Global Nylon Resins Market - Segmented by Product Type, Application, End User Industry and Region - Growth, Trends and Forecast (2018 - 2023)
The nylon resins market is expected to register a CAGR of 3.52% during the forecast period, 2018-2023. The market is driven by many factors including, increasing demand from automotive industry and packaging sector. However, high raw material prices are restraining the market.
Increasing Demand from the Automotive Industry
The Automotive sector is an important market for nylon resins and according to the American Chemistry Council. Light weight vehicles account to around 30% of the nylon resins demand. Consumers are increasing their preference to light weight vehicles in response to low maintenance cost and low fuel consumption. This is resulting in increasing demand for nylon resins, thereby driving the market. In North American countries like United States and Canada, there is an increase in demand for light weight vehicles, forcing the automotive manufacturers to increase plastics, such as nylon in automobiles.
Nylon 6 - the Dominant Product Type
The global nylon resins market is segmented on the basis of product type, application, and end-user industry. Based on product type, nylon 6 is the dominant market because of its lustrous surface finish and high impact strength, which is increasing its usage in the manufacture of films in the packaging sector. In addition, its aesthetic appeal and easy process ability using extrusion is also augmenting its demand in the packaging sector in countries like Vietnam etc.
Asia-Pacific - the Fastest Growing Market
Asia-Pacific is the largest market for nylon resins with a share of approximately 40%, and is expected to grow at a high rate during the forecast period, mainly because of increasing manufacturing capacities. China is the largest market in the Asia-Pacific region. With various government initiatives like, ‘China Manufacturing 2025’ is encouraging the use of energy saving automobiles to promote light weight vehicles. This is expected to drive the market in this region. In addition, the Chinese defense sector has started incorporating 3D printing technologies in manufacturing interior products which require plastics. This technology is producing light weight products which are providing opportunities for the market.
July 2017: Arkema SA planned to expand its nylon production activities in Asia, with an investment of around EUR 300 million over five years, to increase its global production capacity by 50 percent.
Major Players: BASF SE, AAA Plastics, Inc., Ag Polymers, AMETEK Westchester Plastics, Aquafil USA Inc., Arc Resin Corporation, Asahi Kasei Corp., DowDuPont, DSM Company, and Solvay amongst others.
Reason to Purchase this Report
To understand the impact of end-user industries on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The type of chemical type and application expected to dominate the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
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