Adipic Acid Market Worth to Reach USD 8.10 Billion By 2030
Overview
Adipic acid is a white crystalline solid that melts at 152 degrees Celsius. It is one of the essential monomers in the polymer industry. Almost all adipic acid is used as a comonomer with hexamethylenediamine to produce nylon 6-6. It is also used to manufacture other polymers, such as polyurethanes.
The market is driven by increasing demand for lightweight and durable products in the automotive, construction, and electronics industry. Additionally, speedily expanding the global construction industry is projected to drive the product demand in building components such as exterior panels, insulation materials, and housing electronics. Growing automotive and packaging industries are also contributing to market growth.
According to the research report published by Polaris Market Research, the global adipic acid market was valued at USD 5.44 billion in 2021 and is expected to reach USD 8.10 billion by 2030, to grow at a CAGR of 4.7% during the forecast period.
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Adipic Acid Market: Growth Drivers
The increased demand for adipic acid in automotive industries propelled the market
The construction, automotive and electronic industries are looking for durable yet lightweight insulation materials, and therefore the utilization of bio adipic acids is increasing across these end-user industries. Similarly, adipic acid is utilized in the production of modernized plastics, and the demand for durable furniture is also growing. The change in lifestyle and the momentum for sophisticated consumer products are pushing the utilization of adipic acid.
Adipic acid is used predominantly to produce nylon. This industrially manufactured nylon 66 is utilized in several applications such as electrical and thermal insulation, textile industries, automotive industries, electronics, and significant others. Since these nylon fibers exhibit durability and supreme quality characteristics, they are used for several industrial applications. Further, adipic acid is used across the food and beverage industry as a flavoring and gelling agent, bringing exciting flavors and texture to food. Similarly, they are also utilized in the pharmaceutical industries, particularly in tablets, to regulate the release of acidic and other essential drug compounds.
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Geographic Overview: Adipic Acid Market
Asia Pacific region witnessed a growing demand for personal care products which pushed the market
The Asia Pacific led the global market. Consequently, as well as disruptions in global supply chain networks, the industrial and automotive industries were significantly impacted, with the majority of production plants and industries shutting down. The increase can be attributed to the product’s increasing use in plastic and food additive applications. Adipic acid demand was lowered in the market due to a drop in global car sales. On the other hand, the pandemic has created prospects for the market because of the growing demand for personal care and pharmaceutical products.
Adipic Acid Market: Report Segmentation
Insight By End Product
The growing demand for nylon 6,6 fibers to propel the market
Nylon 6,6 fibers were the most common adipic acid application. The ever-increasing demand for nylon 6,6 fibers in the automotive industry will likely drive the market forward. The rising automotive sector and the ever-increasing population in emerging economies such as China, India, and Brazil are anticipated to boost the market growth.
Key Players
Some of the major players operating in the global market include Asahi Kasei, Ascend Performance, BASF SE, Domo Chemicals, HUAFENG GROUP, Liaoyang Tianhua., PetroChina Liaoyang, Radici Partecipazioni, Shenma Industrial, Sumitomo Chemical, Shandong Haili Chemical, Shandong Hongye Chemical, Tangshan Zhonghao, and Yangmei Group.
Recent Developments
In January 2020, Solvay’s polyamide business unit was acquired by BASF. Legacy products like Technyl will complement the acquirer’s product depth. With this acquisition, BASF will also be able to provide better products to its dedicated clients.
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Adipic Acid Market: By Raw Material Outlook
- Cyclohexanol
- Cyclohexanone
Adipic Acid Market: By End Product Outlook
- Nylon 6,6 Fibers
- Nylon 6,6 Engineering Resins
- Polyurethanes
- Adipate Esters
- Others
Adipic Acid Market: By Application Outlook
- Plasticizers
- Unsaturated Polyester Resins
- Wet Paper Resins
- Coatings
- Synthetic Lubricants
- Food Additives
- Others
Adipic Acid Market: By Industry Verticals Outlook
- Automotive
- Electrical and Electronics
- Textiles
- Food & Beverage
- Personal Care
- Pharmaceuticals
- Others
Adipic Acid Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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