(MENAFN- iCrowdNewsWire) iCrowd Newswire - May 17, 2019
According to the new market research report " Glass Filled Nylon Marketby Type (Polyamide 6, Polyamide 66),End Use Industry(Automotive, Electrical & Electronics, Industrial), Manufacturing Process(Injection Molding, Extrusion Molding), Glass Filling and Region Global Forecast to 2024″, The glass filled nylon market size is estimated to grow from USD 8.2 billion in 2019 to USD 10.8 billion by 2024, at a CAGR of 5.8% during the forecast period.
The glass filled nylon market is witnessing significant growth because of the growing demand from industries such as industrial, automotive, and electrical & electronics. Glass filled nylon provides various superior properties such as high strength, dimensional stability, high creep resistance, and chemical resistance.
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The use of glass filled nylon is increasing due to its superior properties such as high strength, long durability, dimensional stability, stiffness, strength, chemical resistance, and creep resistance. The glass filled nylon market size is estimated to grow from USD 8.2 billion in 2019 to USD 10.8 billion by 2024, at a CAGR of 5.8% between 2019 and 2024. The increasing use of glass filled nylon in the automotive and electrical & electronics industries is bolstering the market, globally.
The glass filled nylon market, by end-use industry, is segmented into automotive, electrical & electronics, industrial, and others including aerospace, construction, and marine. The market in the automotive end-use industry is projected to register the highest CAGR, in terms of value, during the forecast period. Automotive is the largest end-use industry segment of the glass filled nylon market, followed by the electrical & electronics end-use industry. The growing usage of glass filled nylon is these end-use industries is bolstering the market.
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The glass filled nylon market size is estimated to grow from USD 8.2 billion in 2019 to USD 10.8 billion by 2024, at a CAGR of 5.8% between 2019 and 2024. The superior properties offered by glass filled nylon and the growing automotive industry are majorly driving the market.
The major glass filled nylon manufacturers are BASF SE (Germany), Asahi Kasei Corporation (Japan), Lanxess (Germany), DowDuPont Inc. (US), Royal DSM N.V. (Netherlands), Ensinger GmbH (Germany), Arkema (France), SABIC (Saudi Arabia), Evonik Industries (US) and Ascend Performance Materials (US). These players have adopted various growth strategies such as acquisition and new product launch to expand their presence in the global market. Acquisition was the dominant strategies adopted by the major players, between 2014 and 2019, which helped them to offer innovate products and broaden their customer base.
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BASF SE has secured a strong position in the European market. It is also establishing its presence in Latin America and the MEA and is now focusing on APAC. The company is a strong market player in the functional materials & solutions business segment. It has a strong focus on R & D and has acquired Solvay's global polyamide business. This has helped the company to maintain its market position and expand its glass filled nylon business.
Asahi Kasei Corporation has a prominent presence in the glass filled nylon market. The company has a strong brand image, and it caters to the growing demand for glass filled nylon, particularly from the automotive application. It opted inorganic growth strategy through the acquisition of Sage Automotive Interiors, Inc. (US). This will increase the glass filled nylon market, as automotive is a key end-use industry of glass filled nylon. The company mainly focuses on R & D activities to maintain its comprehensive portfolio of glass filled nylon products that have significant growth potential.
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