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Nylon Market to Reach USD 30.25 Billion by 2029; Increasing Demand for the Material from Several Industries to Foster Market Growth

August 09, 2022 | Chemicals & Materials

The global nylon market size is expected to witness strong growth by reaching USD 30.25 billion by 2029. Fortune Business Insights™ in its report titled “Nylon Market Size, Share & COVID-19 Impact Analysis, By Type (Nylon 6 {Resin & Fiber}, Nylon 6,6 {Resin & Fiber}), By Application (Automotive, Electrical & Electronics, Appliances, Film & Coating, Wire & Cable, Consumer, Industrial & Machinery, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 22.08 billion and touched USD 22.83 billion in 2022. The market is expected to exhibit a CAGR of 4.1% during the forecast period. Robust demand for the material from several industries and rapidly evolving 3D printing technology are likely to fuel market progress.


INVISTS Plans Investment of PA Production Plant to Elevate Brand Image


INVISTS Plans undertook an investment to transform the PA production plant’s logistics and production process in June 2022. The company estimates to finish the plant’s construction by 2024. This strategy may allow the company to enhance its production quality and elevate its brand image.


Reduced Demand from the Automotive Industry Hampered the Industry’s Growth


The market was negatively affected during the COVID-19 pandemic due to reduced demand for the material in the automotive sector. The closure of manufacturing facilities resulted in a huge raw material shortage. Further, restrictions on travel and transport disrupted supply chains. However, lockdown relaxations enabled manufacturers to continue production activities, thereby bolstering the market’s progress. In addition, rapid industrial automation, sanitization, and reduced capacities allowed manufacturers to balance costs and recover their losses.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/nylon-market-102007


Robust Demand for the Material from the Automotive Industry to Fuel Industry Growth


Nylon is a versatile polymeric material utilized in several industries and applications. The robust adoption of the material from the automotive industry is likely to elevate sales. Its strength, toughness, and workability are expected to boost its adoption. Moreover, the adoption of the material for the production of various automotive parts is expected to foster sales. The material’s temperature and chemical resistance features are likely to enhance its adoption. Further, the increasing adoption of vehicles with advanced safety features is expected to enhance the market’s progress. In addition, the increasing adoption of electric vehicles is likely to boost the nylon market growth.


Major Companies Deploy Expansion Strategies to Bolster Market Presence


The prominent companies operating in the market deploy expansions to boost their market reach. For example, BASF planned to expand its Ultramid polyamide production capacity in India in March 2022. This expansion was undertaken to fulfill PA 6,6 and PA 6 demand from the electronics, industrial manufacturing, consumer goods, and automotive sectors. This strategy may enable companies to bolster their brand image and elevate their market presence. Furthermore, companies adopt collaborations, novel product launches, research and development, and mergers to elevate their market position.


Notable Industry Development



  • January 2022: Invista and China Pingmei Shenma Group signed an agreement to form a strategic relationship. It comprises a five-year adiponitrile and adipic acid sales and purchase plans to license polyamide manufacturing technologies.


List of Key Players Profiled in the Report



  • DuPont (U.S.)

  • BASF SE (Germany)

  • Lanxess AG (Germany)

  • Nylon Corporation of America, Inc. (U.S.)

  • Shenma Industrial Co., Ltd. (China)

  • Ascend (U.S.)

  • Domo Chemicals (Germany)

  • Radici Partecipazioni SpA (Italy)

  • Invista (U.S.)

  • DSM (Netherlands)

  • Formosa Group (Taiwan)

  • SINOPEC (China)

  • Ube Industries (Japan)

  • LIBOLON (Taiwan)

  • ZIG SHENG INDUSTRIAL CO., LTD (Taiwan)


Further Report Findings



  • The market in Asia Pacific stood at USD 13.32 billion in 2021 and is expected to gain a huge portion of the global nylon market share in the coming years. Strong demand for the material from the packaging sector is expected to foster market progress.

  • Further, robust demand for the material from various industries in India and China is expected to foster its demand.

  • In North America, increasing electric vehicle sales in the U.S. is likely to elevate market progress. For example, according to the U.S. Department of Energy, electric vehicle sales witnessed 85% increase in 2021.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion); Volume (Kilo Tons)



Segmentation



By Type, Application, and Geography



By Type


 




  • Nylon 6

    • Resin

    • Fiber



  • Nylon 6,6

    • Resin

    • Fiber





By Application


 




  • Automotive

  • Electrical & Electronics

  • Appliances

  • Film & Coating

  • Wire & Cable

  • Consumer

  • Industrial & Machinery

  • Others



By Geography


 




  • North America {By Type, By Application, By Country}

    • U.S.

    • Canada



  • Europe {By Type, By Application, By Country}

    • Germany

    • France

    • Italy

    • Spain

    • U.K.

    • Rest of Europe



  • Asia Pacific {By Type, By Application, By Country}

    • China

    • Japan

    • South Korea

    • India

    • Rest of Asia Pacific



  • Latin America {By Type, By Application, By Country}

    • Mexico

    • Brazil

    • Rest of South America



  • Middle East & Africa {By Type, By Application, By Country}

    • GCC

    • South Africa

    • Rest of Middle East & Africa




Nylon Market
  • PDF
  • 2021
  • 2018-2020
  • 185

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