Market Overview:
Monofilament,
a single filament of synthetic fiber, is widely used in the nylon fishing line.
It can be made using nylon, polyester, and polyolefins. Monofilaments are
widely preferred in fishing lines instead of multifilaments owing to
flexibility, good shock strength, and cost-effectiveness. The product finds use
in fishing & agriculture net, ropes, fabric, paper mill filters, textile
conveyor belts, medical devices, wastewater treatment, stretched tapes, and
sports strings among others.
The
global monofilament market growth is driven by the growing fishing industry as
it provides both protein and source of income. Expanding fish and other seafood
production in both developed and developing nations as a result of increased
spending on animal food for protein is the major driving factor for the global
monofilament market. However, loss of marine habitats due to
eutrophication, shipping, and coastal area development is projected to hamper
the market growth in the upcoming years.
Expanding
apparel & textile industry coupled with changing fashion trends and rising
disposable income of the consumers is fuelling the product demand. Presence of
major textile players in India and China such a Bombay Dyeing and Manufacturing
Company Ltd and Raymond Ltd among others are uplifting the market growth.
Escalating
medical industry as a result of increased spending on healthcare coupled with
rising geriatric population and high per capita income in both developed and
developing economies is likely to drive the demand. Additionally, adoption of
advanced techniques for curing diseases is another important factor supporting
the market growth. For instance, Zeus introduced an LCP monofilament for use in
catheter braiding reinforcement, which will help in catheter construction
without using metal. Thriving automotive industry in the developing economies
as a result of surging demand for lightweight automobiles is expected to offer
lucrative opportunities for the monofilament market.
Competitive
Analysis
·
SUPERFIL
·
Hinafil
India Limited
·
NYCOA
·
Shinkey
Monofilament Enterprise Co., LTD
·
ONGC
Petro additions Limited
·
TORAY
INDUSTRIES, INC.
·
Polymer
Industries
·
Jarden
Applied Materials, Jarden Process Solutions
·
Engineered
Monofilaments Corporation
·
Albany
International Corp
·
Medical
Monofilament Manufacturing
·
Zeus
Industrial Products, Inc
Market
Segmentation
The
Monofilament
Market Growth is segmented into
type, application, and region.
On
the basis of the type, the market is segregated into nylon, polyester, and
polyolefins. The nylon is further segmented into nylon 6 and nylon 66.
Polyolefins are further segmented into high-density polyethylene (HDPE),
polyethylene, and polypropylene.
Nylon
is the widely used monofilament owing to high tensile strength, viscosity,
elongation, and abrasion resistance. It is increasingly used in fishing nets,
ropes, insect screen, garden trimmer lines, vineyards, stretched tapes, and
tarpaulin. Polyester monofilament finds application in the textile industry for
conveyor belts, paper mill filters, and zip fasteners.
On
the basis of the application, the market is segregated into fishing &
agriculture, textile, medical, automotive, wastewater treatment, and others.
The fishing and agriculture segment accounted for the largest market share
owing to increasing demand for seafood across the regions. Rising production
and supply of seafood in the developing nations such as India, China, and
Thailand among others are augmenting the market growth. The medical industry is
the fastest growing application for monofilament owing to rising demand for the
non-invasive medical procedures globally.
Based
on the region, the market is segregated into North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa.
Regional
Analysis
Based
on the region, the market is segregated into North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa.
Asia
Pacific was leading the global monofilament market in 2017 and is expected to
grow at a significant rate during the review period with growing fishing and
agricultural industry. This is with respect to the rising demand for seafood
coupled with increasing disposable income of the consumers. Additionally,
growing agricultural industry with surging demand for nutritious food products
is stimulating the monofilament demand.
North
America emerged as the second largest market owing to escalating demand for
seafood. Furthermore, burgeoning medical industry coupled with increased
spending on healthcare and rising geriatric population is likely to propel the
market growth.
Europe
is the prominent region in the global monofilament market due to growing
medical industry as a result of rising R&D activities, especially in
Germany. Latin America and the Middle East & Africa are likely to show a
healthy growth during the review period with growing major end-use industries.
Intended
Audience
- Monofilament
manufacturers
- Traders
and distributors of monofilament
- Research
and development institutes
- Potential
investors
- Raw
material suppliers
- Nationalized
laboratory
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