted for the highest revenue share in 2020 and is expected to grow further at a stable CAGR during the forecast period.
- Automotive applications segment dominated the global market and accounted for over 36% of the global 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 attributed to the strong manufacturing base of the automotive, electronics and home appliance industries in countries like China, India, South Korea, and Japan
- Various strategic initiatives have been registered by key players in recent years. For example, in March 2020, Domo Chemicals, a leading producer of high-quality engineering materials, has announced its intention to invest $ 14.2 million in a new nylon factory in China
- BASF SE
- Lanxess AG
- Huntsman Corporation
- AdvanSix Inc.
- Ube Industries Ltd.
- Domo Chemicals
- Toray Industries, Inc.
- Ashley Polymers Inc.
- Ascend Performance Materials LLC
- Toyobo Co. Ltd.
- Goodfellow Group
For more information on this report, visit https://www.researchandmarkets.com/r/yu7txr
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SOURCE Research and Markets