Asia Pacific Nylon Market - Industry Analysis and Forecast (2023-2029)
Asia Pacific Nylon Market was valued at USD 932.70 billion in 2022. The Asia Pacific Nylon Market size is estimated to grow at a CAGR of 5.1% over the forecast period.
Format : PDF | Report ID : SMR_945
Asia Pacific Nylon Market Definition:
Nylon is a polymer filament that is commonly used in this fabric. Some of the notable reasons for nylon's popularity as a polymer filament for these fabrics include its high durability and resistance to corrosion. Monofilament yarn has a solid cross-section and a circular cross-section. Its shape can be manipulated to produce hollow and/or noncircular filaments.
Further, the Asia Pacific Nylon market is segmented by product, Application, distribution channel, and geography. On the basis of product, the Asia Pacific Nylon market is segmented under Nylon 6, Nylon 66, and Others. Based on the Application, the Nylon Monofilament market is segmented under the Fishing Net, Medical, Automotive, Consumer Goods, Others. Based on the distribution channel, the market is segmented under the channels of Online and Offline. By geography, the market covers the major countries in Asia Pacific i.e., India, China, Japan, Australia and Rest of Asia Pacific For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).
Asia Pacific Nylon COVID 19 Insights:
The nylon monofilament market experienced a significant decline in terms of growth and demand during the Covid-19 pandemic. The World Health Organization (WHO) declared Covid-19 a pandemic, urging various countries around the world to declare it a medical emergency.
As a result, many countries' economies and countries shut down. Travel, trade, and other activities were prohibited in countries all over the world. This hampered the growth of various markets, causing them to suffer massive losses. The market for nylon monofilament was also severely impacted in terms of production, distribution, sales, and marketing. However, the nylon monofilament market is expected to recover by the end of 2021.
Asia Pacific Nylon Market Dynamics:
Asia Pacific Nylon Market Drivers:
- Growing Agricultural Sector
One of the major factors driving the demand for nylon monofilament market is the growing agriculture sector around the world, as it is primarily used as nylon fishing line. The total value of farm production in Japan in 2021 was US$84,162 million, a 2.63% increase from US$81,999 in past years. Market value for agriculture product in India is US$ 276.7 Bn. Cereal have highest market share in agriculture products.
- The growing number of diabetes patients across the country
Nylon monofilament is used to screen diabetic feet for loss of protective sensation. This is done to see how the nerves react to vibration and temperature changes. As a result, the rise in diabetes cases around the world is increasing demand for the nylon monofilament market.
In India, Approximately 74.2 million adults (20-79 years) have diabetes as of 2021, with the number of cases expected to rise to 124.8 million during the forecast period. Diabetes also resulted in at least $760 billion in health-care costs in 2021. This will result in an increase in demand.
- Growing Demand of Nylon Monofilament from Fishing Net Segment
Nylon monofilament is a single, continuous strand filament of synthetic fibre. Nylon fishing line is the most well-known monofilament. Nylons monofilaments have higher melting points than polypropylene and are typically extruded at temperatures between 260 and 270 degrees Celsius.
A wide range of fishing nets is made from nylon monofilament. Because of its low cost and durability, it is widely used as fishing net. Growth in the fishing sector and rising fish demand are expected to drive up demand for nylon monofilament from fishing net applications through the forecast period.
The India Fish Market was valued at US$ 1232 Bn in 2021. The India Fish Market size is expected to grow at CSGR of 10.5 % through the forecast period.
- Increased demand for sports equipment
Increased demand for sports equipment as a result of the rapid commercialization of racket sports is expected to bolster APAC market development. Three-dimensional textile fabric composites made of aromatic nylon have high strength and impact resistance and are widely used in sports protection tools such as protective clothing, gloves, leg guards, and knee guards.
Asia Pacific Nylon Market Restraints:
The growth of the nylon monofilament market is being hampered by volatile raw materials
Nylon monofilament is created by refining crude oil with naphtha. Because of the constantly changing supply-demand scenario, crude oil is a highly volatile commodity. One of the most significant challenges to the nylon monofilament market is the volatility of crude oil prices.
The price of crude oil decreased by 20.54% in 2021. This reflects the volatile nature of crude oil and is thus one of the most significant challenges to the nylon monofilament market. In contrast, substitutes such as linen, which is highly resistant to many extreme conditions and also less expensive this is significant challenge to the nylon monofilament market.
Asia Pacific Nylon Market Segment Analysis:
By Product, Nylon 6 and nylon 66 are two major nylon monofilament products. Because of their large production and widespread applications, these products dominate the APAC nylon monofilament market. Nylon 6 has lower heat resistance than nylon 66 but lower costs, aesthetic benefits, and other advantages such as easy colour ability. China and the United States are the world's largest producers of nylon 6 and nylon 66, respectively, and thus play an important role in the nylon monofilament market.
Asia Pacific was the largest market for nylon 66 monofilaments, followed by Europe. In 2021, Asia Pacific demand was 95.1 kilo tonnes, and it is expected to increase to 136.1 kilo tonnes through the forecast period. Demand for nylon 66 monofilaments in North America was 15.1 kilo tonnes in 2021 and is expected to grow at a CAGR of 5.1 % over the forecast period, reaching 21.2 kilo tonnes in 2027.
Because of their voracious consumer goods demand, emerging markets such as China, India, Brazil, and Russia are expected to grow significantly over the forecast period. The fishing sector is expected to expand significantly in both emerging and developed markets.
