ATransparency Market research report states that the competition in the global nylon 66market has become stiff in the past few years. Thedevelopment comes in the backdrop of expanding applications of the product. Thehigher heating temperature of the material makes it a worthy replacement forexisting materials used in automotive and electricals.
The globalnylon 66 market is a consolidated trade arena with very few prominent players.Some of them include Asahi Kasei Corporation, ANXESS, BASF SE andDowDuPont. Most players are keen on establishing manufacturing plants in newregions to expand their global footprint.
The globalnylon 66 market is expected to grow at a formidable CAGR of 3% during theforecast period – 2018 to 2026. According to analysts, the global nylon 66market is expected to attain an overall value of US$6bn by the end of2026.
Based onsegments, the application segment is predicted to hold the highest share in theglobal nylon 66 market. The expanding application in the automotive andelectronics industry, will spearhead growth in the global nylon 66market.
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In terms ofgeography, North America is projected to remain dominant in the global nylon 66market. Again, the flourishing automotive industry and surmounting demand forelectronics will drive demand for the product here.
ExpandingApplications in Automotive and Electronics Sector to Steer Growth
One of themajor applications of nylon 66 is in the electrical and electronics sector.Their excellent heat resistant properties make them ideal in electrical andelectronic products. Heat is a common byproduct of electrical and electronicgadgets. And, high levels of heat can cause damage to the device. Thus,manufacturers find nylon 66 as a in ideal insulating material in the electricaland electronic gadgets. This is expected to propel demand in the global nylon66 market.
Furthermore,the same property makes them ideal for engine parts. With automotivemanufacturers experimenting with engine design and efficiency, players in thenylon 66 market will also witness new avenues in innovation. They will have todevelop products to suit emerging requirements of the automotive industry, thusfueling demand in the global nylon 66 market.
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Shortage to Hamper Growth in Nylon66 Market
While theglobal nylon 66 market has several factors to influence growth in the comingyears, the very shortage of the raw material raises concerns among players. Inthe recent years, several manufacturers have battled shortage of raw material.However, the demand has inflated price of the product, which has broughtrespite among the players.
Theconsistency in demand is expected to maintain momentum in the global nylon 66market. Furthermore, players in the market are gradually increasing theirproduction capacity to gain dominance in the market and capitalize on the risein prices trend. Meanwhile, attempt to identify to measures to sustain supplyof raw materials is also maintaining the momentum among players in the globalnylon 66 market.
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