A
Transparency Market research report states that the competition in the global nylon 66
market has
become stiff in the past few years. The development comes in the backdrop of
expanding applications of the product. The higher heating temperature of the
material makes it a worthy replacement for existing materials used in
automotive and electricals.
The
global nylon 66 market is a consolidated trade arena with very few prominent
players. Some of them include Asahi Kasei Corporation, ANXESS, BASF
SE and DowDuPont. Most players are keen on establishing manufacturing plants in
new regions to expand their global footprint.
The
global nylon 66 market is expected to grow at a formidable CAGR of 3% during
the forecast period – 2018 to 2026. According to analysts, the global nylon 66
market is expected to attain an overall value of US$6bn by the end of
2026.
Based
on segments, the application segment is predicted to hold the highest share in
the global nylon 66 market. The expanding application in the automotive and
electronics industry, will spearhead growth in the global nylon 66
market.
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In
terms of geography, North America is projected to remain dominant in the global
nylon 66 market. Again, the flourishing automotive industry and surmounting
demand for electronics will drive demand for the product here.
Expanding
Applications in Automotive and Electronics Sector to Steer Growth
One
of the major applications of nylon 66 is in the electrical and electronics
sector. Their excellent heat resistant properties make them ideal in electrical
and electronic products. Heat is a common byproduct of electrical and
electronic gadgets. And, high levels of heat can cause damage to the device.
Thus, manufacturers find nylon 66 as a in ideal insulating material in the
electrical and electronic gadgets. This is expected to propel demand in the
global nylon 66 market.
Furthermore,
the same property makes them ideal for engine parts. With automotive
manufacturers experimenting with engine design and efficiency, players in the
nylon 66 market will also witness new avenues in innovation. They will have to
develop products to suit emerging requirements of the automotive industry, thus
fueling demand in the global nylon 66 market.
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Shortage
to Hamper Growth in Nylon 66 Market
While
the global nylon 66 market has several factors to influence growth in the
coming years, the very shortage of the raw material raises concerns among
players. In the recent years, several manufacturers have battled shortage of
raw material. However, the demand has inflated price of the product, which has
brought respite among the players.
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The
consistency in demand is expected to maintain momentum in the global nylon 66
market. Furthermore, players in the market are gradually increasing their
production capacity to gain dominance in the market and capitalize on the rise
in prices trend. Meanwhile, attempt to identify to measures to sustain supply
of raw materials is also maintaining the momentum among players in the global
nylon 66 market.
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