The scope for novel applications in the healthcare sector and the expanding fishing industry has resulted in boosting the Monofilament market.
Monofilament Market Size – USD 1,802.3 Million in 2020, Growth - CAGR of 5.0%, Trends – The rising demand for Monofilament in the healthcare sector
The Global Monofilament Market is forecast to reach USD 2,640.3 Million by 2028, according to a new report by Reports and Data. Monofilament can be defined as a continuous, single strand of synthetic fiber. One of the most commonly used polymer filaments used for its production is nylon, which is opted because of its high durability and resistance to corrosion. It is woven from extruded synthetic filaments manufactured in diameters from 30 µm to 3 mm. One of the major advantages of the filament made from nylon is, because of its ductility, it can be flexed number of times without fatigue or hardening. It can be dented or folded with minimal scope for damage as compared to metal cloth, and it is lighter. It has become essential as filter media in various applications and industries. Due to its trait of corrosion resistance, uniformity, and low cost and ability of withstanding vibration, it has effectively replaced various other types of media. The major users of the filament are industrial hydraulics, chemical, and food processing sector, automotive and appliance industry, and the medical sector. Thus, such a wide arena of applications is fostering the growth of the sector.
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Top Companies: Hinafil India Limited, Ashley Polymers Inc, Toray Monofilament Co. Ltd., Engineered Monofilaments Corporation (EMCO), Ningbo Judin Special Monofilament Co. Ltd, Superfil Products Ltd., Wenzhou Ruichang Special Monofilament Factory, Perlon Monofil GmbH, ABC Polymers, Inc. and Luftking Enterprise.
Further Key Finding from the Report Suggestion:
- The Monofilament market held a market share of USD 1,802.3 Million in the year 2020 that is forecasted to grow at a rate of 5.0% during the forecast period.
- In context to Product Type, the Nylon 66 segment is projected to witness a considerable growth rate of 5.3% during the forecast period, which is expected to occupy more than 45.0% of the market by 2028. The growth rate witnessed by the H Nylon 66 segment is attributed to its traits like rigidity, high mechanical strength, chemical resistance and good stability under heat that has resulted in its growing demand as the polymer for this filament, which contributes to the growth rate witnessed by this segment.
- In context to Distribution Channel, the Online segment is projected to witness a considerable growth rate of 3.9% during the forecast period, which is expected to hold more than 30.0% of the market share by 2028. The continuously expanding e-commerce sector, its enhanced reachability, and ease of buying from this distribution channel for the consumers have resulted in its growing popularity and growth rate witnessed by this segment.
- In regards to Application, the Consumer Goods segment held a considerable share of the market, which held more than 25.0% of the market in 2020, with a CAGR of 5.2% during the forecast period. The wide range of applications of this filament in consumer goods lie in racket strings, furniture, gardening equipment, contributes to the market share held by this segment.
- In regards to the region, North America held more than 20.0% of the market in 2020, with a CAGR of 5.1% during the forecast period. The well-established consumer goods sector and automotive industry are supporting the growth of the sector in this region.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Monofilament market is segmented into:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Nylon 66
- Nylon 6
- Others
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Medical
- Fishing Net
- Consumer Goods
- Automotive
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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