Global nylon 6 market has shown significant market growth over the past few years on account of its increasing demand in electronic industries. Demand for nylon 6 is anticipated to increase owing to the growing demand for packaging and textiles. Demand for nylon 6 has been increasing on account of its unique properties including high tensile strength, excellent resistance to abrasion, and wrinkle-proof with high elasticity and excellent luster. Moreover, increasing application demand for nylon 6 in packaging and engineering plastics is expected to fuel market growth over the next six years. However, the volatile price of crude oil is anticipated to impact the production costs of nylon 6 consequently hampering market growth owing to the high price sensitivity of consumers.
Nylon 6 market is segmented based on product type into nylon 6 fiber and nylon 6 resin. End-user industries of this market include electronics & electrical, engineering plastics, wires & cables, films & coatings, automotive, packaging, textiles, industrial yarns, and niche application including musical instruments, lysine synthesis, fishing instruments, a surgical suture. The automotive industry was the largest application segment for nylon 6 on account of its unique properties such as high tenacity and elasticity. Increasing demand for automobiles on account of infrastructure improvements and rising consumer disposable income is anticipated to augment nylon 6 market growth over the forecast period. The shift towards fuel-efficient and eco-friendly automobiles have encouraged the application of nylon 6 in automobiles which is expected to propel market growth. Electronics & electrical was the second largest application segment for nylon 6 followed by the packaging industry. Increasing demand for electronics is expected to have a positive impact on market growth over the projected forecast period. Increasing application scope for nylon 6 in niche applications including musical instruments, fishing instruments, surgical sutures is likely to boost the market growth to some extent.
Asia Pacific was the largest market for nylon 6 in 2013, followed by Europe. Growth of automobile and packaging industries in Asia Pacific is expected to drive market growth over the forecast period. Industrial expansion to increase production capacity is expected to open new opportunities for the market over the forecast period. North America and Europe are anticipated to witness sluggish growth over the next six years on account of slow economic recovery.
Major players in the nylon 6 market include Honeywell, BASF SE, Royal DSM N.V., Formosa, Shaw Industries, and LIBOLON.
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