Nylon Market – Rising Demand in Automobile Applications is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 3.9% from 2022 to 2028

Nylon
  • Nylon Market

As stated in our extensive report; the Global Nylon Market accounted forUSD 22.1 Billionin 2021.

The Global Nylon Market is growing at a steady pace, driven by rising demand from end-use industries such as automotive, packaging, and textiles. The availability of cost-effective raw materials and the increasing use of nylon in 3D printing are also supporting market growth.Nylon is extensively usedin electrical and electronic applications like the production of tubes for cables & wirings, connectors, circuit breakers, contactors, and low-voltage switch gears.

However, the volatile price of raw materials is a key challenge for market players. In addition, environmental concerns associated with the production of nylon are expected torestrainmarket growth over the forecast period.

Key factors influencing Nylon Market Growth

The growth of the global Nylon market can be attributable to the following:-

1. The increase in the demand for Nylon from automobile applications is one of the major factors driving the growth of the Nylon market. Nylon composites are highly useful for enhancing the environmental sustainability of automotive parts and declining automotive components.

2. Growing demand for Nylon 6 products as a cost-effective alternative for materials such as bronze, brass, rubbers, aluminum, steel, plastics, and brass is expected to enhance the market in the coming years.

3. Nylon is utilized to make circuit boards that give spacing, support, and locking capabilities to attach electrical components. The benefit of Nylon hardware used in circuit boards over metal is that the material provides better electrical isolation. This creates a positive outlook for the Nylon electrical & electronics applications market.

4. Advancements in material sciences are anticipated to introduce end-use applications for the mass adoption of Nylon in the next few years.

On the other hand, fluctuations in the price, the availability of raw materials, and the stringent regulation to reduce negative environmental impacts might hamper the market growth.

Asia Pacific Region to Take Over the Market

Asia PacificNylon market holds the largest market owing to the increasing consumer spending power and the availability of low-cost raw materials & labor. In theAsia Pacificmarket, most revenue is generated from China. Also, the availability of workforce and initiatives by the government to make available attractive FDI regulations are resulting in critical automotive industries shifting their manufacturing bases to regions like China, India, and Indonesia. This will further help the Nylon market to expand in the coming years. Furthermore, worldwide corporations are flocking toAsia Pacificto build manufacturing and distribution facilities, which will probably increase the regional market growth in the coming years.

Conclusion

As per our latest report, the increased applications of Nylon in the automotive, packaging,and textile sectors have positively impacted the overall Nylon industry.

Some of the key players in the Global Nylon Market include- BASF SE (Germany), LANXESS AG (Germany), Huntsman International LLC (US), AdvanSix Inc. (US), Ube Corporation (Japan), INVISTA (US), Domo Chemicals (Belgian), Toray Industries Inc. (Japan), Ashley Polymers Inc., Ascend Performance Materials LLC (US), Toyobo Co. Ltd. (Japan), Goodfellow Group and others.