The Nylon Monofilament market is expected to grow at a CAGR of over 5% during the forecast period. Major factor driving the market studied is growing demand of nylon monofilament from fishing Net. On the flip side, volatility in raw material price and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Growing demand of nylon monofilament from medical sector is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Nylon monofilament from fishing net application is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Nylon Monofilament from Fishing Net
- Nylon monofilament is a single, continuous strand filament of synthetic fiber most commonly recognized monofilament in nylon fishing line.
- Nylons monofilaments have higher melting points than polypropylene and are generally extruded at temperatures in the range of 260 °C.
- Nylon monofilament are used to produce variety of fishing nets. It is widely used as fishing nets because of its cost effective and durable properties.
- Expansion in the fishing industry and increasing demand for fish is likely to boost the demand for nylon monofilament from fishing nets application over the coming years.
- Hence, owing to the above-mentioned factors, the application of nylons monofilaments from fishing nets is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for nylon monofilament during the forecast period. The rising demand of nylon monofilament from fishing nets and growing application in automotive sector in countries like China, Japan and India is expected to drive the demand for nylon monofilament in this region.
- The largest producers of nylon monofilament are located in Asia-Pacific region. Some of the leading companies in the production of nylon monofilament are ASHLEY POLYMERS INC.,TORAY INDUSTRIES, INC., Engineered Monofilaments Corporation (EMCO), Superfil and ABC Polymer Industries, LLC among others.
- India is the fourth-largest producer of fish in the world due to its vast coastline and nearly 10 million people residing in more than 4,000 coastal regions engaged in fishery activity.
- The National Development and Reform Commission (NDRC) of China announced that the restrictions will be loosened on the auto market, and appropriate subsidies will be provided to boost rural sales of some vehicles, as well as the purchase of new energy vehicles.
- Owing to the above-mentioned factors, the market for nylon monofilament in the Asia-Pacific region is projected to grow significantly during the study period.
The global nylon monofilament market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are ASHLEY POLYMERS INC.,TORAY INDUSTRIES, INC., Engineered Monofilaments Corporation (EMCO), Superfil and ABC Polymer Industries, LLC among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support