Adipic Acid is commercially important type of aliphatic dicarboxylic acids, as it’s used in feedstock for producing industrial fibers. The significant demand arriving from chemically resilient, durable and strong fibers for the manufacturing of automotive parts. Consequently, a strong demand urged for adipic acid, as it has been key ingredient for composite materials production. Major consumption hails from feedstock for 6 resin, nylon 6 and engineering fibers production. The non-nylon applications of apidic acid consists its usage in the manufacture of plasticizers, pharmaceuticals, polyurethanes and food additives.
The value of the Adipic Acid market is projected to grow to USD 8.18 Billion with an estimated CAGR of 4.95% by 2030
The adipic acid production market is majorly driven by higher demand for durable and lightweight products in the construction, electronics and automotive industries. Bio-based adipic acid market is also expected to have substantial growth owing to higher adoption of sustainable production.
Burgeon global construction industry favors the product demand in building components such as insulation materials, exterior panels and housing electronics. Packaging and automotive industry equally contribute towards the market growth. Engineering polymers in Europe, Asia Pacific and North America regions are probably to account for the major demand for adipic acid. Adipic acid plays a key role in manufacturing of nylon 66, extensively used ingredient in engineering products, which are further used in construction, furniture, automobile, electrical and electronics industries and footwear. Asia-Pacific especially holds excellent potential for market due to its flexible supply owing to low spot prices. Manufacturers of adipic acid capitalize on abundant and cheap raw material available in the market. However, its overutilization will bring down the prices.
Geographically, North America recorded as one of the chief supply hubs for engineered polymers, hence, makes it suitable destination for adipic acid. Demand in North America for adipic acid was calculated to be around 858.6 kilo tons in 2015 and is expected to grow further at a rate of 2.6% in the upcoming years. Higher automobile industry has potential to take the market in upward direction. Asia-Pacific market with its business-friendly atmosphere is likely to attract a large base for manufacturers. This region’s product demand is anticipated to touch a scale of 1,551.8 kilo tons by the end of the forecast period.
On the basis of application, segmentation covers Engineering plastics, Electrical appliances, Film Coating, Automotive, Industrial and lastly Fibers, which is sub-divided into Polyamide 66, Polyurethane and Adipic Esters. Based on adipic acid type, the breakdown consists of Cyclohexane Oxidation and Phenol Hydrogenation.
adipic acid manufacturers and distributors that are known globally include BASF SE, Lanxess AG, Asahi Kasei Corporation, Invista, and Ascend Performance Materials LLC. At present, Adipic acid manufacturers are emphasizing on strategizing to become physically settled between end-use industries and raw material supply hub to attain optimum adipic acid market price and growth. One of the trends which is all over the industry is sealant and adhesive manufacturers are shifting manufacturing bases near to adipic acid supply hub.
Adipic Acid Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 8.18 Billion|
|Growth Rate||CAGR of 4.95 % during 2020-2030|
|Segment Covered||application, by type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||BASF SE, Lanxess AG, Asahi Kasei Corporation, Invista, and Ascend Performance Materials LLC. At present|
Key segments of ‘Global Adipic Acid Market
Based on application, the market has been segmented into,
- Nylon 6,6
The market breakdown data by type,
- Cyclohexane Oxidation
- Phenol Hydrogenation
- Others Based on region, the market has been segmented into,
- United States
- Other Regions
What to expect from the upcoming report on ‘Global Adipic Acid Market:
- Future prospects and current trends of the global adipic acid market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing economies
- Supportive initiatives by government likely to influence the market dynamics
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
- In-depth analysis of different market segmentations including regional segmentations, and product types
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market