Nylon Monofilament Market: COVID-19 Impact
The sudden outbreak of the coronavirus has had a detrimental effect on the nylon monofilament market, particularly in the consumer goods and automobile industries. The COVID-19 pandemic has caused major disruptions in the end-use industries for nylon monofilament, leading to production shutdowns, supply chain challenges, and a decline in customer demand. Additionally, prominent automotiveproducing countries such as China, Japan, and India have witnessed a decrease in automotive production, further impacting the market due to supply chain disruptions. Despite these challenges, there are indications that the nylon monofilament market size will see growth in the coming years.
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Rising Need to Cater to a Growing Number of Diabetic Patients Boosts Nylon Monofilament Market Revenue
Nylon monofilament is increasingly being used as a screening tool to detect the loss of protective feeling in diabetic feet, by observing how nerves react to vibration and temperature changes. With the global rise in diabetes cases, the demand for nylon monofilament is expected to grow substantially. According to the International Diabetes Federation, as of 2020, there were an estimated 463 million individuals worldwide aged 20 to 79 years with diabetes, and this number is projected to reach 700 million by 2045. The rising medical costs associated with diabetes further drive the expansion of the nylon monofilament market.
Nylon Monofilament Market Witnesses Sustained Demand for Manufacturing of Several Consumer Products
The worldwide nylon monofilament market is set to benefit from the growing fishing and automobile sectors. As fish food demand increases, both wild-caught and farmed seafood become essential sources of animal protein for over 3 billion people worldwide. This expansion in the fishing industry is expected to drive the demand for nylon monofilament, as it is widely used in fishing nets. Additionally, the market is expected to grow due to the increased usage of nylon in consumer products and the rising demand for consumer goods. The medical sector's adoption of monofilament for various applications, especially in diabetes treatment, is also projected to support market growth. Moreover, the shift towards producing nylon monofilament from bio-based sources aligns with consumer trends and further stimulates market demand.
Heightening Demand from Automotive Industries to Fuel Nylon Monofilament Market Expansion
The automobile industry's increasing preference for nylon monofilament can be attributed to its workability, strength, and durability. Nylon monofilament is utilized in the production of various vehicle parts due to its ability to facilitate molding and extrusion operations. With the paradigm shift towards electric vehicles, advanced engineering materials like nylon are anticipated to play a significant role in the production of vehicle components. This surge in demand from the automotive sector is expected to drive the expansion of the nylon monofilament market.
Volatile Raw Materials Create an Impediment-Facing Nylon Monofilament Market
The fluctuating supply and demand situation of crude oil, which is used to produce nylon monofilament, pose significant challenges to the market. The erratic nature of crude oil prices impacts the cost of production, making it difficult for manufacturers to maintain stable pricing for nylon monofilament. Moreover, alternative materials like linen, which are cheaper and highly resistant to harsh environments, threaten the demand for nylon monofilament.
Nylon 6 to Dominate Nylon Monofilament Market on the Back of Superior Attributes over Nylon 66
Nylon 6 is expected to hold a significant market share in the nylon monofilament market during the forecast period. The increased adoption of nylon 6 in various applications, including fishing nets, consumer goods, automotive, and medical industries, is driving its dominance. The versatility of nylon 6 in producing a wide range of products further contributes to its market prevalence.
Nylon Monofilament Market Benefits Largely from Increased Demand for Fishing Products
Nylon monofilament, especially in the form of fishing lines, is a popular choice due to its low cost and long lifespan. The growth of the fishing industry and rising consumer demand for fish are projected to increase the need for nylon monofilaments in fishing net applications, driving the development of the nylon monofilament market.
Asia Pacific to Acquire a Major Revenue Share in Nylon Monofilament Market Owing to Major Production of Fish-related Products
The Asia Pacific region is expected to lead the nylon monofilament market, with increased demand driven by the fishing nets and automobile industries in countries such as China, Japan, and India. The region dominates fish farming, and with its extensive coastline and significant population engaged in fishing, it presents a lucrative market for nylon monofilament. Additionally, investments by primary
producers in manufacturing facilities to reduce reliance on imports further contribute to the region's market dominance.
North America's Automobile Industry Drives the Nylon Monofilament Market
North America, with its growing adoption of electric vehicles and a rise in demand for commercial and passenger automobiles, contributes significantly to the nylon monofilament market. Furthermore, the prohibition on single-use plastics in the United States is projected to boost demand for nylon films, indicating favorable prospects for the region's nylon monofilament market.
Global Nylon Monofilament Market: Competitive Landscape
Several players are actively involved in the nylon monofilament market, including Ashley Polymers Inc., Hinafil India Ltd., Engineered Monofilaments Corporation, Toray Monofilament Co. Ltd., Superfil Products Ltd., Ningbo Judin Special Monofilament Co. Ltd., Perlon Monofil GmbH, Luftking Enterprise Co. Ltd., and Wenzhou Ruichang Special Monofilament Factory. These companies continuously innovate and launch new products to meet the diverse market demands.
Conclusion
Despite the challenges posed by the COVID-19 pandemic and volatile raw material prices, the nylon monofilament market remains resilient. The rising prevalence of diabetes, increasing demand from various industries, and the shift towards bio-based sources are driving the market's growth. Asia Pacific and North America are anticipated to play pivotal roles in shaping the market's trajectory. Manufacturers and consumers alike are moving towards environmentally friendly solutions, creating opportunities for sustainable and biodegradable nylon monofilaments. As the global focus on sustainability intensifies, research and development efforts to create eco-friendly monofilaments will continue to open up new avenues in the nylon monofilament market.
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