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The rising fish demand across the globe is the major driving force for the nylon monofilament market share. Growing nylon usage in consumer goods and the subsequent rise in consumer goods demand is presumed to support further market growth.
PUNE, India , Sept. 6, 2022 /PRNewswire/ -- The global nylon monofilament market is estimated to be valued at USD 1.8 billion in 2021 and expected to exhibit USD 3.2 billion by 2029, at a CAGR of 5.9% over the forecast period (2022-2029).
Nylon is a polymer filament that is commonly used in the production of this fabric. Nylon's popularity as a polymer filament for these fabrics is due in part to its high durability and corrosion resistance. Monofilament yarn has both a solid and a circular cross-section. Its shape can be changed to create hollow and/or noncircular filaments.
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Nylon 6 and nylon 66 commanded a major share in the global market. Together, they accounted for over 85% of total market volume in 2021. Nylon 6 is expected to witness the highest growth of 5.3% from 2022 to 2029. Global demand for nylon 66 based monofilaments is expected to exceed a market worth USD 850 million by 2029.
The major factor which is driving the global nylon monofilament is the growing fishing industry. Monofilament manufacturing process and structure is very simple which reduces the total cost of manufacturing. There are various other factors which are driving the monofilament market, such as growing adoption nylon type monofilament in medical industry is anticipated to accelerate the monofilament during the forecast period, specifically in countering diabetes is projected to supplement the global nylon monofilament market.
Asia Pacific dominates the nylon monofilament market owing to the presence of major players in the region.
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 2020 to 2029. A positive outlook on the regional automotive industry and growing healthcare expenditure particularly in Brazil and Argentina is expected to spur growth in the region.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Ashley Polymers, INC., Toray Industries, Inc., Engineered Monofilaments Corporation (EMCO), Superfil, ABC Polymer Industries, LLC, Hinafil India Ltd., Engineered Monofilaments Corporation, Superfil Products Ltd., Perlon Monofil Gmbh, Ningbo Judin Special Monofilament Co. Ltd., Luftking Enterprise Co. Ltd, Wenzhou Ruichang Special Monofilament Factory.
Key Market Opportunities
Thriving automotive industry in the developing economies as a result of surging demand for lightweight automobiles is expected to offer lucrative opportunities
Key Market Drivers
The growing fishing industry as it provides both protein and source of income.
The nylon monofilament market is partially consolidated in nature, with only a few major players dominating the market. Some of the major companies are Ashley Polymers, INC., Toray Industries, Inc., Engineered Monofilaments Corporation (EMCO), Superfil, ABC Polymer Industries, LLC, Hinafil India Ltd., Engineered Monofilaments Corporation, Superfil Products Ltd., Perlon Monofil Gmbh, Ningbo Judin Special Monofilament Co. Ltd., Luftking Enterprise Co. Ltd, Wenzhou Ruichang Special Monofilament Factory.
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Key Market Segments: Nylon monofilament Market
Nylon Monofilament Market by Product, 2022-2029, (USD Million)
Nylon Monofilament Market by Application, 2022-2029, (USD Million)
Nylon Monofilament Market by Region, 2022-2029, (USD Million)
Growing Demand for Nylon Monofilaments from the Fishing Net Segment
The growing agricultural industry is one of the significant factors driving the nylon monofilament market
The growing agriculture industry across the globe is one of the significant factors driving the demand for nylon monofilament market, as it is majorly used as nylon fishing line. According to Statistics Bureau of Japan , the total value of farm production in Japan was US$84,162 million during the year 2021, an increase of 2.63% from US$81,999 during the year 2029. According to the US department of agriculture, the agriculture and food related industries in USA contributed about 5.2% share of the total GDP during the year 2021. According to National statistics of UK, the production of seeds increased by 17% in the year 2021 and the production of plant protection products increased by 10%. This will further increase the demand for nylon monofilament market.
The increasing case of diabetes patients across the globe is increasing the demand for nylon monofilament market.
Nylon monofilament is used as an instrument in screening diabetic foot for loss of protective sensation. This is done to see how the nerves respond to vibration and changes in temperature. Therefore, the increase in the case of diabetes across the globe is giving rise to the demand for nylon monofilament market. According to International Diabetes Federation, approximately 463 million adults (20-79 years) are living with diabetes as of the year 2020 and the number of cases can increase to 700 million by the year 2045. Diabetes also caused at least US$760 billion dollars in health expenditure during 2019. This will further lead to an increase in demand for the nylon monofilament market.
Volatile raw materials are hampering the growth of the nylon monofilament market
Nylon monofilament is manufactured from the refining of crude oil using naphtha. Crude oil is a highly volatile commodity owing to its constantly changing supply-demand scenario. The volatility in the crude oil prices acts as one of the biggest challenges to the nylon monofilament market. The price of crude oil decreased by 20.54% in the year 2021, increased by 34.46% in the year 2021, decreased by 24.84% in 2021 and increased by 12.47% in the year 2029 across the world. This depicts the volatile nature of crude oil and therefore is one of the biggest challenges to the nylon monofilament market. Whereas, the substitutes like linen which is highly resistant to many extreme conditions and also cheaper is a major challenge to the nylon monofilament market.
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