Lucintel Forecasts Monofilament Market to Reach $1.9 Billion by 2028

Category: Business

According to the recent study the monofilament market is projected to reach an estimated $1.9 billion by 2028 from $1.5 billion in 2023, at a CAGR of 5.2% from 2023 to 2028. Growth in this market is primarily driven by increasing production of fish and other seafood, growing expenditure on animal food for protein across the globe, and escalating demand of monofilament in apparel and textile industries. A more than 150 – page report is developed to understand trends, opportunities and forecast in monofilament market by product type (nylon, polyester, and polyolefin), application (fishing & agriculture, medical, textile, automotive, wastewater treatment, consumer goods, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World). “Nylon market is expected to remain the largest segment during the forecast period.” Based on product type, the monofilament market is segmented into nylon, polyester, and polyolefin. Lucintel forecasts that the nylon market is expected to remain the largest segment as it ensures excellent tensile strength and elasticity. “Within the monofilament market, the fishing & agriculture segment is expected to remain the largest application” Based on application the fishing & agriculture segment is expected to witness the highest growth over the forecast period due to expansion of the fishing industry and increasing demand for fish foods in the developed and developing countries. “Asia pacific will dominate the monofilament market in near future” APAC will remain the largest region due to significantly growing fish production and other seafood along with increasing demand for monofilament in the commercial and technical textile industries in this region. Major players of monofilament market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. NYCOA, TORAY INDUSTRIES, Polymer Industries, Albany International, and Zeus Industrial are among the major monofilament providers. This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com