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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 that 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, etc. Nylon monofilament is used in a 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 propel the demand in the market. The Nylon Monofilament Market is anticipated to reach a 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

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

The global rise in demand for nylon monofilament for fishing nets, along with the rise in application in the automotive and commercial and technical textile sectors, are the key driving factors for the growth of the nylon monofilament market. The rapidly growing fishing industry in India, Japan, and China is likely to drive the demand for the nylon monofilament market. Globally, India is the fourth-largest fish producer due to its vast seashore. Nearly 20% of people live near the seashore, and more than 4,000 coastal regions are involved in fishery activity. Novel applications in the healthcare industry, especially in surgeries and treatment of diabetes, contribute to the growth of the nylon monofilament market. A rise in the old ager population along with a significant increase in diabetic patients across the globe, specifically in the 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 the Environmental Protection Agency for the use of nylon monofilament may hamper the market growth. In addition, further instability in the raw material prices of nylon monofilament may hamper the growth of emerging countries. Most of the leading players are available in emerging countries like India, China, Indonesia, and Russia.

Impact of COVID 19

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

Large Chunk of Demand Stems from the 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 the largest market share in the global market due to rising demand for nylon monofilament in the automotive and textile industry. In addition, the rising demand for fish food, along with the 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 applications boosts market growth in the Asia Pacific region. In diabetes patients, monofilaments are broadly used to detect foot sensitivity. Asia Pacific region dominates diabetes owing to containing a large number of diabetic patients in major emerging countries such as China, India, Japan, and Russia. North America is anticipated to register rapid growth in the target market due to the increasing disposable income of individuals and the presence of a 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, the nylon six segment dominated the nylon monofilament market, followed by nylon 66 owing to its favorable properties such as lower cost, high tensile strength, lower heat resistance, and other advantages that propel demand over other products. Further, these products have a wide range of application areas such as medical uses, automotive, textile industry, and consumer goods. However, the nylon 66 segment is expected to grow at a significant CAGR during the forecast period.

Consumer Goods to Retain its Share in Nylon Monofilament Consumption

The nylon monofilament is used for various automotive, medical, aircraft, consumer goods, and commercial textile applications. However, nylon monofilament is used in consumer goods for various purposes, specifically trimmer lines used in gardening, furniture, and racket strings. Nylon Monofilament industry manufacturers are majorly focusing on research & development. Furthermore, technological innovations in the medical industry and 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 market growth in the near future.

Prominent players are focusing on the consolidation of their market to strengthen their foothold in the global marketplace. 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 in manufacturing capacity expansion of its plant located at the Shanghai Chemical Industry Park.

Frequently asked questions

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