Rockville, April 24, 2023 (GLOBE NEWSWIRE) -- According to extrapolation, the market revenue for nylon will reach US$ 60.5 billion by the end of 2033 from an estimated US$ 34.1 billion in 2023. Over the next 10 years, the global nylon market is anticipated to grow at a robust 5.9% CAGR.
Due to its distinctive qualities of high elasticity, excellent abrasion resistance, and superior tensile strength, nylon is widely employed in a variety of applications across many industries. The aforementioned characteristics of nylon made it a highly chosen material to replace steel, brass, rubbers, and other materials, which is likely to drive nylon exports in the upcoming years as well.
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| Nylon Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 5.9% |
| Market growth 2023-2033 | US$ 60.5 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Toyobo Co. Ltd., Domo Chemicals, BASF SE, INVISTA, Toray Industries Inc., Goodfellow Group., Ashley Polymers Inc., Ube Industries Ltd., Huntsman Corporation, AdvanSix Inc., Ascend Performance Materials LLC, Lanxess AG |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Market Drivers:
- Nylon is widely used in automotive parts such as engine covers, air intake manifolds, and fuel lines. The growing demand for lightweight and high-performance materials in the automotive industry is driving the growth of the nylon market.
- Moreover, Nylon is used in the manufacturing of electrical components such as cable ties, connectors, and switches. The growing demand for electronic devices such as smartphones, tablets, and laptops is driving the growth of the nylon market.
- Nylon is used in the manufacturing of a variety of consumer goods such as clothing, luggage, and sports equipment. The increasing demand for high-performance and durable consumer goods is driving the growth of the nylon market.
- Nylon is used in the manufacturing of packaging materials such as films, pouches, and bags. The growing demand for flexible and durable packaging materials is driving the growth of the nylon market.
- Nylon is used in the manufacturing of medical devices such as catheters, surgical sutures, and drug delivery systems. The growing demand for high-performance and biocompatible materials in the medical industry is driving the growth of the nylon market.
- Nylon is used in the manufacturing of construction materials such as pipes, tubes, and insulation. The increasing demand for lightweight and durable materials in the construction industry is driving the growth of the nylon market.
Key Trends:
- The automotive industry is one of the major users of nylon due to its lightweight, durable, and cost-effective properties. Nylon is widely used in the production of various automotive parts such as engine covers, gears, brake parts, and fuel lines. The increasing demand for fuel-efficient vehicles has further boosted the demand for nylon in the automotive sector.
- Nylon is commonly used in hosiery, swimwear, activewear, and lingerie. The increasing demand for sustainable and eco-friendly clothing options has led to the development of recycled nylon fabrics made from post-consumer waste such as fishing nets and carpets.
- Over the years, technological advancements have resulted in the development of new and improved nylon materials. The development of high-performance nylon fibers and resins has resulted in the production of stronger, lighter, and more durable products. Advanced processing technologies such as melt spinning, polymerization, and extrusion have also contributed to the increased production of nylon.
- Manufacturers continued to innovate and develop new applications for nylon in 2021. For example, Toray Industries announced the development of a new nylon-based material that can replace metal in automotive and other applications, reducing weight and improving fuel efficiency.
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Market Restraints
- The prices of raw materials used in the manufacturing of nylon, such as benzene and caprolactam, are subject to volatility due to changes in supply and demand. This can lead to fluctuations in the cost of production and pricing for nylon products, which can adversely affect market growth.
- The production of nylon involves the use of petrochemicals, which can have negative environmental impacts such as greenhouse gas emissions and water pollution. Increasing environmental regulations and consumer demand for sustainable materials can restrain the growth of the nylon market.
- Nylon faces competition from alternative materials such as polyethylene terephthalate (PET), polypropylene (PP), and bio-based materials. The availability of cost-effective and high-performance alternatives can restrain the growth of the nylon market.
Competitive Landscape:
Key nylon companies are focusing on expanding their production capacity to improve their share and meet increasing demand.
- RadiciGroup launched Radilon C 50 Aestus T, a new high-heat resistant nylon grade for automotive applications. The material is designed to offer improved heat aging resistance and excellent surface appearance.
- DSM launched Stanyl Diablo OCD2100, a new high-heat resistant nylon grade for automotive applications. The material is designed to offer excellent heat aging resistance and long-term durability.
Several companies have announced expansion plans for their nylon production capacities.
- For example, DSM announced plans to increase its production capacity for its EcoPaXX brand of bio-based nylon by 20%, and Ube Industries announced plans to increase its nylon production capacity by 10,000 metric tons.
Key Segments Covered in Nylon Industry Research
- By Product Type:
- Nylon 6
- Nylon 66
- By Application:
- Automobile
- Engineering Plastics
- Textiles
- Electrical & Electronics
- Others
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Nylon Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Nylon sales grow until 2033?
- Which are the factors hampering the Nylon demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Nylon Market during the forecast period?
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