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 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. The acquisition was the dominant strategies adopted by the major players, between 2014 and 2019, which helped them to offer to innovate products and broaden their customer base.
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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.