Nylon Monofilament Market Size and Share Analysis (2023-2028)

On August 10, 2023, New York (GLOBE NEWSWIRE) - Reportlinker.com announced the release of a report: "Nylon Monofilament Yarn Market Size and Share Analysis - Growth Trends and Forecast (2023 - 2028)."

The projected market size of nylon monofilament yarn is expected to increase from $15.9 billion in 2023 to $20.8 billion in 2028, with a compound annual growth rate of 5.50% during the forecast period (2023-2028).

The COVID-19 pandemic has had a negative impact on the nylon monofilament yarn market, primarily used in the manufacturing of fishing nets. The pandemic adversely affected the fishing and aquaculture sectors. However, positive market growth is anticipated in the coming years.

Key Highlights of Nylon Monofilament Yarn Growth

Increased demand for nylon monofilament yarn in fishing nets, a surge in automotive applications, and new applications in the medical field are driving market growth.

Government restrictions on nylon monofilament yarn usage and fluctuations in raw material prices hinder market growth.

Significant increase in demand for industrial textile applications and the development of bio-based nylon monofilament yarns are expected to provide various growth opportunities in the forecast period.

The Asia-Pacific region represents the largest market share in the global nylon monofilament yarn market. The region is expected to be the fastest-growing market, driven by increased consumption in countries such as China, India, and Japan.

Nylon Monofilament Yarn Market Trends

Growing Demand for Nylon Monofilament Yarn in the Fishing Net Sector

Nylon monofilament yarn is a single continuous strand of synthetic fiber, most commonly used in nylon fishing lines. Due to its cost-effectiveness and durability, nylon monofilaments are used in the manufacture of various fishing nets. The expansion of the fishing industry and the increasing demand for fish may drive the demand for nylon monofilaments in fishing net applications in the coming years.

According to the Food and Agriculture Organization (FAO) data, the total production of aquatic animals is estimated to reach around 202 million tons by 2030. Additionally, with a forecasted 6% growth in capture fisheries from 2020 to 2030, reaching 96 million tons, due to reduced waste and losses and improved resource management.

The Half-Yearly Food Outlook report by the FAO states that global aquaculture and fisheries production is expected to grow by 1.2% in 2022, reaching 184.1 million tons, with a 0.2% decline in capture fisheries and a 2.6% increase in aquaculture. The estimated global capture fisheries production for 2022 is 92.1 million tons.

According to the Aquaculture Magazine, based on the FAO's Half-Yearly Food Outlook report, per capita seafood consumption is expected to reach 21.4 kg by 2030 due to changing dietary habits, urbanization, and increased income. The increased production and consumption of seafood and capture fisheries further drive the demand for fishing nets.

Therefore, the demand for nylon monofilament yarns in fishing net applications is increasing due to the factors mentioned above.

Asia-Pacific to Dominate the Market

The Asia-Pacific region leads the global nylon monofilament yarn market. The gradual increase in the application of nylon monofilament yarns in fishing nets and the automotive industry in countries like China, Japan, and India is expected to drive demand in the region.

The Asia-Pacific region is one of the leading regions in aquaculture. According to FAO data, the fishery and aquaculture production in the Asia-Pacific region is expected to reach 94 million tons by 2030.

The India Brand Equity Foundation states that India is the third-largest fish-producing and second-largest aquaculture-producing country globally. As per the plans for the 2025 fiscal year, fish exports are expected to increase from $5.72 billion to $12.28 billion.

Nylon monofilament yarns are widely used in the automotive industry for protecting wire harnesses and hoses, preventing tearing, and possessing beneficial characteristics such as high tensile strength, superior elasticity, and low moisture absorption.

According to the International Organization of Motor Vehicle Manufacturers (OICA) data, China's total vehicle production in 2022 is approximately 27 million units, representing nearly a 3% growth compared to 2021. Therefore, the increase in vehicle production may drive the growth of the nylon monofilament yarn market in China.

Based on these factors, the Asia-Pacific nylon monofilament yarn market is expected to experience significant growth during the forecast period.