PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555779
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555779
Nylon Monofilament Market size was valued at USD 1,390.43 Million in 2023, expanding at a CAGR of 5.40% from 2024 to 2032.
The Nylon Monofilament Market focuses on the production and use of single-strand nylon fibers used in a variety of applications, including fishing lines, medical sutures, and industrial textiles. Nylon monofilament is valued for its durability, flexibility, and resistance to wear. Increased demand from the fishing industry, where nylon monofilament accounts for over 70% of global fishing line usage, is a significant growth driver. Additionally, the textile sector's need for high-strength, lightweight materials boosts market expansion. However, challenges such as fluctuating raw material prices and environmental concerns related to plastic waste can restrain market growth. Opportunities exist in the development of eco-friendly nylon monofilament and the expansion into emerging markets, with over 25% of recent innovations focusing on sustainable practices and applications in medical and aerospace industries.
Nylon Monofilament Market- Market Dynamics
Increasing Fishing Industry Demand Fuels Growth in Nylon Monofilament Market
Increasing demand from the fishing industry is significantly driving the growth of the Nylon Monofilament Market. According to the Food and Agriculture Organization (FAO), over 50% of the global fishing industry's gear uses nylon monofilament due to its strength and reliability. Major fishing gear manufacturers, such as PureFishing, have reported a 15% rise in sales of nylon monofilament products over the past year, reflecting the growing preference for these materials. Additionally, the U.S. National Oceanic and Atmospheric Administration (NOAA) highlights the role of durable, high-quality fishing lines in promoting sustainable fishing practices. This surge in demand from the fishing sector is fueling advancements and innovations in nylon monofilament technology, driving market expansion and product development.
Nylon Monofilament Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.40% over the forecast period (2024-2032)
Based on Type segmentation, Nylon 6 was predicted to show maximum market share in the year 2023
Based on Diameter segmentation, 0.10 mm to 0.20 mm was the leading type in 2023
Based on Application segmentation, Fishing Nets & Lines was the leading type in 2023
On the basis of region, Asia-Pacific was the leading revenue generator in 2023
The Global Nylon Monofilament Market is segmented on the basis of Type, Diameter, Application, End-User, and Region.
The market is divided into four categories based on Type: Nylon 6, Nylon 66, Nylon 610, and Nylon 612. Nylon 6 leads due to its versatility and widespread use. Nylon 66 is used for its superior strength and thermal resistance. Nylon 610 is valued for its chemical resistance, while Nylon 612 is used for specialty applications.
The market is divided into four categories based on Diameter: Below 0.10 mm, 0.10 mm to 0.20 mm, 0.20 mm to 0.30 mm, and Above 0.30 mm. 0.10 mm to 0.20 mm is the leading segment due to its broad range of applications. Below 0.10 mm follows for specialized uses. 0.20 mm to 0.30 mm is used in industrial applications, while Above 0.30 mm caters to heavy-duty needs.
Nylon Monofilament Market- Geographical Insights
The Nylon Monofilament Market shows significant regional variations, with Asia-Pacific emerging as the leading region due to its robust fishing industry and textile manufacturing base. In 2023, Asia-Pacific accounted for over 45% of the global market share, driven by high demand in countries like China and Japan. China's fishing industry, the largest in the world, relies heavily on nylon monofilament, with local manufacturers reporting a 20% increase in production capacity to meet rising needs. Europe follows, with a notable focus on sustainable fishing practices and advancements in medical applications. For instance, the European Union's Horizon 2020 program has funded projects to develop eco-friendly nylon monofilament products. North America is also growing, particularly in the U.S., where the commercial fishing sector and demand for high-performance fishing gear contribute to market growth. Initiatives like the NOAA's promotion of sustainable fishing practices highlight the region's commitment to enhancing nylon monofilament usage.
The Nylon Monofilament Market is highly competitive, featuring leading players such as Toyobo Co., Ltd., Nippon Monofilament, Toray Industries, and Kuraray Co., Ltd. Toyobo Co., Ltd. recently expanded its production capabilities by acquiring a major nylon monofilament facility in Thailand, aiming to meet growing global demand. Nippon Monofilament has strengthened its market presence through a strategic partnership with Shimano Inc., enhancing its fishing line offerings and distribution networks. Toray Industries, a key innovator, launched a new line of high-strength nylon monofilament with improved durability and environmental performance, addressing increasing market demands. Kuraray Co., Ltd. has collaborated with BASF to develop advanced nylon monofilament with enhanced properties for medical and industrial applications, demonstrating a commitment to innovation and diversification in the market. These initiatives underscore the competitive dynamics and strategic moves within the nylon monofilament industry.
In January 2023, NTEC introduced a high-strength nylon fishing line designed for durability and performance. This monofilament line offers excellent tensile strength, abrasion resistance, and knot strength, making it suitable for various fishing conditions and enhancing the overall fishing experience for anglers.
In January 2023, Toyobo announced the development of a new nylon monofilament resistant to UV radiation. This innovation aims to enhance durability and performance in various applications, particularly in outdoor environments where UV exposure is a concern for materials.