Adipic Acid Market to Reach US$ 9.43 Billion by 2028, Says The Brainy Insights
NEWARK, N.J., March 11, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global adipic acid market is expected to grow from USD 5.29 billion in 2020 to USD 9.43 billion by 2028, at a CAGR of 7.70% during the forecast period 2021-2028.
The major markets for adipic acid are automotive, electronics, food & beverages, textile, personal care, and pharmaceuticals. In the total global production of adipic acid, almost 90% is used to produce nylon 66. It has a protein-like structure and is further processed for automobile tire cords, carpeting, and clothing applications. Adipic acid is also used to manufacture lubricant, plasticizer components, polyester polyols, and nylon polymers, used in hot-melt adhesives for shoe soles and other products.
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Adipic acid is a dicarboxylic acid. It is one of the essential acids from a commercial perspective, which is available as aliphatic dicarboxylic acids. Adipic acid is usually produced by oxidation of cyclohexane or other petroleum-based feedstock in most synthetic fiber manufacturing industries. As per the statistics, more than half of adipic acid is produced from cyclohexane. The other part comes from cyclohexene and uncoupled cyclohexanol/cyclohexanone (KA oil).
The global adipic acid market is expected to witness significant growth over the forecast period, owing to increasing demand for adipic acid from end-user industries such as the automotive, pharmaceutical, and electronics industries. However, various health concerns and severe environmental hazards could hamper the market growth over the forecast period.
Key players operating in the global adipic acid market are Ascend Performance Materials, Invista, Dow Chemical Company, BASF SE, Asahi Kasei Corporation, Rhodia, Sumitomo Chemical Co. Ltd., Radici, Lanxess AG, Petro China Company Limited, Shenma Industrial Co. Ltd, and Tian Li High & New Tech Co. Ltd, among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint ventures, alliances, and partnerships to improve their market position in the global adipic acid industry.
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- For instance, in January 2018, Ascend Performance Materials announced the plans to increase production capacity across its intermediate chemicals and polymers portfolio by 10% to 15% to support the continued demand from customers.
- In January 2020, BASF SE announced the acquisition of Solvay's polyamide business to broaden BASF's polyamide capabilities with innovative and well-known products such as Technyl. This acquisition has also allowed BASF to support its customers with even better engineering plastics solutions, e.g., autonomous driving and e-mobility.
Cyclohexane accounted for the major market share of 60.19% in the year 2020
The raw material segment is divided into cyclohexane, cyclohexanol/cyclohexanone (KA oil), and others. Cyclohexane accounted for a significant market share of 60.19% in 2020. Nearly all commercial adipic acid is produced from cyclohexane. Cyclohexane is generally used as an intermediate chemical where about 54% of its production is used to produce adipic acid for nylon-66.
The polyurethane segment is likely to grow at the highest CAGR of 8.65% over the forecast period
The application segment includes nylon 66 fiber, nylon 66 resins, polyurethanes, adipate esters to name a few. The polyurethane segment is likely to grow at the highest CAGR of 8.65% over the forecast period. The growth is mainly attributed to the growing usage of adipic acid in manufacturing polyurethanes, which has a wide application in polymers.
The electrical and electronics segment is anticipated to grow at the highest CAGR of 8.9% over the forecast period
The end-user segment includes automotive, electrical and electronics, textiles, food and beverages, personal care, pharmaceutical, etc. The electrical and electronics segment is anticipated to grow at the highest CAGR of 8.9% over the forecast period. Nylon 66, manufactured from adipic acid, is primarily used for its superior mechanical, temperature resistant, and electric insulating properties in the electrical and electronics industry. The rising demand for consumer electronics is further driving the need for adipic acid, boosting the growth of this market.
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Regional Segment Analysis of the Adipic Acid Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East & Africa. The Asia Pacific region emerged as the largest adipic acid market and was valued at USD 2.25 billion in 2020. The Asia Pacific is the biggest market for the adipic market, with China being a leading producer in the region. In addition to this, the demand is increasing throughout this region with growing automotive and electronics industry in countries like India, China, and other southeast asian countries. On the other hand, the North American region is anticipated to hold a major market share in the global adipic acid market. Some of the major countries like the U.S. and Canada are positively contributing to the market's growth.
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About the report:
The global adipic acid market is analysed based on value (USD Billion), volume (Kilotons), export (Kilotons), and import (Kilotons). All the segments have been analysed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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