LOS ANGELES, April 18, 2019 (GLOBE NEWSWIRE) -- The global Nylon 6 & 66 Market is anticipated to grow at a constant CAGR around 6% during the forecast period 2019 to 2026 and reach the market value around USD 42.2 billion.
The growth is expected to be driven by increasing global automotive production. The automotive industry is highly focused. Whilst a large number of market participants make up the product offering, approximately 49 percent of the market is managed by the best players such as GM, Toyota, Ford and Volkswagen. Nylon 6 is used for the components of engines, such as covers, bears, oil containers, cable harness connectors, fuse boxes, cylindrical head covering and pinion belts.
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The rapid increase in the production of China as well as the steady increase of the European automobile sector can be mainly caused by production growth. Over the last few years, the car industry, especially in Asia Pacific, has experienced robust growth. Development of infrastructure and improvement of socio-economic trends contribute to growth. Favorable rules, the availability of staff, and governmental efforts to provide attractive FDI regulations have brought about a shift to regions such as China, India and Indonesia of manufacturing bases of significant players.
Because of its low absorption property, Nylon 66 has high dimensional stability combined with excellent wear resistance. High heat, water and other electromechanical resistance is required in order to perform electrical protection instruments according to standard. Furthermore, it has a shorter and stronger connection, which makes it thicker and tighter than nylon 6. In addition, enhanced nylon 66 characteristics are a significant driver of product demand over nylon 6, which is the largest product on the market. Nylon 66 has become the preferred polyamide grade due to its solid dielectric resistance in thermally and mechanically stressed moldings. Polymer technology development has broadened the application range of 66 nylon, which will in turn, develop the segment of the product over the following 8 years.
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Application Stance
The market is divided into automobile, power and electronics, plastics and textiles and other applications. On the basis of application, in 2017, automotive, followed by plastics and fabric engineering, were estimated to be the largest application segments. Nylon composites are used to boost car components' environmental sustainability and reduce cars' weight. Composites are used for the production of hydraulic clutch lines, headlamp bezels, auto-cooling systems, air intake collectors and airbags. They are also used for external applications, such as tailgate handles, rolling panels, fuel caps, doors, front grills and mirrors. Nylon composites in the automotive industry are expected to drive demand, because of factors such as excellent mechanical properties, wear strength and increasing requirements for lightweight vehicles to improve fuel efficiency.
Market Snapshot
Asia-Pacific is projected to lead the market between 2018 and 2025, with China being the fastest growing country in terms of the automotive industry.
The Nylon 6 segment is potentially fuelling growth of the market for nylon 6 and nylon 66 over the forecast period, owing to low cost.
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The market is marked by the presence of several well-established players.
Companies take various strategic steps to stimulate market growth. The engineering company, Britannia Techno Polymer, which is based in the Netherlands, was purchased in August 2018 by Ascend Performance Materials. The acquisition helped Ascend to build a European production base and to expand its compounding capacity globally.
BASF SE, INVESTA, are Likely to Continue to Lead the Global Nylon 6 & 66 Market
The Nylon 6 & 66 market is consolidated with a large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are BASF SE; AdvanSix Inc.; Lanxess AG; INVESTA; Huntsman Corporation; and DOMO Chemicals among others.
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