India and China are currently the world's largest fish producers. Higher demand for fish food is expected in Europe and North America as well. This trend in developed and emerging markets is expected to support the nylon monofilament market.
In 2021, nylon 6 had a 34.0% market share in the regional nylon monofilament market, followed by nylon 66 and others with 53.7% and 11.8%, respectively. The regional nylon monofilament market is expected to be driven by growing medical applications, particularly in the treatment of diabetes, as well as other applications such as fishing nets, consumer goods, and automotive. The ageing population, combined with rising fish food and automotive demand, is expected to boost the overall nylon monofilament market.
These products have numerous applications in consumer goods, medical applications, the automotive sector, the paper market, and the textile market. Specific applications of nylon monofilament products include fishing nets, racket strings, trimmer lines, automobile seat belts, paper machine clothing, technical & commercial textiles, wigs, and concrete reinforcements.
Bio-based nylon monofilaments, specialty monofilaments, nylon 610, nylon 612, and semi-aromatic nylons are also available. These specialty nylons have a limited application scope at the moment, but they are quickly gaining industry acceptance. Bio-based nylon monofilaments are similar to conventional nylon monofilaments in appearance, but they are easily degradable and lack the harmful properties that harm the environment.
By Application, Nylon monofilaments have a wide range of applications and are used in a variety of industries. Some major end-use industries include medical applications, consumer goods, the automotive sector, technical and commercial textiles, and the paper market.
The Asia pacific market is expected to be driven by novel applications as well as medical applications, particularly in diabetes treatment. Though all applications are expected to grow in the future, medical applications and other uses are expected to increase their market share slightly over the forecast period.
Because of numerous applications such as trimmer lines used in the gardening market, racket strings, and furniture, consumer goods dominate the nylon monofilament application market. Seat belts, conveyor belts, and braided sleeves are common applications in the automotive and aerospace sectors.
Several textiles that are critical for industrial purposes, such as filtration fabrics, are used in technical and commercial textile applications. Commercial textiles include the fashion market, which uses nylon monofilament in wigs and designer fabrics. Despite having a limited scope at the moment, nylon monofilament medical applications are expected to grow significantly due to rising demand and robust R&D initiatives.
Nylon monofilaments are currently widely used to detect foot sensitivity in diabetic patients. This application is expected to grow rapidly in the near future due to the significant increase in diabetes patients worldwide, particularly in Asia Pacific. In the paper industry, nylon monofilament is used in forming fabrics, dryer screens, and press felts.
Asia Pacific Nylon Market Key Players Insights:
The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.
The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the europemarket, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.
The objective of the report is to present a comprehensive analysis of the Asia Pacific Nylon market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Nylon market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Nylon Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Asia Pacific Nylon market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Nylon market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Nylon market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Nylon market. The report also analyses if the Asia Pacific Nylon market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Nylon market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Nylon market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Nylon market is aided by legal factors.
Asia Pacific Nylon Market Scope:
Asia Pacific Nylon Market Scope
Market Size in 2022
USD 932.70 Bn.
Market Size in 2029
USD 1321.18 Bn.
By Distribution channel
North America- United States, Canada, and Mexico
Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe
Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa
South America – Brazil, Argentina, Rest of South America
Asia Pacific Nylon Market Key Players:
- TORAY INDUSTRIES, INC. ((Tokyo, Japan)
- Hinafil India Ltd. (Mumbai, India)
- Toray Monofilament Co. Ltd. (Tokyo, Japan)
- Wenzhou Ruichang Special Monofilament Factory. (china)
- RUICHANG MONOFILAMENT (Zhejiang, China)
- Shibaam Polymers (New York, US)
Frequently Asked Questions
The segments covered in the Asia Pacific Nylon Market report are based on Product, Distribution Channel, and Application.
The market size of the Asia Pacific Nylon Market by 2029 is expected to reach USD 1321.18 Billion
The forecast period for the Asia Pacific Nylon Market is 2022-2029.
The market size of the Asia Pacific Nylon Market in 2022 was valued at USD 932.70 Billion.
- Scope of the Report
- Research Methodology
- Research Process
- Asia Pacific Nylon Market: Target Audience
- Asia Pacific Nylon Market: Primary Research (As per Client Requirement)
- Asia Pacific Nylon Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- Asia Pacific Stellar Competition Matrix
- Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
- Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- PESTLE Analysis
- PORTERS Five Force Analysis
- Value Chain Analysis
- Stellar Competition matrix
- Asia Pacific Nylon Market Segmentation
- Asia Pacific Nylon Market, by Product (2022-2029)
- Nylon 6
- Nylon 66
- Asia Pacific Nylon Market, by Application (2022-2029)
- Fishing Net
- Consumer Goods
- Asia Pacific Nylon Market, by Distribution Channel (2022-2029)
- Asia Pacific Nylon Market, by Country (2022-2029)
- Rest of Asia Pacific
- Asia Pacific Nylon Market, by Product (2022-2029)
- Company Profiles
- Key Players
- TORAY INDUSTRIES, INC.
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Hinafil India Ltd.
- Toray Monofilament Co. Ltd.
- Wenzhou Ruichang Special Monofilament Factory.
- RUICHANG MONOFILAMENT
- Shibaam Polymers
- TORAY INDUSTRIES, INC.
- Key Players
- Key Findings