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Global Nylon Films Market Was valued At USD 30.8 Bn In 2019. It Is Projected To Witness A CAGR Of 6.5% During The Forecast Period (2020-2028).
The growth of nylon films is accredited to the accelerated use of nylon in various industries such as automobile and others. Nylon 6 and Nylon 66 are gradually replacing metal parts in automobiles, owing to their high tensile strength, high elasticity, and excellent abrasion resistance. These factors are expected to augment the growth of nylon films market. Nylon 6 is used in engine components such as bushings, oil containers, bearing, wire harness connectors, cylinder head covers, crankcases, fuse boxes, and timing belts. These benefits offered by Nylon films are expected to boost the growth of market during forecast period (2020-2028).
Rising demand of nylon 6 in the engineering plastics, electricals and electronics, and several niche applications is expected to majorly fuel the market growth. At present, majority of the demand for nylon 66 is derived by automotive industry. However, it is also widely used in various other industries such as textile, engineering plastics. This factor is expected to positively influence the market growth in the upcoming years.
The growing focus towards biodegradable and sustainable plastics is expected to drive the market for nylon films. Although, high raw material cost of nylon as compared to the other plastic films, has emerged as a major barrier for the growth of nylon films market during forecast period (2020-2028)
By Application, Automobile Industry is expected to witness high demand during forecast period (2020-2028)
Recently, nylon films are rapidly used for hood parts in automobile industry. Nylon films offer various benefits such as temperature and chemical resistance that ultimately boosts the demand of nylon films in automobile market.
Nylon 6 (one of the product types of nylon films) has already replaced metal being used in automobile industry. As Nylon 6 offers various benefits such as chemical and mechanical properties, moldability, ease of secondary processing. These benefits offered by nylon 6 boosts its usage in automobile industry.
Nylon 6 Accounted For A Significant Share In Global Nylon Films Market In 2019 And Is Expected To Remain Dominant During The Forecast Period.
The unique properties of nylon 6 (PA 6) make it cost-effective substitute for materials, such as plastics, bronze, brass, steel, aluminium, and rubbers. The electrical protection device manufacturers prefer Nylon 6 due to these properties. The use of nylon 6 in various applications over the past few years has boosted its market share and is expected to support the high consumption of nylon 6 during the forecast period. The excellent surface finish of the product even under reinforced conditions makes it more suitable for aesthetically important applications.
However, nylon 6 filament is rapidly consumed in the travel accessories owing to its better dimensional stability, higher impact strength. Better resistance to dust, dirt, and wear are other important benefits offered by nylon 6. These benefits offered by the product over other alternatives available are expected to boost the consumption of nylon 6 during forecast period.
Asia Pacific Is Likely To Dominate the Global Nylon Films Market During Forecast Period
Capturing over the one-third share of the total consumption, the nylon films market in East Asia region will continue to attract the significant capital investment from manufacturers. With Asia leading the regional market, growth will be shaped by the rising popularity of the convenience foods, as well as the booming chemical industry. While sales opportunities are also lucrative in the developed regions of Europe and North America, the growing adoption of nylon films in South Asia would surge at a rapid CAGR, which will promote leading manufacturers to enter untapped regions in Asia Paciifc and focus on their expansion strategy.
Nylon films market comprises of large and medium players and it is a highly competitive . Competitors in the nylon films market are majorly focused on various strategies such as product launches, mergers and acquisitions and collaborations to cope up with the rising demand. The top players in nylon films market are BASF, Dupont, Solvay Rhodia, Ascend, Hyosung, Toyobo, Toray, Kolon, HMT, Joyson, Safety Systems, Unitika Ltd, Winpak, Kolon Industries, Hyosung Corporation, and Honeywell International LLC.
Nylon Films Market Segmentation:
Global Nylon Films Market by Application:
- Electrical & Electronics
- Engineering Plastics
Global Nylon Films Market by Product:
- Nylon 6
- Nylon 66
Global Nylon Films Market by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa