Nylon Market - Global Industry Assessment & Forecast
- By Product Nylon 6, Nylon 66
- By Applications Automobile, Engineering Plastic, Textile, Electrical & Electronics, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 22.1 Billion|
|Revenue 2028:||USD 27.8 Billion|
|Revenue CAGR (2022 - 2028):||3.9%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
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- Region Level Market Share
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Global Nylon Market is valued at USD 22.1 Billion in 2021 and is projected to reach a value of USD 27.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.9% over the forecast period.
As the world’s largest synthetic fiber, Nylon has a wide range of applications in both the industrial and consumer sectors. The Nylon Market is therefore vast and complex, with a large number of key factors influencing its share. The Global Nylon Market is being driven by the growing demand for lightweight and strong materials from the automotive and aerospace industries. It is increasingly being used in these industries due to its superior properties such as strength-to-weight ratio, low moisture absorption, and good resistance to abrasion and chemicals. Another key factor influencing the growth of the Nylon Market is the growing preference for bio-based polymers. Nylon can be produced from renewable resources such as castor oil and corn, which are readily available. This is resulting in increased adoption of Nylon by environmentally conscious consumers.
The automotive industry is the largest consumer of Nylon, due to its high strength-to-weight ratio, which makes it ideal for use in car parts such as seat belts, airbags, and fuel lines. The electronics industry is also a major consumer of Nylon, as it is used in the manufacture of circuit boards and other electronic components. Due to the high demand from the automotive and electronics industries in developing countries such as China, Japan, and South Korea, the Nylon Market is expected to grow substantially. In addition, as SUV and light truck sales continue to grow, so too will demand for Nylon. SUVs and light trucks typically use more Nylon than passenger cars due to their higher weight and cargo capacity.
The Nylon Market is currently facing several restraints that are hampering its growth. One of the most important factors is the price of raw materials. Nylon is made from petroleum-based products, so the cost of production is closely linked to the price of crude oil. When oil prices are high, Nylon becomes more expensive and its market share suffers as a result. Another key factor is competition from other synthetic fibers such as polyester and acrylic. These fibers can often be used interchangeably with Nylon in many applications, so they represent a serious threat to its market share. Nylon also faces competition from natural fibers such as cotton and wool. These fibers have unique properties that make them suitable for certain applications, so they cannot be completely replaced by synthetic fibers. The final key factor that influences Nylon’s market share is fashion trends. Nylon is commonly used in clothing and footwear, so it is affected by changes in fashion trends. For example, the popularity of athleisure wear has increased demand for Nylon-based fabrics such as spandex. All of these factors must be considered when analyzing the Nylon Market.
Impact of the Nylon Market on other Industries
Nylon Market Size, 2021 To 2028 (USD Billion)
Nylon is in high demand, which has contributed to the material's steadily increasing cost over the past few years. This has caused repercussions in other business sectors, particularly those that source Nylon for raw materials or incorporate it into their finished goods. One business that is a good example of one that has been impacted by the market for Nylon is the carpet industry. Carpets are frequently constructed with Nylon fibers, and as a result, the price of carpets has been climbing in tandem with the price of Nylon. Because of this, a number of customers have made the decision to replace their flooring with an alternate material, such as vinyl or laminate.
Another area that has been impacted by the market for Nylon is the clothing business. The creation of athletic apparel and clothes for usage in the outdoors frequently makes use of Nylon. The price of various types of apparel has increased as a direct result of the rise in the cost of Nylon. As a result, customers have responded by selecting cheaper alternatives or holding off on purchases of things made with Nylon till deals become available. The market for industrial parts is one more example of a sector that is affected by the market for Nylon. Nylon is used in the production of a wide variety of industrial parts; consequently, as the cost of this polymer has climbed, so have the costs of those parts. As a consequence of this, the cost of production for businesses that include these components in their end products has increased.
Top Market Trends
The top market trends in the Nylon industry are:
● Nylon is a popular choice for activewear and athleisure wear because it is lightweight, breathable, and quick-drying. This makes it ideal for garments that need to wick away sweat and keep the wearer cool and comfortable during exercise or other activities. ● As the automotive and aerospace industries continue to seek out lighter and stronger materials, demand for Nylon is expected to increase.
● The Asia Pacific is projected to be the fastest-growing regional market for Nylon, due to the growing automotive and electronics industries in countries such as China and India.
● In recent years, there has been a shift away from synthetic fibers like Nylon in favor of natural fibers like cotton and wool. This is due to concerns about the environmental impact of synthetic fibers, as well as worries about their safety and health effects. However, Nylon is still seen as a more sustainable option than other synthetic fibers like polyester, so it is likely to continue growing in popularity. New types of environmentally-friendly Nylons are being developed that can degrade under certain conditions, making them a more sustainable option for many applications.
● The price of crude oil, which is used to make Nylon, has been on the rise in recent years. This has led to an increase in the cost of producing Nylon fabric and products made from it. However, this trend is expected to reverse in the next few years.
