The glass filled nylon market size is estimated to grow from USD 8.2 billion in 2019 to USD 10.8 billion by 2024, at a CAGR of 5.8% between 2019 and 2024. The superior properties offered by glass filled nylon and the growing automotive industry are majorly driving the market.
The glass-filled nylon market, by end-use industry, is segmented into automotive, electrical & electronics, industrial, and others including aerospace, construction, and marine. The market in the automotive end-use industry is projected to register the highest CAGR, in terms of value, during the forecast period. Automotive is the largest end-use industry segment of the glass-filled nylon market, followed by the electrical & electronics end-use industry. The growing usage of glass filled nylon is these end-use industries is bolstering the market.
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The glass filled nylon market, by type, is segmented into polyamide 6, polyamide 66, and others including polyamide 11, polyamide 12, and other specialty polyamides. Polyamide 6 is the most widely used glass filled nylon due to its easy availability and low price. It also offers superior properties such as excellent tensile strength, high mechanical strength, and chemical resistance, which make polyamide 6 the widely glass filled nylon in the automotive and electrical & electronics end-use industries.
The glass filled nylon market, by manufacturing process, is segmented into injection molding and extrusion molding. Injection molding is the most widely used process for the manufacturing of glass filled nylon. The ease of manufacturing glass filled nylon through this process is one of the major factors attributed to the high market size during the forecast period.
By region, the glass filled nylon market is segmented into five regions, namely, North America, APAC, Europe, the MEA, and Latin America. APAC is expected to record the highest growth rate, in terms of value and volume, during the forecast period. The growth of end-use industries such as automotive, electrical & electronics, and industrial in the key countries of APAC such as China, India, and Japan is expected to drive the demand for glass filled nylon in the next five years.
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The major glass filled nylon manufacturers are BASF SE (Germany), Asahi Kasei Corporation (Japan), Lanxess (Germany), DowDuPont Inc. (US), Royal DSM N.V. (Netherlands), Ensinger GmbH (Germany), Arkema (France), SABIC (Saudi Arabia), Evonik Industries (US) and Ascend Performance Materials (US). These players have adopted various growth strategies such as acquisition and new product launch to expand their presence in the global market. Acquisition was the dominant strategies adopted by the major players, between 2014 and 2019, which helped them to offer innovate products and broaden their customer base.
BASF SE has secured a strong position in the European market. It is also establishing its presence in Latin America and the MEA and is now focusing on APAC. The company is a strong market player in the functional materials & solutions business segment. It has a strong focus on R&D and has acquired Solvay’s global polyamide business. This has helped the company to maintain its market position and expand its glass filled nylon business.
Asahi Kasei Corporation has a prominent presence in the glass filled nylon market. The company has a strong brand image, and it caters to the growing demand for glass filled nylon, particularly from the automotive application. It opted inorganic growth strategy through the acquisition of Sage Automotive Interiors, Inc. (US). This will increase the glass filled nylon market, as automotive is a key end-use industry of glass filled nylon. The company mainly focuses on R&D activities to maintain its comprehensive portfolio of glass filled nylon products that have significant growth potential.
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