China Dominated Asia Pacific Nylon 6 Compounds Market Share in 2023
According to our latest market study on “Asia Pacific Nylon 6 Compounds Market Forecast to 2031 – Regional Analysis – by End-Use Industry,” the market was valued at US$ 2.45 billion in 2023 and is projected to reach US$ 3.78 billion by 2031; it is anticipated to record a CAGR of 5.6% from 2023 to 2031. The report includes growth prospects owing to the Asia Pacific nylon 6 compounds market trends and their foreseeable impact during the forecast period.
Nylon 6 compounds are a type of engineering plastics known for their superior mechanical properties, thermal resistance, and versatility. The Asia Pacific nylon 6 compounds market is primarily driven by the demand generated by industries such as automotive, electrical and electronics, packaging, textile, and aerospace & defense. China holds the largest share of the Asia Pacific nylon 6 compounds market, in terms of value and volume. The market progress can be attributed to its growing textile industry. The country is the largest exporter and manufacturer of textiles worldwide. According to the State Council Information Office, China accounted for ~US$ 293 billion of textile and garments exports in 2023. Several chemical manufacturers in the country are making strategic investments to cater to this growing demand. For instance, in April 2024, Domo Chemicals, one of the leading chemicals manufacturers in Asia Pacific, announced an investment of ~US$ 14 million to launch additional nylon 6 compounds production facilities in the country to meet the surging demand from end-use industries in China. This new manufacturing facility is expected to produce 50,000 metric tons of nylon 6 compounds serving the domestic textile industry. Thus, the flourishing textile industry in China favors the Asia Pacific nylon 6 compounds market growth.
Asia Pacific Nylon 6 Compounds Market Breakdown – by Country
Asia Pacific Nylon 6 Compounds Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By End-Use Industry (Automotive, Electrical and Electronics, Packaging, Textile, Aerospace & Defense, and Others) and Country (Australia, China, India, Japan, South Korea, and Rest of Asia Pacific)
Asia Pacific Nylon 6 Compounds Market Forecast (2024-2031)
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Japan accounted for the second-largest share of the Asia Pacific nylon 6 compounds market in 2023. The market growth in the country is driven by the flourishing automotive industry. According to the International Trade Administration, Japan is a global leader in the production of automobiles owing to several renowned automakers operating in the country, including Toyota Motor Corporation; Honda Motor Co., Ltd; Nissan Motor Co., Ltd; and Mitsubishi Motors Corporation. In 2022, the country marked a sale of ~3.5million units of passenger vehicles. This growing demand for automotive vehicles is expected to propel the demand for nylon 6 compounds for manufacturing automotive components in the Japanese market during the forecast period.
The Asia Pacific nylon 6 compounds market players are focusing on adopting new product launch and business expansion strategies to stay competitive across different locations. In 2024, BASF launched the polyamide 6 made from 100% textile waste, which was turned into a jacket by the popular clothing brand Zara. Such efforts from nylon 6 compound manufacturers and end-use industries contribute to the growing Asia Pacific nylon 6 compounds market size.
Asia Pacific Nylon 6 Compounds Market: Trends
The emphasis on sustainability and environmental consciousness is on the rise across Asia Pacific. As a result, there is a growing preference for recycled nylon 6 compounds that are environmentally friendly. Initiatives taken by manufacturers to develop recycled nylon 6 compounds are the key factors in meeting sustainability and recycling goals. NUREL, a Spanish company that specializes in the polymerization of polyamide and the development of engineering plastics, has made investments in new compounding and recycling units to introduce a wide range of products based on nylon 6 through post-industrial and post-consumer sources. The company’s RECOMYDE product line offers a range of tailor-made sustainable solutions based on nylon 6. NUREL ENGINEERING POLYMERS’ recycled polyamide 6 provides a range of products with an environmentally friendly life cycle, ensuring desired quality and performance. The company’s new line of recycled polyamide 6 products consists of high-quality polyamide compounds manufactured with reduced CO? emissions and water consumption.
In June 2020, Lanxess, a specialized chemicals company, developed new polyamide 6 compounds—Durethan ECOBKV30H2.0, ECOBKV35H2.0, and ECOBKV60XF—using recycled waste glass fibers. These recycled fibers manufactured from waste glass in nylon 6 compounds make up 30%, 35%, and 60% of the overall weight, respectively. Thus, the shift in trends toward adopting recycled nylon 6 compounds propels the Asia Pacific nylon 6 compounds market growth.
Raw material suppliers, manufacturers/compounders, distributors/suppliers, and end-use industries are the major stakeholders in the nylon 6 compounds market. Raw material suppliers ensure the availability of raw materials, namely, nylon 6, fillers of glass fibers, carbon fiber, carbon black, aramid fiber, minerals, PTFE, molybdenum sulfide, and impact modifiers. Manufacturers/compounders employ sophisticated manufacturing processes such as the polymerization of nylon 6, wherein the monomer caprolactam undergoes a chemical reaction to form the long-chain polymer.
Ginar Technology Co Ltd, Nytex Composites Co Ltd, Titan Plastics Compounds Co Ltd, Zig Sheng Industrial Co Ltd, Eiwa Bussan Co Ltd, Lanxess AG, Chiao Fu Material Technology Co Ltd, Chevy Polymer, Ensinger GmbH, and Domo Chemicals GmbH are among the key players profiled in the Asia Pacific nylon 6 compounds market report. The market players emphasize on offering innovative products at affordable prices to attract a large number of consumers, which would open new opportunities for them to expand their clientele in the coming years.
Asia Pacific nylon 6 compounds market segmentation is as follows:
The Asia Pacific nylon 6 compounds market analysis is based on end-use industry and country. Based on end-use industry, the market is segmented into automotive, electrical and electronics, packaging, textile, aerospace & defense, and others. The automotive segment held the largest Asia Pacific nylon 6 compounds market share in 2023. The electrical and electronics industry widely uses nylon 6 compounds owing to their excellent mechanical and electrical properties, including flame retardant, toughness, insulation resistance, and good di-electric strength. The compounds are suitable for applications such as computer motherboards, smartphone connectors, terminal blocks, power tool housing, and circuit breakers in these industries. Several chemical companies are launching nylon 6 compounds to cater to its increased demand from the electrical and electronics industry. In May 2022, Solvay announced the launch of Kalix 10000, a high-performing nylon 6 compound, which is an ideal material for the manufacturing of smartphone electronic components. Owing to such a wide range of applications, the electrical & electronics industry is expected to register the highest CAGR in the market during the forecast period. The scope of the Asia Pacific nylon 6 compounds market report focuses on Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.
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