A new report published in the Transparency Market Research states that the competitive landscape of the global nylon 66 market demonstrate highly consolidated market along with the presence of a some market players. Some of the players operating in the global market for nylon 66 market includes LANXESS, Asahi Kasei Corporation, Asahi Kasei Corporation, BASF SE and DowDuPont. The manufacturers are largely focused on the expansion of the manufacturing plants in order to meet the overall demand of the Nylon 66 market across the globe. Nylon 66 manufacturer in Asia Pacific enjoy the selling price owing to increase in price of feedstock material.
According to TMR, the global market for nylon 66 is likely to exhibit 3.0% CAGR throughout the forecast period ranging from 2018 to 2026. The market is likely to attain worth of US$ 6.0 Bn by 2026.
Among all the application segment, automotive application dominates the global market for nylon 66, due to its major share in the overall market. On the basis of geography, North America dominates the global nylon 66 market on account of increasing electronics and automotive industries in this region. The rising usage of the nylon 66 by the key manufactures for producing the parts of interior parts of the car and electronic appliance in this region is the key factor influencing the growth in the region like Asia Pacific, Europe and North America.
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High Demand for Resin-Grade Nylon 66 in Electrical Industry Likely to Boost Growth
Increase in production of electronic and electrical product is likely to influence the demand of the nylon 66 market. The strength and rigidity, inherent flame resistance, and excellent resistance to temperature are the some of the key properties boosting demand for nylon 66 across the globe. Resin-grade nylon 66 products are utilized in engineering plastic for the vehicle engine and engine mechanisms, this is another factor attributing growth in near future. The price of the nylon 66 material is increasing due to unavailability of resource, this is another factor contributing growth and demand in coming years. Furthermore, the major market players are investing more to produce more material and to attain maximum share in the overall market.
Shortage of nylon 66 Likely to hamper Market Growth
On the other hand, the shortage of the nylon 66 material is likely to restrain the growth across the globe in coming years. But, due to rising price of the nylon 66 materials the leading manufacturers are enjoying the selling price, this can be another factor attributing to the growth of the global nylon 66 market. Also, the key players are increasing their production capacity in order to gain more market share in coming years, this can be another factor attracting growth of the global nylon 66 market. Furthermore, continuous demand of the nylon 66 compels the manufacturers to increase the price of the nylon 66 in many regions.
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