Global nylon monofilament market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Nylon Monofilament Market Witnesses Sustained Demand for Manufacturing of Several Consumer Products
The worldwide nylon monofilament market is anticipated to benefit from the expanding fishing sector and rising automobile demand. The fishing industry is expected to benefit from rising fish food demand. Wild-caught and farmed seafood is a key source of animal protein for more than 3 billion people worldwide. Additionally, it is believed that this will grow the sector. Further market expansion is anticipated to be supported by increasing nylon usage in consumer products, and the resulting increase in consumer goods demand. The market is anticipated to benefit from growing monofilament uses in the medical sector, particularly in the fight against diabetes. Growing demand for nylon monofilaments is anticipated to support this need in the commercial and technical textiles and gardening sectors.
In recent years, businesses have been concentrating on producing nylon monofilament from bio-based sources. Customer trends include increasing fish food demand as well as expanding medicinal applications like the treatment of neuropathy. Such consumer trends are likely to benefit the nylon monofilament market. Environmental restrictions and instructions from regulatory organizations like the EPA may hamper the market for nylon monofilament. Government actions, such as creating SEZs to promote the nylon industry, are asserted to have a favorable effect on the market. Growing environmental concerns over nylon's propensity to biodegrade are predicted to impede the global industry even more. For those working in the industry, R&D projects to create environment-friendly monofilaments promise a wealth of prospects.
With the rising commercialization of racket sports, there is expected to be an increase in demand for sporting goods. Both new and seasoned industry participants can benefit greatly from creating unique applications for consumer products and healthcare. The market for specialized nylons and bio-based nylons might also be lucrative for those worldwide. The medical industry is anticipated to expand due to rising healthcare spending, an aging population, and high per capita income in developed and developing countries. The use of sophisticated methods for treating diseases is another key factor fueling the expansion of nylon monofilament market.
Nylon Monofilament Market: COVID-19 Impact
The abrupt coronavirus outbreak has had a negative impact because nylon monofilament is mostly used in the consumer goods and automobile industries. Major end-use industries for nylon monofilament are impacted by the COVID-19 attack and are dealing with difficulties such as abrupt production shutdowns, supply chain disruptions, and decreased customer demand. Furthermore, all the main growing auto-producing nations, including China, Japan, and India, have seen a fall in automotive production. Throughout the projection period, the market for nylon monofilament is expected to be impacted by this sudden supply chain disruption. The production of fishing nets mostly uses nylon monofilaments. The COVID-19 pandemic also had a devastating effect on the fisheries and aquaculture industries. However, during the upcoming years, the nylon monofilament market size is anticipated to increase.
Rising Need to Cater to a Growing Number of Diabetic Patients Boosts Nylon Monofilament Market Revenue
To check for the loss of protective feeling in diabetic feet, nylon monofilament is employed as a screening tool. This is done to observe how the nerves react to vibration and temperature changes. As a result, the market for nylon monofilament is experiencing growth due to the rise in diabetes cases worldwide. The International Diabetes Federation estimates that 463 million individuals (20-79 years old) worldwide have diabetes as of 2020, and that figure could reach 700 million by 2045. Additionally, diabetes-related medical costs were at least US$760 Bn in 2019. This will further accelerate the rate of expansion of nylon monofilament market.
Heightening Demand from Automotive Industries to Fuel Nylon Monofilament Market Expansion
Nylon monofilament has a great degree of workability, strength, and durability, and as a result, it is frequently employed in the automobile sector. The polymer facilitates molding and extrusion operations, enabling the production of a range of vehicle parts. Its qualities, including resistance to high temperatures and chemicals, make Inconel the ideal material for tough situations. For instance, polyamide creates fluids like engine lubricants and vehicle parts exposed to high temperatures. Over the past few years, the automobile industry has seen a paradigm change in favor of electric vehicles. With their better qualities, advanced engineering materials are projected to be widely used in the production of vehicle parts. Thus, it is projected that increased demand for the material from the automotive industry will propel expansion of nylon monofilament market.
Volatile Raw Materials Create an Impediment Facing Nylon Monofilament Market
Naphtha is used in the crude oil refinery to produce nylon monofilament. Crude oil is a volatile commodity with a continually shifting supply-demand situation. One of the main obstacles facing the nylon monofilament market is the fluctuation in crude oil prices. In 2020, the price of crude oil declined by 20.54%; in 2019, it increased by 34.46%; in 2018, it decreased by 24.84%; and in 2017, it increased by 12.47%. This demonstrates the erratic nature of crude oil, which poses one of the largest market hurdles for nylon monofilament. The market for nylon monofilament is seriously threatened by alternatives like linen, which is extremely resistant to harsh environments and less expensive.
