Dublin, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The "Nylon Monofilament Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Nylon Monofilament Market is expected to grow at a CAGR of more than 5% during the forecast period (2021-2026).
COVID-19 has negatively impacted the nylon monofilament market in 2020. Nylon monofilaments are majorly used in the manufacturing of fishing nets. The fisheries and aquaculture sector is negatively impacted due to COVID-19. According to the Food and Agriculture Organization of the United Nations, global fish production for the year 2020 has fallen by 1.7% for the first time in many years. Whereas the global capture fisheries production is likely to fall by 2% due to the decreased fishing effort in multiple regions due to the regulations of COVID-19 on fish vessel crews. Similarly, automobile production has declined in all the major automobile producing countries, namely, China, the United States, Japan, Germany, India, etc. This is expected to further impact the nylon monofilament market for across the world, in the short term, over the forecast period.
Over the medium term, a major factor driving the market studied is the growing demand for nylon monofilament from fishing net. On the flip side, volatility in raw material price is hindering the growth of the market.
The growing demand for nylon monofilament from the medical sector is forecasted to offer various opportunities for the growth of the market over the forecast period.
Nylon monofilament from the fishing net application is expected to dominate the market studied over the forecast period. Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Nylon Monofilament from Fishing Net Segment
- Nylon monofilament is a single, continuous strand filament of synthetic fiber most commonly recognized monofilament is nylon fishing line.
- Nylons monofilaments have higher melting points than polypropylene and are generally extruded at temperatures in the range of 260 C.
- Nylon monofilament is used to produce a variety of fishing nets. It is widely used as a fishing net because of its cost-effective and durable properties.
- Expansion in the fishing industry and increasing demand for fish are likely to boost the demand for nylon monofilament from fishing nets application over the coming years.
- According to the Food and Agriculture Organisation of the United States, the global production of fish in the year 2019 has stood at 177.58 million tonnes. The production in 2020 has fallen by 1.7% due to the impact of COVID-19.
- The global fish production growth is expected be flat year on year in 2021. Later the fish production is expected to pickup with increase in demand in the coming years and the production is expected to rise to 204 million tonnes in 2030, which is likely to enhance the demand for fishing nets and in turn stimulate the market growth rate of nylon monofilaments.
- Hence, owing to the above-mentioned factors, the application of nylons monofilaments from fishing nets is likely to significant impact on the market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for nylon monofilament during the forecast period. The rising demand for nylon monofilament from fishing nets and growing application in the automotive sector in countries like China, Japan, and India is expected to drive the demand for nylon monofilament in this region.
- China is the largest consumer of fish and seafood in the world. The consumption of seafood in China is increasing and it is estimated that around 18 million tonnes of demand to supply gap are likely to be seen as seafood consumption outstrips domestic production by 2030. Domestic consumption of seafood in the country is likely to increase during the forecast period, which is likely to enhance the usage of fishing nets in the country.
- The National Development and Reform Commission (NDRC) of China announced that the restrictions will be loosened on the auto market, and appropriate subsidies will be provided to boost rural sales of some vehicles, as well as the purchase of new energy vehicles.
- According to OICA, the total vehicle sales in China stood around 25.31 million units in the year 2020 and has fallen by nearly 1.9% in terms of sales compared to the year 2019. This fall in sales is majorly impacted due to COVID-19, which has impacted the market demand for automobile fabrics, and thus nylon monofilaments market has also been impacted.
- India is the fourth-largest producer of fish in the world due to its vast coastline and nearly 15 million people residing in more than 4,000 coastal regions engaged in fishery activity.
- The automotive industry is already facing a critical situation and is hard hit by the corona virus's spread. However, the government's reforms such as "Aatma Nirbhar Bharat" and "Make in India" programs are likely to boost the automotive industry.
- The Indian government has created momentum through its Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles schemes that encourage, and in some segments, mandates the adoption of electric vehicles (EV), intending to reach 30% EV penetration by 2030. The scheme creates demand incentives for EVs and supports the deployment of charging technologies and stations in urban centers.
- According to the Society of Manufacturers of Electric Vehicles, electric vehicle sales (excluding e-rickshaws) in India grew by 20% at 1.56 lakh units in 2019-20 driven by two-wheelers. In the same period of previous years, the EV sales stood at 1.3 lakh units. With various manufacturers in the country shifting towards EV is expected to drive the market in the country. Tata and Mahindra announced the launch of new 4-wheeler EVs in the country. The entry of Tesla in the country is likely to revolutionize electric vehicle manufacturing in the country, which is likley to boost the demand for automobile fabrics.
- Owing to the above-mentioned factors, the market for nylon monofilament in the Asia-Pacific region is projected to grow significantly during the study period.
Competitive Landscape
The global nylon monofilament market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are ASHLEY POLYMERS, INC., TORAY INDUSTRIES, INC., Engineered Monofilaments Corporation (EMCO), superfil, and ABC Polymer Industries, LLC among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand of Nylon Monofilament from Fishing Net
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Government Regulations on Use of Nylon Monofilament for Medical Application
4.2.2 Volatility in Raw Material Price
4.2.3 Unfavorable Conditions Arising Due to COVID-19
4.2.4 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Co-Polymer Type
5.2 Application
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ABC Polymer Industries, LLC
6.4.2 ASHLEY POLYMERS, INC.
6.4.3 ASTENJOHNSON
6.4.4 Atkins & Pearce
6.4.5 Engineered Monofilaments Corporation (EMCO)
6.4.6 RUICHANG MONOFILAMENT
6.4.7 Shakespeare Company, LLC
6.4.8 superfil
6.4.9 TORAY INDUSTRIES, INC.
6.4.10 Voith GmbH & Co. KGaA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand of Nylon Monofilament from Medical Sector
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/7tfgkq
