The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Glass Filled Nylon Market.
It was estimated prior to this unanticipated outbreak that the Glass Filled Nylon Market was expected to grow at a CAGR of 5.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Glass-filled nylon is prepared by extruding the plastic with glass fibers or by adding powdered glass to the nylon resin. Known for their mechanical properties such as high tensile strength, low shrinkage at higher temperatures, glass filled nylons provide better strength than general purpose nylons, but are highly abrasive and can abrade or gall mating surfaces.
The prime factor contributing to the demand for glass filled nylon is majorly propelled by its higher acceptance among the automotive, electrical & electronics, construction, and industrial sectors.
The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the type, the market is segmented as polyamide 6, polyamide 66, and others. The polyamide 6 segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period owing to its easy availability, low cost, and its exceptional properties, such as high mechanical strength, good tensile strength, and chemical resistance.
Based on the end-use industry type, the market is segmented as automotive, electrical & electronics, industrial, and others. The automotive segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Glass-filled nylon is used in the automotive industry for weight reduction measures. The weight of glass filled nylon is less in comparison to the metals hence, glass filled nylon is used in applications such as automotive engine covers, parts inside the engine compartment, and under the bonnet of cars.
Based on the manufacturing process type, the market is segmented as injection molding and extrusion molding. The injection molding segment held the larger share of the market in 2019, and is expected to experience a faster growth during the forecast period owing to the ease of manufacturing of glass-filled nylons through injection molding process.
Based on the glass filling type, the market is segmented as 10% glass filled, 20% glass filled, 30% glass filled, and >30% glass filled. The 30% glass filled segment held the largest share of the market in 2019, owing to the mixed properties of both, polyamide resin and glass fiber, which make it suitable for the automotive industry. The segment is likely to dominate the market during the forecast period as well.
In terms of regions, Asia-Pacific is estimated to be the largest and the fastest-growing glass filled nylon market during the forecast period owing to the accessibility of low-cost labor and raw materials. The region’s market is driven by rising spending power, which is a major driver for the regional market. China, being the single-largest consumer of glass-filled nylon in the electrical & electronics industry, is one of the leading consumers of glass-filled nylon in the entire Asia-Pacific region. The rapid growth of the automotive industry, huge unpenetrated market, and supportive government policies are boosting the growth of the region’s market.
Some of the major players in the glass filled nylon market are-