Global Nylon Market Size, Share, Growth Analysis, By Product type(Nylon 6 and Nylon 66), By Application(Automobile, Engineering plastic) - Industry Forecast 2024-2031

The market in Asia pacific stood at USD 13.31 billion in 2021 and it is anticipated to remain dominant owing to the increasing demand from automotive and films & coating applications for the packaging industry during the forecast period. The demand for goods and services in the region is huge, driven by developing economies such as China and India. China accounts for more than half of the total consumption and production in the region.

North America is one of the largest producers of the product. The automotive industry operates in the regional market. In recent years, the US has witnessed a fastest increase in electric vehicle sales. Which is likely to continue during the forecast period. Department of energy ,electric vehicles sales have increased by 85% in 2021 compared to the previous year. The European market is expected to grow average over the forecast period. European lawmakers are introducing attractive norms such as subsidies to increase the sales of electric vehicles. Germany has increased the subsidy granted on electric vehicles and extended the environmental bonus criterion to electric vehicle owners until the end of 2025. Latin America and the middle east & Africa regions account for single digit shares in the global market. mExico is the consumer in Latin America.