Nylon 6 & 66 Market Analysis By Product By Application, By Region And Segment Forecasts, 2014 - 2025
LONDON, Aug. 21, 2017 /PRNewswire/ -- Nylon 6 & 66 Market Analysis By Product (Nylon 6, Nylon 66) By Application (Automotive, Electrical & Electronic, Engineering Plastic, Textiles, Others), By Region, And Segment Forecasts, 2014 - 2025
The global nylon 6 & 66 market is expected to reach USD 41.13 billion by 2025, according to a new report by Grand View Research, Inc.
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The market is expected to witness growth at 6.1% CAGR owing to Increasing focus on fuel efficient and less polluting vehicles has forced the manufacturers to shift their focus from metals to plastics. Nylon being lightweight and heat resistant, has caught the attention of auto-manufacturers. Extensive demand from automotive industry is expected to trigger the nylon market growth.
Nylon 6 holds the largest consumption share in the total nylon resin market, with most of the demand being generated from the textile industry. However, there is an increasing trend of nylon 66 consumption from the engineering plastic industry which is rampantly using nylon 66 to manufacture plastic products, replacing PVC.
There has been a disruption in the supply chain of the nylon value chain, as raw material caprolactam was oversupplied by the Asian manufacturers in the market. This trend had an adverse effect on the caprolactam prices resulting in shutdown of manufacturing units in North America and Europe.
Nylon 6 and 66 prices witnessed an increase in 2017 but are expected to hold stable in the forecasted years. Asia is predicted to hold a strong presence in the nylon 6 value chain while North America will successfully stabilize its nylon 66 capacity in the forecasted period.
Further key findings from the report suggest:
• Nylon-6 dominates the global market with around 60% of total demand in 2016
• Nylon demand from automotive segment to reach a valuation of USD 11.26 billion by 2025. Increasing adaptation of nylon 66 in engineering plastics to replace traditional plastic has been responsible for the market growth.
• Consumption of nylon (6 and 66) resins is expected to reach 2.8 million tons by 2025 in Europe alone
• Caprolactam production and consumption in Asia Pacific is expected to increase as key nylon manufacturers in the region are expanding their production capacity
• Nylon manufacturers are showing a trend of backward and forward integration to attain mature position in the nylon market
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