NEW YORK, Nov. 26, 2015 /PRNewswire/ -- The global nylon monofilaments market is expected to reach USD 1.89 billion by 2020. Growth of key end-use industries such as automotive, fishing and consumer good in Asia Pacific and Latin America is expected to remain a key driving factor for the global nylon monofilament market. Growing nylon monofilament application development in medical industry is also expected to have a positive impact on the market growth over the forecast period. Threat of substitute from other polymers such as PVDF and polypropylene is expected to remain a key challenge for market participants over the next six years.
Nylon 6 and nylon 66 commanded a major share in the global market. Together, they accounted for over 85% of total market volume in 2013. Nylon 6 is expected to witness the highest growth of 5.3% from 2014 to 2020. Global demand for nylon 66 based monofilaments is expected to exceed a market worth USD 850 million by 2020.
Further key findings from the study suggest:
Global nylon monofilament market demand was 337 kilo tons in 2013 and is expected to reach 476.4 kilo tons, growing at a CAGR of 5.2% from 2014 to 2020.
Consumer goods were the largest application segment and accounted for 29.9% of total consumption in 2013. Increasing nylon monofilament demand for manufacturing sports equipment is expected to drive this segment. Medical is expected to witness the highest growth rate of 5.8% from 2014 to 2020. Development of novel applications in medical industry is expected to spur growth for this segment over the forecast period.
Asia Pacific emerged as the leading regional market and accounted for 64.1% of total market volume in 2013. Asia Pacific is expected to maintain its lead position in the global market over the forecast period. Growth of fishing and automotive industries in China, India and Indonesia is expected to drive the regional market. Central & South America is expected to witness the highest growth of 5.4% from 2014 to 2020. Positive outlook on regional automotive industry and growing healthcare expenditure particularly in Brazil and Argentina is expected to spur growth in the region.
Major industry participants have been focusing to develop environmental friendly and superior nylon monofilaments. Key companies have also been developing proprietary products to cater to specific end-use markets. Some major companies operating in the global market include Hinafil India Ltd., Ashley Polymers Inc., Engineered Monofilaments Corporation, Superfil Products Ltd., Toray Monofilament Co. Ltd., Perlon Monofil GmbH, Wenzhou Ruichang Special Monofilament Factory, Luftkin Enterprise Co. and Ningbo Judin Special Monofilament Co. Ltd.
For the purpose of this study, Grand View Research has segmented the nylon monofilament market on the basis of product, application and region:
Global Nylon Monofilament Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2020)
Global Nylon Monofilament Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Global Nylon Monofilament Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 - 2020)
Central & South America
Middle East and Africa
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