Growing demand for lightweight materials to manufacture intricate parts in the automotive sector is set to drive the market.
In 2023, it is anticipated that the global nylon-6 and nylon-66 market 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 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 market. 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 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 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 light weight 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)
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,
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Nylon-6 and Nylon-66 Market Outlook by Category
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 04, 2024
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