SAN FRANCISCO, Feb. 17, 2020 /PRNewswire/ -- The global nylon market size is expected to reach USD 47.0 billion by 2027, expanding at a revenue-based CAGR of 6.5% over the forecast period, according to a new study published by Grand View Research, Inc. Rising global automobile production is expected to drive the growth.
Automobile industry is a highly concentrated in nature. Despite the high product range owing to a large number of manufacturers, around 49% of the market is dominated by the top players such as GM, Toyota, Ford, and Volkswagen. Nylon 6 is used in engine components including wire harness connectors, bushings, bearing, fuse boxes, cylinder head covers, oil containers, and crankcases.
Key suggestions from the report:
- Asia Pacific is anticipated to dominate the nylon market during the forecast period. China is the fastest growing country on account of the growing automotive industry
- Nylon 6 segment is potentially fueling the market growth owing to the low cost of the product
- Various strategic initiatives were recorded over the past few years in order to boost the growth of the nylon 6 & 66 Market. For instance, in August 2018, Ascend Performance Materials acquired Britannia Techno Polymer, an engineering plastics manufacturing company based in Netherlands. The acquisition helped establish the former's manufacturing base in Europe and expand its global compounding capacity
Read 112 page research report with ToC on "Nylon Market Size, Share & Trends Analysis Report By Product (Nylon 6, Nylon 66), By Application (Automobile, Electrical & Electronics, Engineering Plastics, Textile), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/nylon-6-6-market
In the recent years, automobile industry has witnessed a robust growth, especially in Asia Pacific. Infrastructure development and improving socio-economic status are some of the major contributing factors for this growth. Favorable regulations, availability of workforce, and government initiatives to provide attractive Foreign Direct Investment (FDI) regulations have resulted in major players shifting their manufacturing bases to China, India, and Indonesia among other countries in the region.
Currently, raw materials account for over 45% of the overall manufacturing cost of vehicles. Steel and aluminum are the preferred raw materials in automobile industry. However, owing to the stringent regulations focusing on improving the fuel efficiency and maintaining CO2 emissions at manageable levels, raw material trends are expected to undergo a drastic change in near future. Nylon 6 finds descriptive use as films and coatings to prevent the raw materials from undergoing corrosion.
Nylon 66 demonstrates high dimensional stability coupled with excellent resistance to wear owing to its lower moisture absorption property. Electrical protection devices require high heat, water, and other electromechanical resistance to perform according to standards. Furthermore, it has a shorter and stronger bond, providing it a denser and tighter structure compared to nylon 6.
Grand View Research has segmented the global nylon market on the basis of product, application, and region:
- Nylon Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Nylon 6
- Nylon 66
- Nylon Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Electrical & Electronics
- Engineering Plastics
- Nylon Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Stretch And Shrink Film Market – Global stretch and shrink films market size was estimated at USD 14.27 billion in 2019 and is projected to register a 5.5% CAGR during the forecast period.
- Thermoformed Plastics Market – Global thermoformed plastics market size was estimated at USD 12.3 billion in 2019 and is expected to register a CAGR of 4.9% from 2020 to 2027.
- Recycled Polyethylene Terephthalate Market – Global recycled polyethylene terephthalate market size was valued at USD 7.34 billion in 2019. It is projected to register a CAGR of 7.9% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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