● The Global Nylon Market is growing at a rapid pace due to the increasing demand from various end-use industries such as automotive, textile, and construction. Asia-Pacific is the largest market for Nylon due to the presence of a large number of manufacturing companies in the region. China is the leading country in the Asia-Pacific Nylon Market due to the growing automotive industry in the country. North America is expected to be the second-largest market due to the growing demand from the United States and Canada.
The Global Nylon Market is segmented based on Product, Applications, and Region. On the basis of Product, the market is classified into Nylon 6 and Nylon 66. Furthermore, based on the Application, the Nylon Market is further segmented into Automobile, Engineering Plastic, Textile, Electrical & Electronics, and Other Applications. Region-wise, the Global Nylon Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Product
In 2021, the Nylon 6 category was the dominant player in the global market. Nylon 6 is made from hexamethylenediamine and adipic acid, while Nylon 66 is made from hexamethylenediamine and sebacic acid. Nylon 6 is the more common type of Nylon, accounting for 55.9% of the market. It is used in a wide range of applications, including textile fibers, carpets, automotive parts, and molded parts. Polyamide 6 can be used as a cheaper alternative to rubber, other polymers, aluminium, gunmetal, brass, and bronze due to its unique set of qualities. Due to these qualities, PA 6 has become a popular choice for electrical protection devices. Nylon 66 is less common, accounting for 44.1% of the market. It is used in applications where higher strength and stiffness are required, such as in electrical connectors and gears.
Based On Application
The automotive industry is the largest consumer of Nylon, accounting for over 35% of total demand. Nylon is used extensively in the manufacture of cars and other vehicles due to its strength, durability, and flexibility. The use of Nylon composites helps lower the amount of weight that automobile components have, which in turn helps boost the parts' potential to be environmentally sustainable. Composites are also employed in the production of automobile cooling systems. Due to their resilience to wear and outstanding mechanical qualities, Nylon composites are anticipated to experience increasing demand in the automotive industry. This demand is predicted to be driven by reasons such as the growing need for lighter vehicles in order to increase fuel efficiency.
Engineering plastics are the second largest application market for Nylon, accounting for around 25% of total demand. Nylon is widely used in engineering applications due to its high strength-to-weight ratio and resistance to wear and tear. The textile industry is the third largest consumer of Nylon, accounting for around 20% of total demand. Nylon is commonly used in the manufacture of clothing and other textile products due to its strength and durability. The electrical & electronics industry is the fourth largest consumer of Nylon, accounting for around 10% of total demand. Nylon is used extensively in the manufacture of electrical & electronic components and products due to its resistance to heat and electricity.
Based on Region
The Asia Pacific region held a dominant position in the market and was responsible for more than a 40% share of the global revenue. The market in this region is being driven in large part by a combination of factors, including growing purchasing power and the availability of inexpensive labor and raw materials. Global manufacturers of Nylon are flocking to the area in order to take advantage of favorable government regulations and the availability of a sizable market that has not yet been fully exploited. A decrease in the price of Nylon per unit is being observed across the majority of Asia Pacific nations as a result of the expansion of the market to include new competitors and new consumers.
Nylon is attracting increased attention from makers of electrical and electronic equipment due to the fact that plastic parts may be easily merged with other components and are more compact than metal parts, which simplifies the design process. It gives manufacturers the ability to design more intelligent MCBs that have smaller walls. A premium approach in terms of products and prices is becoming a new trend in developed economies such as South Korea and Japan. This comes as mainstream trademarks are losing market dominance in affordable and mid-range product sectors as a result of shifting customer preferences.
North America is the second largest market for Nylon due to the high demand from the automotive and textile industries.
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 (Canada) and others.
The Nylon Market is constantly evolving and advancing. New advancements are being made all the time in terms of both production and applications.
● Some recent advancements in Nylon production include the development of more efficient methods of polymerization, as well as the use of alternative feedstocks such as renewable resources. In terms of applications, there have been advances in the use of Nylon for 3D printing, as well as in the development of new types of high-performance Nylons for use in a variety of industries.
● In terms of volume, the Asia Pacific region is expected to witness the highest growth over the forecast period owing to the increasing demand from China and India. The Middle East & Africa is also expected to experience significant growth on account of expanding the automotive industry in countries such as Turkey and South Africa.
● In order to increase the production of Nylon, the Chinese government has been making advancements and investing in key players in the industry. In 2017, the Chinese government set up a $1.3 billion fund to invest in companies that are involved in the production of synthetic fibers, including Nylon. The government is also providing subsidies and tax breaks to encourage companies to increase their production of Nylon.
● In addition to the Chinese government, key players in the Nylon industry such as DuPont and Invista have also been making advancements in order to increase production. DuPont has developed a new type of Nylon called Sorona which is made from corn sugar and is more environmentally friendly than traditional Nylon. Invista has also developed a new type of Nylon called Apollon which is made from recycled materials and is also more environmentally friendly.
Segmentation of the Global Nylon Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Nylon in terms of revenue?
The global Nylon valued at USD 22.1 Billion in 2020 and is expected to reach USD 27.8 Billion in 2028 growing at a CAGR of 3.9%.
Which are the prominent players in the market?
The prominent players in the market are 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 (Canada).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 3.9% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Nylon include
- Rising Demand from Automotive Industry is Anticipated to Drive Market Growth
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Nylon in 2020.