Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2022 global nylon market will reach USD 48.86 billion in 2032. To reduce carbon emissions from the transportation industry, it is more important than ever to have fuel-efficient automobiles. Consumers who care about the environment are driving up demand for fuel-efficient cars. Automakers use nylon polymer to lighten vehicles without sacrificing safety. Vehicle weight loss improves engine performance, reducing wasteful energy waste and aiding in environmental preservation. Due to the energy crisis and concerns over climate change, nylon is also utilised in electric vehicles, whose demand is increasing. Therefore, the rising demand for EVs or fuel-efficient cars will drive the global nylon market.
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Key Insight of the Global Nylon Market
Asia Pacific is expected to dominate the market during the forecast period.
Given the region's vast population and improving standard of living, the industry's expansion will be fueled by the extensive consumer market for textiles, automobiles, electricals, and electrical components. Additionally, supportive government programmes like the government of India's production-linked incentive programme for the textile and automobile industries will support market demand. The existence of important manufacturers or players in Bangladesh, China, and other nations further aids the market's expansion.
In 2022, the nylon 6 segment dominated the market with the largest market share of 58% and revenue of 17.40 billion.
The product type segment is divided into nylon 6 and nylon 6/6. In 2022, the nylon 6 segment dominated the market with the largest market share of 58% and revenue of 17.40 billion.
In 2022, the automobile segment dominated the market with the largest market share of 36% and revenue of 10.80 billion.
The application segment is divided into textiles, automobiles, engineering plastics, electrical and electronics and others. In 2022, the automobile segment dominated the market with the largest market -share of 36% and revenue of 10.80 billion.
Advancement in market
May 2023 - To meet the growing demand for nylon packaging solutions, CP Flexible Packaging's division Cleanroom Film and Bags (CFB), announced the expansion of its operations. The company specialises in producing and providing sterile nylon cleanroom packaging for various industrial clients, primarily in the electrical, medical, semiconductor, food, aerospace, and pharmaceutical sectors. Nylon is the material of choice for cleanroom packaging solutions since it is strong, friction-resistant, and puncture-resistant, according to CFB. According to the firm, the purest form of polyamide film, which has the least amount of ionic contamination and outgassing, is used in CFB's packaging, enabling it to provide the highest quality and traceability standards to its clients.
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Market Dynamics
Driver: The expanding demand for cars.
The demand for automobiles has increased due to the growing population and expanding disposable income. An increasing number of automakers is meeting this expanding demand. Given the growth of the e-commerce industry, the need for commercial vehicles is also rising due to the expanding transportation, logistics, and retail sectors. The implementation of advantageous government programmes is helping the automotive business grow favourably. Nylon is used in many parts of the automotive industry, including tyres and engine components. They are perfect for automobile use because of their high tensile strength, flexibility, durability, resilience, abrasion, and chemical resistance. Automobiles are prone to chemicals, shock, and other wear and tear. As a result, the worldwide nylon market will expand due to the rising demand for cars.
Restraints: The effects of nylon waste on the environment.
Nylon is made of plastic. It does not biodegrade and persists for a long time in the environment. Humans consume these plastics as microplastics after entering the food chain. The danger posed by plastic in the environment is further exacerbated by the absence of a reliable system to collect and recycle nylon waste. The government has enacted strict regulations limiting the manufacture, use, and disposal of nylon due to the public's growing concern over plastic, which could adversely affect the market's expansion.
Opportunities: The expanding uses for nylon.
Nylon's strength, toughness, flexibility, resilience, and tenacity make it the perfect material for various applications in automotive, textile, electrical, engineering, and other industries. New nylon polymers that enhance their workability, manufacturing, and life-cycle are introduced, enhancing these uses. These developments will grow the worldwide nylon market during the anticipated period and present profitable chances for market participants.
Challenges: The stringent government regulations.
With the growing concerns about climate change, environmental conservation and sustainability, nylon or plastic waste has become contentious. The urgent need to reduce the impact of plastic on the environment has encouraged governments to introduce stringent regulations governing the use of nylon. It has been completely banned in certain sectors, like nylon fishnets or manjhas used during kite flying. Such restrictions on nylon use will challenge the market's growth. Furthermore, the growing opposition against using nylon will also challenge the market.
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Some of the major players operating in the global nylon market are:
• Ascend Performance Materials
• BASF SE
• Domo Chemicals
• DuPont
• Invista
• Lanxess
• Nylon Corporation of America Inc.
• Radici Partecipazioni SpA
• Shenma Industrial Co. Ltd.
• Ube Industries Ltd.
Key Segments cover in the market:
By Product Type
• Nylon 6
• Nylon 6/6
By Application
• Textiles
• Automobile
• Engineering Plastics
• Electrical and Electronics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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