[Online Quarterly Update]India Nylon Filament Yarn market demand stood at 0.78 Million Tonnes in FY2021 and is forecast to reach 1.18 Million Tonnes by FY2030, growing at a healthy CAGR of 4.73% until FY2030. India is the second-largest producer of Manmade Fibers (MMF) and Filaments globally after China. Increasing use of Nylon Filament Yarn in the production of sarees and scarves, fishing nets, wrap knits, and increasing consumption in the automobile sector is anticipated to drive India’s NFY market through 2030. Ease of dyeing, high resistance to abrasion and flexing, and resistance to knotting, which enhance their strength and durability, are crucial factors that make Nylon a preferred material for fishing nets. Although the majority of the domestic demand is met through domestic production, cheaper imports from countries like Taiwan, China, and Germany are slightly hampering the domestic NFY market. However, the imposition of Anti-Dumping Duty in 2018 on imports from the EU and Vietnam has encouraged local players to enjoy a competitive advantage.
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The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities in India imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units of nylon filament yarn were temporarily shut down and disruption in the supply chain was observed which led to the market decline.
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With about 7% contribution to India’s industrial production and approximately 4% contribution to the country’s GDP, the textile sector in India is projected to grow in the future indicating an upward growth of the NFY industry. Although the availability of cotton at competitive prices restricts the growth of the Man-Made Fiber industry in India, constrained cotton availability in the long term tends to drive the overall market. The Nylon Filament Yarn industry is petrochemically driven, hence crude oil prices have a direct impact on the commodity’s production cost. Presently, the country’s textile producers are operating at modest rates as actual demand declined slightly due to thinner buying interest and fewer new capacity additions. Surging demand for commercial and technical textiles is further projected to play a crucial role in the growth of the domestic NFY market in the country.
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Years Considered for this Report:
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Historical Years: FY2015 – FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023– FY2030
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Objective of the Study:
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• The primary objective of the study was to evaluate and forecast Nylon Filament Yarn capacity, production, demand, inventory, and demand–supply gap in India.Ìý
• To categorize Nylon Filament Yarn demand based on end use, grade, region, and sales channel.
• To study trade dynamics and company share in the India Nylon Filament Yarn market.
• To identify major customers of Nylon Filament Yarn in India.
• To evaluate and forecast Nylon Filament Yarn pricing by grade in India Nylon Filament Yarn market.
• To identify and profile major companies operating in the India Nylon Filament Yarn market.
• To identify major news, deals, and expansion plans in the India Nylon Filament Yarn market.