Nylon Market Share and Business Opportunity to 2030

Posted on 2022-06-14 by researchinsights in Industrial // 0 Comments

Nylon Industry Overview

The global nylon market size was valued at USD 31.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. Increasing demand for nylon from automotive applications is expected to propel the market growth during the forecast period.

The automotive industry is highly concentrated. Even though the product range is high owing to a large number of market participants, around 49% of the market is dominated by top players including General Motors, TOYOTA MOTOR CORPORATION, Ford Motor Company, and Volkswagen AG. Nylon is used in engine components such as timing belts, crankcases, cylinder head covers, fuse boxes, wire harness connectors, oil containers, bearings, and bushings.

The growth in nylon production can mainly be attributed to a rapid increase in the China market and the consistent growth of the European automotive industry. The automotive industry in Asia Pacific has witnessed rapid growth in recent years. Improving socio-economic trends and infrastructure development have contributed to the growth of this sector. Initiatives by the government to provide attractive FDI regulations and the availability of workforce have resulted in major automotive players shifting their manufacturing bases to countries such as Indonesia, India, and China.

Gather more insights about the market drivers, restrains and growth of the Global Nylon Market

Currently, raw materials account for over 45% of the overall manufacturing cost of the vehicles. Aluminum and steel are the preferred raw materials in the automotive industry. However, stringent regulations focusing on reducing CO2 emissions at manageable levels and improving fuel efficiency can cause raw material trends to undergo a drastic change. Nylon 6 is used as coatings and films to prevent the raw materials from undergoing corrosion.

These trends have resulted in the adoption of nylon in the automotive industry as it is environment-friendly in comparison to plastics. Nylon facilitates higher design flexibility, which helps in producing advanced shapes without compromising the safety and stability of the vehicle. Nylon is anticipated to play a key role in the growth of the automotive industry over the forecast period.

Apart from the versatility offered by nylon, automobile manufacturers are expected to use them on a larger scale owing to the environmental benefits and the advantages offered by Nylon 6, which are in line with the global emission regulations. However, the threat of substitutes from other products such aspolyvinylidene fluoride,para-aramid synthetic fibers, bioabsorbable polymers, and polypropylene is anticipated to hamper the growth of the market owing to their lower competitive prices.Other environment-friendly substitutes such as bioabsorbable polymers pose a key threat due to their biodegradable nature.

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