A recent study by FactMR says, the global nylon industry is projected to rise at a healthy CAGR of 5.5 per cent between 2019 and 2029. Increasing application of nylon materials as a substitute to rubbers, steel, bronze, and gunmetal are key factors driving sales. The use of nylon in the production of automotive components such as fuse boxes, timing belts, bearings and more will continue to aid the growth of the nylon market.

Nylon 6 will account for a major market share of 60 per cent of the overall value through 2029. Nylon 66 segment will provide highly remunerative opportunities with a 6.7 per cent CAGR. Automotive applications will maintain a high growth rate, expanding 1.6x through the end of the forecast period. East Asia will remain a leading market with 57 per cent share of the overall market revenue through 2029. South Asia and Oceania will provide highly lucrative growth opportunities with a major 7 per cent CAGR in this duration.

The nylon market is indirectly hit by the ongoing global pandemic. The market’s reliance on the automotive industry is adversely affecting sales due to halted productions in major regions such as China and India. The restrictions in China have interrupted large-scale manufacturing has halted the imports and exports of nylon material, thereby putting pressure on the market players. Adding to the burden, the shortage of manpower is limiting the manufacturing quantity. Akin to the situation in the automotive industry, the COVID-19 scare has led to stores and malls being closed down, hurting the retail sales of nylon textiles as a consequence. However, if social conditions improve in the upcoming quarters, the sales will see a rise.