Nylon 6 to Dominate Nylon Monofilament Market on the Back of Superior Attributes over Nylon 66
In the forecast period, nylon 6 held a major market share in the local nylon monofilament market. The market here is anticipated to be driven by expanding medical applications, particularly in treating diabetes, and other applications, including fishing nets, consumer goods, and automotive. Aging populations are anticipated to significantly boost the entire market, along with increased fish food and automobile consumption. These products have several uses in the consumer goods, pharmaceutical, paper, textile, automotive, and medical industries. A few specialized uses for nylon monofilament items include wigs, seat belts in cars, paper machine clothes, racket strings, trimmer lines, fishing nets, and concrete reinforcements.
Nylon Monofilament Market Benefits Largely from Increased Demand for Fishing Products
The most well-known monofilament is the nylon fishing line, which comprises a single continuous strand of synthetic fiber. In general, nylon monofilaments are extruded at temperatures of about 260°C since they have greater melting points than polypropylene. Several different types of fishing nets are made from nylon monofilament. Its low cost and long lifespan make it a popular choice for a fishing net. Over the next few years, the demand for nylon monofilament for fishing net applications is projected to increase due to the expansion of the fishing industry and rising consumer demand for fish. Thus, during the upcoming years, the growth of the fishing industry and the rising demand for fish are projected to increase the need for nylon monofilaments in fishing net applications, in turn driving the growth of nylon monofilament market.
Asia Pacific to Acquire a Major Revenue Share in Nylon Monofilament Market Owing to Major Production of Fish-related Products
The Asia Pacific region is anticipated to lead the nylon monofilament market during the forecast period. The demand for nylon monofilaments in this region is anticipated to increase due to the increased use of the material in fishing nets and the automobile industry in nations like China, Japan, and India. The Asia Pacific area dominates fish farming, producing 89% of the world's total volume over the past 20 years. With its extensive coastline and approximately 10 million residents who live in more than 4,000 coastal locations and participate in fishing, India is the fourth-largest fish producer in the world. More than half of the region's total consumption and production is accounted for by China. Major producers are also building manufacturing facilities in China to meet the expanding demand in the nation and the surrounding area to reduce their reliance on imports. The market for nylon monofilament in the Asia Pacific region is anticipated to expand significantly over the forecast period due to the aforementioned factors.
One of the biggest manufacturers is North America. The automotive industry drives the nylon monofilament market in the region. Sales of electric vehicles have risen quickly in the United States during recent years, and this trend is anticipated to continue during the forecast period. The U.S. Department of Energy estimates that sales of electric vehicles rose by 85% in 2021 compared to the previous year. Over the past ten years, there has been a growth in both the demand for commercial and passenger automobiles. The United States prohibition on single-use plastics is anticipated to substantially boost demand for nylon films in the area. Canadian end users are driving the market growth for these materials by incorporating eco-friendly products into their operations and collaborating with bio-based nylon manufacturers.
Global Nylon Monofilament Market: Competitive Landscape
In January 2022, BASF announced plans to boost manufacturing of PA 6,6 in Freiburg, Germany. In addition, BASF has planned to construct a new hexamethylene diamine (HMD) factory in Chalampé, France. HMD is a precursor that is utilized in the manufacture of PA 6,6 polymers and coating raw materials. This plant is anticipated to begin operations in 2024. In November 2021, NTEC introduced Nylon conductive monofilament (nylon conductive monofilament), which may lessen the impact of electrostatic discharge on the human body and circuit board, reducing hazards in the manufacturing process. It is frequently utilized in the hairdressing and industrial products industries.
A few of the players in the nylon monofilament market include Ashley Polymers Inc., Hinafil India Ltd., Engineered Monofilaments Corporation, Toray Monofilament Co. Ltd., Superfil Products Ltd., Ningbo Judin Special Monofilament Co. Ltd., Perlon Monofil GmbH, Luftking Enterprise Co. Ltd., and Wenzhou Ruichang Special Monofilament Factory.
Regional Classification of Global Nylon Monofilament Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Nylon Monofilament Market
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