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Nylon Market to Exhibit 5.1% CAGR from 2023 to 2030; Powerful Chemical Resistance and Impressive Mechanical Properties to Fuel Market Expansion

August 10, 2023 | Chemicals & Materials

The global nylon market size was valued at USD 31.33 billion in 2022. The market is projected to grow from USD 31.09 billion in 2023 to USD 44.19 billion by 2030 exhibiting a CAGR of 5.1% during the forecast period. Fortune Business Insights™ presents this information 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 & Cables, Consumer, Industrial & Machinery, and Others), and Regional Forecast, 2023-2030”.


Nylon, also known as polyamide, is a highly adaptable polymer widely utilized across various industries for a range of applications, including automotive and sports. Its impressive chemical resistance and mechanical properties, comparable to ABS but with even greater impact resistance, make it a promising material choice for the production of industrial components.


Market Faced Declining Growth Amid Pandemic due to Uncertainties


The automotive industry is a major user of PA 6 and PA 6,6. However, the COVID-19 pandemic caused a substantial decline in demand and production due to the temporary closure of automotive manufacturing facilities globally. Although a gradual recovery was expected with government efforts to revive the manufacturing sector, market growth was hindered by uncertainties related to the pandemic and geopolitical tensions between key economies, resulting in delayed market recovery and low-profit margins for many industry players.


Investing in Future Growth with Advancements in Polymer and Fiber Spinning Technologies


INVISTA embarked on the establishment of a new polyamide production facility in November 2022, allocating a substantial investment of USD 64 million. This strategic endeavor seeks to bolster the company's capabilities in polymer and CORDURA fiber spinning, thereby expanding production capacity and facilitating the introduction of innovative products to the market.


Electric Vehicles and the Growing Demand for Advanced Engineering Materials Aid Market Growth


The automotive industry has experienced a notable shift toward electric vehicles, with major automakers investing in this future. One of the key challenges in the electric vehicle sector is achieving a high power-to-weight ratio, which can be addressed by utilizing lighter materials to reduce vehicle weight. Developing economies, such as China and India, are expected to witness increased demand for mobility solutions, driven by population growth and rising purchasing power. The automotive industry's demand for advanced engineering materials is set to contribute to the nylon market growth.


However, stringent environmental regulations may hinder market growth by imposing sustainability requirements.


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


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


Industry Leaders Employ Expansions and Contract Strategies to Manage Market Challenges


The current state of the market is characterized by an oversupply situation caused by installed capacities, prompting major industry leaders to undertake expansions in their production capabilities. However, the nylon market share is being impeded by the inherent volatility in prices, which can be addressed through the implementation of pricing contracts with consumers, as well as the influence of shifting geopolitical dynamics and trade policies on the intricate supply chain.


Notable Industry Development



  • February 2022: BASF announced that it will expand its polyamide and polyphthalamide offerings in Europe. The move is anticipated to help the company in strengthening its backward integration to cover the entire value chain of Nylon 66.


List of Companies 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:



  • Asia Pacific is projected to maintain its dominant position in the polyamide, led by increasing demand in automotive and packaging applications, particularly in emerging nations such as China and India.

  • North America, a key producer of polyamide, is primarily influenced by the automotive sector, with the U.S. witnessing substantial growth in electric vehicle sales that is expected to persist throughout the forecast period.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 5.1% from 2023 to 2030



Unit



Value (USD Billion), Volume (Kiloton)



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
  • 2023
  • 2019-2022
  • 185

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