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Nylon Market Size to Reach USD 28.79 Billion by 2027; Increasing Demand from Automotive Industry to Promote Growth

September 23, 2020 | Chemicals & Materials

The global nylon market size is expected to gain momentum by reaching USD 28.79 billion by 2027. The growing demand from the automotive sector and the favorable government policies to promote electric vehicles are expected to boost the demand for nylon across the globe. Fortune Business Insights, in its latest 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, 2020-2027,” mentions that the market stood at USD 24.26 billion in 2019 and is likely to exhibit a CAGR of 6.0% between 2020 and 2027.


BASF, Domo Chemicals, and Solvay Sign Mutual Agreement to Expand Product Portfolios


In August 2019, BASF in a bid to expand its position as a global supplier of engineering plastics signed an agreement to acquire Solvay’s integrated polyamide business subject to the approval received from the EU Commission. Additionally, the Commission suggested the divestiture of Solvay’s polyamide 6.6. production facilities located in Europe.


BASF, Domo Chemicals, and Solvay further came to a mutual agreement that Domo will acquire the European PA 6.6 business from Solvay. Whereas, BASF will acquire the non-European business of Solvay that includes 50% share in Butachimie’s adipodinitrile (ADN) production. The mutual agreement is expected to enhance BASF’s product portfolio of engineering plastics and would further drive the global market in the forthcoming years.


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


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


Increasing Demand for Nylon from Automotive Industry to Favor Growth


Owing to their ability to withstand high temperatures and efficient properties such as high tensile strength, there is a significant demand across the automotive sector. Near about three-fifth of nylon 6 fibers and one-third of nylon 66 fibers are adopted in the manufacturing of tire cord. In addition to this, the increasing demand for electric vehicles (EVs) and the favorable government policies to promote the adoption of EVs are anticipated to favor the market growth in the forthcoming years.


Product Launches by Ascend and INVISTA to Boost Sales Revenue


The global nylon market is fragmented by the presence of major companies such as INVISTA and Ascend that are focusing on the expansion of their facilities to develop innovative nylon products. These companies are leveraging opportunities presented by the market to maintain their presence and consolidate their positions in the global marketplace. The adoption of strategies such as partnership, merger and acquisition, and collaboration by key players is further anticipated to bode well for the growth of the market in the forthcoming years.


Industry Development:



  • August 2018 – INVISTA announced the commencement of expansion of its manufacturing facility in China. According to the company, the project is aimed at expanding its product portfolio and is expected to be worth USD 1 billion.


List of the Companies Profiled in the Market:



  • DuPont (U.S.)

  • BASF SE (Germany)

  • Lanxess AG (Germany)

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

  • Shenma Industrial (China)

  • Ascend (Thailand)

  • Domo Chemicals (Belgium)

  • Radici Partecipazioni SpA (Italy)

  • Invista (U.S.)

  • DSM (The Netherlands)

  • Formosa Group (Taiwan)

  • SINOPEC (China)

  • Ube Industries (Japan)

  • LIBOLON (Japan)

  • ZIG SHENG INDUSTRIAL CO., LTD. (Taiwan)

  • Other


Further Report Findings:



  • Asia-Pacific is expected to dominate and hold the highest position in the global nylon market during the forecast period. This dominance is attributable to the increasing demand for this product owing to their high tensile strength and non-conductivity from the packaging industries in the region that stood at USD 13.92 billion in 2019.

  • The market in North America is expected to showcase a significant growth as it produces more that 40% global nylon 66 capacities. Additionally, stringent regulations over the adoption of single-use plastics are expected to boost the demand for the product between 2020 and 2027.

  • The automotive segment, based on application, is anticipated to showcase an exponential growth in the forthcoming years. This is ascribable to the increasing demand for automotive components such as tires that would favor the production of nylon. The segment held a market share of 39.0% in 2019.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion) and Volume (Kilo ton)



Segmentation



 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

      • US

      • Canada





  • Europe

    • By Type

    • By Application

    • By Country

      • Germany

      • France

      • UK

      • Italy

      • Spain

      • Rest of Europe





  • Asia Pacific

    • By Type

    • By Application

    • By Country

      • China

      • India

      • Japan

      • South Korea

      • Rest of Asia Pacific





  • Latin America

    • By Type

    • By Application

    • By Country

      • Brazil

      • Mexico

      • Rest of Latin America





  • Middle East & Africa

    • By Type

    • By Application

    • By Country

      • GCC

      • South Africa

      • Rest of Middle East & Africa






Nylon Market
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  • 2019
  • 2016-2018
  • 135

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