Nylon Monofilament Market by Product (Nylon 6, Nylon 66, Others) by Application (Fishing Net, Medical, Automotive, Consumer Goods, Others): Growth, Future Prospects, and Competitive Analysis, 2015 - 2027

Nylon monofilament is a synthetic non-absorbable surgical suture which contains high tensile strength, brilliant elasticity, and easy passage through tissue. It is highly recommended for skin closure procedures such as cardiovascular, orthopedic, cuticular, ophthalmology and others. Nylon monofilament is used in wide range of applications such as in automobiles, consumer goods, paper machine clothing, countering diabetes, commercial and technical textile, and others. Further, favorable properties of nylon monofilament such as high tensile strength, low heat resistance, elasticity and low tissue reactivity propels the demand in the market. The Nylon Monofilament Market is anticipated to reach market value of USD 2.57 billion in 2027 from USD 1.87 billion in 2020 and grow at a CAGR of over 5.95% during the forecast period.

Nylon Monofilament Market

Ever Increasing Fishing Industry Has Paved the Way for Growth of Nylon Monofilament 

The global rise in demand of nylon monofilament for fishing nets along with rise in application in automotive sector and commercial and technical textile sector are the key driving factors for the growth of nylon monofilament market. Rapidly growing fishing industry in India, Japan and China is likely to drive the demand for nylon monofilament market. Globally, India is the fourth-largest producer of fish due to its wide seashore and nearly 20% of people live near seashore and more than 4,000 coastal regions involved in fishery activity. Novel applications in the healthcare industry especially in surgeries and treatment of diabetes contributes to the growth of nylon monofilament market. A rise in old ager population along with significant increase in diabetic patients across the globe specifically in Asia Pacific region propels the market growth in the near future.

Availability of Substitutes and Stringent Regulations to Hold Back Growth of Nylon Monofilament

However, stringent regulations and guidelines of Environmental Protection Agency for the use of nylon monofilament may hamper the market growth. Further instability in the raw material prices of nylon monofilament may hamper the growth in the emerging countries. Most of the leading players are available in emerging countries like India, China, Indonesia and Russia.

Impact of COVID 19

The sudden outbreak of coronavirus has adverse effect as major application areas of the nylon monofilament are automotive, and consumer goods. Due to outbreak of covid-19, major end user industries of nylon monofilament are affected and facing challenges such as sudden shut down production, supply chain disruption and reduced consumer demand.  Furthermore, automobile industries manufacturing has declined in all the major automobile producing emerging countries, such as China, Japan, India. This sudden supply chain disruption is anticipated to affect the nylon monofilament market over the forecast period.

Large Chunk of Demand Stems from Asia Pacific

The global nylon monofilament market covers the regions, such as North America, Europe, Asia Pacific, Middle East and Africa, Latin America (LATAM), including all the key economies in these regions. Asia Pacific market is expected to account for largest market share in the global market, due to rising demand for nylon monofilament in automotive and textile industry. Rising demand for fish food along with rapidly increasing fishing industry in emerging countries like India, china and japan expected to witness moderate growth and will continue over the forecast period.

Furthermore, increasing demand for nylon monofilament for medical application boost the market growth in Asia pacific region. In diabetes patients, monofilaments are broadly used to detect foot sensitivity. Asia pacific region dominates diabetes owing to containing large number of diabetic patients in major emerging countries such as China, India, japan and Russia. The North America is anticipated to register rapid growth in the target market, due to increasing disposable income of individuals and presence of technologically advanced medical industry.

Nylon 6 is Major Growth Avenue for Nylon Monofilament Industry

The nylon monofilament product includes Nylon 6, Nylon 66 and Others. In 2020, nylon 6 segment dominated the nylon monofilament market followed by nylon 66 owing to its favorable properties such as lower cost, high tensile strength and lower heat resistance and other advantages propel demand over other products. Further, these products have wide range application area such as medical uses, automotive, textile industry and consumer goods. However, nylon 66 segment is expected to grow at the significant CAGR during the forecast period.

Consumer Goods to Retain its Share in Nylon Monofilament Consumption

The nylon monofilament is used for various applications such as automotive, medical, aircraft, consumer goods, and commercial textile. However, nylon monofilament is used in consumer goods for a variety of purposes specifically trimmer lines which is used in gardening, furniture as well as racket strings. Nylon Monofilament industry manufacturers are majorly focus on research & development. Furthermore, technological innovations in medical industry along with increasing minimally invasive surgery will increase the demand for nylon monofilament. The nylon monofilament is used for cardiovascular surgery as well as for the treatment of diabetes which in turn contributes to the market growth in the near future.

Prominent players are focusing on consolidation of their market in order to strengthen their foothold in global market place. Some companies such as BASF SE and Domo Chemicals have gone the inorganic way to perceive their growth by acquiring Ticona and Solvay respectively. While, Invista focused on organic growth strategy by investing into manufacturing capacity expansion of its plant located at the Shanghai Chemical Industry Park.

Frequently asked questions about global industry

Nylon 6, Nylon 66 and Others are major product types of nylon monofilament, out of which nylon 6 segment dominated the global market with growing demand from automotive and medical industry in the global market.

Some of the major players operating in Nylon Monofilament industry include, Ashley Polymers Inc., Toray Monofilament Co. Ltd., Ningbo Judin Special Monofilament Co. Ltd., Perlon Monofil GmbH, Wenzhou Ruichang Special Monofilament Factory, Hinafil India Ltd.,Engineered Monofilaments Corporation, Superfil Products Ltd., ABC Polymer Industries, LLC and Shinkey Monofilament Enterprise Co., LTD.

Nylon monofilament has wide range of application in Fishing Net, Medical, Automotive, Consumer Goods and Others. Among all the applications, consumer goods is the largest application of Nylon Monofilament.

Asia Pacific hold the largest share owing to rising demand of Nylon Monofilament in several industries such as consumer goods and medical industry.

Stringent regulations and rigorous guidelines of Environmental Protection Agency & REACH for the use of nylon monofilament is the major challenge for the growth of Nylon Monofilament industry. Moreover, volatility in the raw material prices is one of the important hurdles for the growth of this industry

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Published Date:  Jul 2021
Category:  Consumer Goods
Report ID:   60400
Report Format:   PDF
Pages:   120
Rating:    4.2 (66)
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