Nylon Market Size to Reach $47.0 Billion by 2027 | CAGR

6.5%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 17, 2020 /PRNewswire/ -- The global nylon market size is expected to reach USD 47.0 billion by 2027, expanding at a revenue-based CAGR of 6.5% over the forecast period, according to a new study published by Grand View Research, Inc. Rising global automobile production is expected to drive the growth.

Automobile industry is a highly concentrated in nature. Despite the high product range owing to a large number of manufacturers, around 49% of the market is dominated by the top players such as GM, Toyota, Ford, and Volkswagen. Nylon 6 is used in engine components including wire harness connectors, bushings, bearing, fuse boxes, cylinder head covers, oil containers, and crankcases.

Key suggestions from the report:

• Asia Pacific is anticipated to dominate the nylon market during the forecast period. China is the fastest growing country on account of the growing automotive industry
• Nylon 6 segment is potentially fueling the market growth owing to the low cost of the product
• Various strategic initiatives were recorded over the past few years in order to boost the growth of the nylon 6 & 66 Market. For instance, in August 2018, Ascend Performance Materials acquired Britannia Techno Polymer, an engineering plastics manufacturing company based in Netherlands. The acquisition helped establish the former's manufacturing base in Europe and expand its global compounding capacity

Read 112 page research report with ToC on "Nylon Market Size, Share & Trends Analysis Report By Product (Nylon 6, Nylon 66), By Application (Automobile, Electrical & Electronics, Engineering Plastics, Textile), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/nylon-6-6-market

In the recent years, automobile industry has witnessed a robust growth, especially in Asia Pacific. Infrastructure development and improving socio-economic status are some of the major contributing factors for this growth. Favorable regulations, availability of workforce, and government initiatives to provide attractive Foreign Direct Investment (FDI) regulations have resulted in major players shifting their manufacturing bases to China, India, and Indonesia among other countries in the region.