(MENAFN- GlobeNewsWire - Nasdaq) NEWARK, Del, May 31, 2023 (GLOBE NEWSWIRE) -- In 2023, it is anticipated that the global market for nylon-6 and nylon-66 will be worth US$ 24,225.2 million. It is predicted that throughout the forecast period, it would grow at a CAGR of 4.6%. By the end of 2033, the nylon-6 and nylon-66 market will likely reach a peak valuation of US$ 37,868.1 million.
In 2018, the combined market for nylon-6 and nylon-66 was valued at US$ 21,504.1 million. In 2022, it grew by 4.4% year over year (Y-o-Y).
Asia Pacific is expected to remain one of the prominent regions in the nylon-6 and nylon-66 markets. This is owing to the presence of several manufacturers with high production capacities.
Surging consumption of these chemicals by countries such as India, China, and the Association of Southeast Asian Nations (ASEAN) would also spur demand. Similarly, North America is estimated to show consistent demand for nylon-6 and nylon-66 from the automotive, aerospace, and electronics industries.
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Prominent manufacturers of nylon-6 and nylon-66 are strategically expanding their regional footprints through acquisitions of local players and new product launches. Few of the players are investing in backward integration to produce raw materials on their own. The market is moving toward consolidation with top manufacturers capturing significant shares.
Nylon-6 is likely to be used in the manufacturing of multiple parts for automobiles. The substance is also planned for incorporation into mechanical parts, electrical connectors, textile fibers, and packaging materials.
Nylon-66 is a popular option in industries that require great mechanical performance owing to its legendary strength, stiffness, and impressive heat resistance. For the fabrication of durable parts, this high-performance nylon version finds widespread use in the automotive sector. It is also employed in the production of gears, bearings, and structural elements for use in a variety of industries, as well as connectors and components for the electrical sector.
Key Takeaways from the Nylon-6 and Nylon-66 Market Study:
The global market for nylon-6 and nylon-66 is projected to witness a CAGR of a magnitude of 4.6% during the forecast period from 2023 to 2033. By product type, the nylon-6 segment is expected to remain dominant, accounting for 80% of the global market share. By application, the fiber segment is likely to account for four-fifth of the global nylon-6 and nylon-66 consumption. The United States nylon-6 and nylon-66 market is predicted to surge at a CAGR of 4.5% during the forecast period. China's nylon-6 and nylon-66 market is projected to witness a CAGR of 5.4% in the evaluation period.
“The market is expected to be primarily driven by rising nylon demand for applications in both fiber and resin. Expanding demand for nylon materials in the textile sector and changing fashion trends that prefer clothes made of nylon-fiber would push demand. Due to their lightweight and excellent strength, nylon resins are projected to see a rising demand as the automobile sector rapidly expands.” – says a lead analyst at Future Market Insights (FMI)
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Competitive Landscape
The nylon-6 and nylon-66 market is believed to be moderately consolidated, where key players hold only 35 to 40% of the total share. Leading players in the industry such as BASF SE, Celanese Corp., SABIC, INVISTA, LyondellBasell Industries N.V., TORAY INDUSTRIES, INC., and others are profiled in the comprehensive version of the report.
Key players are mainly focusing on expanding their production capacity to increase their market presence all over the globe. They are also aiming to gain maximum traction in the market. A few other top players are investing significantly in acquisitions to curb their competition.
For instance,
Celanese Corporation was successful in acquiring a crucial chunk of DuPont's Mobility and Materials division in November 2022. Through this transaction, Celanese will have access to a wide variety of engineered thermoplastics, elastomers, and well-known brands. Additionally, it would provide excellent organization, global production assets, and valuable intellectual property.
Nylon-6 and Nylon-66 Market Outlook by Category
By Product Type:
Nylon 6 (PA6) Nylon 66 (PA66)
By Application:
Engineering Plastics Automotive Industrial/Machinery Electrical and Electronics Consumer Goods and Appliances Packaging/Films Wires and Cables Others
Fiber Textiles Industrial Carpet Staples Others
By Region:
North America Latin America Western Europe Eastern Europe Russia and Belarus Balkan and Baltic Countries Central Asia East Asia South Asia and the Pacific Middle East and Africa
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Get More Insights into the Nylon-6 and Nylon-66 Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global nylon-6 and nylon-66 market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type (nylon-6 and nylon-66), application (engineering plastic and fiber), and regions.
Table of Content ( ToC )
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Share Analysis
1.3. Demand Side Trends
1.4. Supply Side Trends
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Kilo Tons) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Kilo Tons) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. Global Market - Pricing Analysis
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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