Global Nylon Monofilament Market is Likely to Grow a CAGR of 5.95% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Nylon Monofilament Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Nylon Monofilament Market generated revenue of around USD 1.87 billion in 2020 and is anticipated to grow at a CAGR of over 5.95% during the forecast period from 2021 to 2027 to reach around USD 2.57 billion in 2027.

Browse the full report at https://www.credenceresearch.com/report/nylon-monofilament-market

Global Nylon Monofilament Market, 2020 – 2027 (USD Million)

Nylon monofilament is a synthetic non absorbable suture a composition of polyamide polymer with great elasticity and high tensile strength properties. Further, nylon monofilament has controlled elongation property and it also produces extremely low tissue reactivity rate. Monofilament Nylon offer wide range of applications in the field of consumer goods, automotive, aircraft, medical and commercial and technical textiles industry. In addition, nylon monofilament is used for various purposes in the medical field such as cardiovascular surgery; general surgery, thoracic surgery, ophthalmology, orthopedic surgery and others. Furthermore, increase in usage of nylon monofilament in diabetic foot screening is expected to boost the demand in the forecast period.

Key Trends in Global Nylon Monofilament Market

Rapid growth in fishing production in emerging countries dominates the market growth

Rapidly growing fishing industry and rise in demand of sea food are the major driving factors in the growth of nylon monofilament market. Further, rapidly growing fish production rate and rising commercialization fishing market in emerging countries like India, China, Russia, and Japan contributes to the nylon monofilament market growth. India is the fourth-largest fish producer in the world and About 38% marine fisherfolk were engaged in active fishing with 85% of them having full time engagement. Rapidly increase in use of nylon monofilament in medical industry for many surgeries as well as for the treatment of countering diabetes helps in propelling the market growth. More than 60% of the people with diabetes live in Asia Pacific region with almost one-half in China and India combined in comparison to world count.

Impact of COVID 19 on Nylon Monofilament Market

The effect of the coronavirus outbreak has the major decline for the nylon monofilament market. The COVID-19 led to decline in the production of automobile sector owing to sudden shut down of non-essential goods production units, supply chain disruption and stringent government policies imposing market growth. In addition to this, fishing industry is also severely affected by the COVID-19 and stringent restrictions of government on social distancing as well as shut down of non-essential goods transportation. These all parameters are hampering the demand of nylon monofilament whereas increase in medical application may help to sustain the demand of nylon monofilament in the forecast period.

Global Nylon Monofilament Market by Product Insights

On the basis of product type, the nylon monofilament market is segmented into Nylon 6, Nylon 66 and Others. Nylon 6 segment accounted for the largest share in 2020 followed by nylon 66 due to its widespread applications as well as its favorable properties and is expected to continue its dominance in the forecast period.

Nylon 6 has favorable properties like low heat resistance, high tensile strength, good elasticity and easy passage through tissue making it preferable over others. Similarly, nylon 66 is expected to grow with moderate rate owing to rising demand in rising demand from automotive industry.

Global Nylon Monofilament Market by Application Insights

On the basis of application, the nylon monofilament is segmented into Fishing Net, Medical, Automotive, Consumer Goods and Others. In 2020, the consumer goods segment dominates the nylon monofilament market and accounted for the largest share. This can be attributed to the growing demand from various end-use applications such as fishing nets, racket strings trimmer lines etc.

Global Nylon Monofilament Market by Regional Insights

Geographically, Asia Pacific generated the largest revenue in nylon monofilament market in 2020 and is expected to continue its domination over the forecast years. This is attributed to increase in application of monofilament in the medical sector, specifically in anticipating diabetes. Asia Pacific dominates the market followed by Europe. Further, rising consumer goods demand in emerging countries such as China, India, Japan and Brazil continues to sustain the market growth in the Asia Pacific region. The North America nylon monofilament market is expected to contribute moderate revenue shares in the global market, owing to rapidly growing medical industry.

Global Nylon Monofilament Market Competitive Landscape

The major players operating in the global Nylon Monofilament Market include Engineered Monofilaments Corporation, Ashley Polymers Inc., Toray Monofilament Co. Ltd., Ningbo Judin Special Monofilament Co. Ltd., Perlon Monofil GmbH, Hinafil India Ltd., Wenzhou Ruichang Special Monofilament Factory, and Superfil Products Ltd. The report covers very detailed profiles of these key players about recent development, product innovation and acquisitions. Major companies have been focusing on producing bio-based nylon monofilament and boost the market growth.

Market Segmentation

Global Nylon Monofilament Market by Product, 2015 – 2027

· Nylon 6

· Nylon 66

· Others

Global Nylon Monofilament Market by Application, 2015 – 2027

· Fishing Net

· Medical

· Automotive

· Consumer Goods

· Others

Global Nylon Monofilament Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Nylon Monofilament Market: Key Players

· Ashley Polymers Inc.

· Toray Monofilament Co. Ltd.

· Ningbo Judin Special Monofilament Co. Ltd.

· Perlon Monofil GmbH

· Wenzhou Ruichang Special Monofilament Factory

· Hinafil India Ltd.

· Engineered Monofilaments Corporation

· Superfil Products Ltd.

· ABC Polymer Industries, LLC

Shinkey Monofilament Enterprise Co., LTD