Adipic Acid Market : Global Size, Share, Trends, Growth and Forecast, 2022-2032
Adipic Acid Market
The adipic acid market is part of the global chemical industry that focuses on the production, trade, and distribution of adipic acid. Adipic acid is a white, crystalline grease paint with a faintly acidic flavor. It serves primarily as a precursor for creating nylon 6,6, a widely used synthetic polymer.
The demand for adipic acid has been steadily increasing over time due to the rising need for nylon 6,6 in industries such as textiles, automotive, electrical, and packaging. The market size is indicated by profitable expansion, industrialization, and technological improvements.
Adipic acid plays an essential role as a component of the raw material needed to manufacture nylon 6,6, which is utilized in the production of filaments, engineering plastics, and other goods. Consumer demand is driven by the superior mechanical properties, heat resistance, and durability of nylon 6,6.
Adipic Acid Market: Size and Share
The global adipic acid market size was valued at USD 4.8 billion in 2022 and is expected to reach 10.2 billion expand at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2032 forecast period.
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Adipic Acid Market: Report Scope |
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Base Year Market Size |
2022 |
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Forecast Year Market Size |
2023-2032 |
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CAGR Value |
3.8% |
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Segmentation |
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Challenges |
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Growth Drivers |
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Adipic Acid Market Driving Factors
Several driving factors contribute to the growth and demand in the adipic acid market:
1. Increasing Demand for Nylon 6,6: Adipic acid, an essential raw element in the production of nylon 6,6, a widely used synthetic polymer, drives the demand for adipic acid. The vibrant industries like fabrics, automotive, electrical, and packaging have increased the demand for nylon 6,6, thus driving the demand for adipic acid.
2. Growth of the Automotive Industry: The automobile industry drives the demand for adipic acid through the consumption of nylon 6,6. Nylon 6,6 is used in the production of vehicle components such as airbags, power lines, electrical connectors, and machine covers. The expanding automotive industry, particularly in terms of emerging needs, fuels the need for adipic acid.
3. Expansion of the Textile Industry: Adipic acid plays a key role in the textile industry. It is used to make nylon filaments, which are further used in the production of clothing, carpets, and upholstery. As the textile industry develops worldwide, the demand for adipic acid increases.
4. Urbanization and Rising Disposable Income: Urbanization and the subsequent rise in disposable income have a favorable impact on various end-use industries. As more people relocate to urban regions and their spending power increases, there is a growing demand for goods like fabrics, carpets, and automobiles that utilize adipic acid.
5. Technological Advancements: Technological advancements have improved the effectiveness, affordability, and sustainability of adipic acid products. These advancements have increased the availability and appeal of adipic acid for various applications, thus driving its demand.
6. Focus on Sustainability and Environmental Regulations: The expansion of environmental businesses, stringent regulations concerning the use of hazardous chemicals, and greenhouse gas emissions drive the demand for sustainable alternatives. Manufacturers of adipic acid are investing in research and development to create bio-based adipic acid derived from sustainable feedstocks, thereby minimizing environmental impact and achieving sustainability goals.
7. Growth in the Packaging Industry: The packaging industry is experiencing significant growth due to the rise of e-commerce and the demand for easily accessible packaging solutions. Adipic acid is used in the production of vibrant packaging accessories, including coatings, laminates, and films, which are essential for protecting and preserving goods. The demand for adipic acid is influenced by the growth in the packaging industry.
8. Emerging Markets: The demand for adipic acid is increasing, particularly in the Asia-Pacific region. Rapid industrialization, urbanization, and structural growth in countries like China and India drive the demand for adipic acid in various industries, including fabrics and automotive.
Adipic Acid Market Challenges
Some of the key challenges faced by the adipic acid market are:
1. Environmental Concerns: The production of adipic acid results in the release of nitrous oxide (N2O), a potent greenhouse gas that contributes to climate change. Addressing the environmental impact of adipic acid products and reducing N2O emissions is a significant challenge for the industry.
2. Feedstock Availability: Adipic acid is traditionally manufactured using reactive energy-based feedstocks such as cyclohexane and benzene. The availability and price fluctuations of these feedstocks pose challenges to the stability and cost-effectiveness of adipic acid production.
3. Intense Competition: The adipic acid market is highly competitive, with several major players dominating the industry. Pricing pressures resulting from aggressive competition can impact manufacturers' profit margins.
4. Research and Development: Continuous research and development efforts are necessary to improve production processes, achieve sustainable goals, and address environmental concerns. However, conducting R&D activities can be costly and time-consuming.
5. Regulations and Compliance: The adipic acid market is subject to various regulations and compliance requirements related to environmental impact, worker safety, and product quality. Ensuring compliance with these regulations and maintaining adherence to standards can be challenging for manufacturers.
6. Volatile Raw Material Prices: Fluctuations in the prices of raw materials required for adipic acid production, such as cyclohexane and benzene, can affect the cost of the final product and the overall profitability for companies.
7. Substitutes and Alternatives: The demand for adipic acid may face competition from alternative tools or processes that offer similar benefits. The development of environmentally friendly or biodegradable alternatives to adipic acid can pose challenges to the traditional market.
8. Economic Factors: Economic indicators such as GDP growth, consumer spending, and market conditions influence the demand for adipic acid. Economic downturns or uncertainties can impact the overall growth of adipic acid demand.
Adipic Acid Market Regional Synopsis
1. North America: The automobile and textile industries have established a mature market for adipic acid in North America. There is a strong emphasis on environmental responsibility and the deliberate development of bio-based adipic acid in the region.
2. Europe: Europe is renowned for its market for adipic acid, with a focus on environmental standards and sustainability. The demand is driven by the textile and automobile industries, and producers are investing in research and development for environmentally friendly product designs.
3. Asia-Pacific: The Asia-Pacific region heavily utilizes and supports adipic acid. The demand in this region is influenced by the significant presence of the textile industry, the expansion of the automobile industry, and the infrastructure development in countries like China and India.
4. Latin America: The demand for adipic acid in Latin America is driven by the growth of industries such as textiles, automotive, and packaging. Brazil and Mexico are important countries influencing the expansion of the domestic market.
5. Middle East and Africa: The expansion of the automobile and textile industries is expected to drive the demand for adipic acid in the Middle East and Africa. Investments in infrastructure and urbanization further facilitate the growth of the market in this region.
Adipic Acid Market Segmentation
The adipic acid market is segmented on basis of:
By Application:
- Textiles
- Automotive
- Packaging
- Electrical
- Others
By Product Type:
- Cyclohexane-Based Adipic Acid
- Phenol-Based Adipic Acid
- Others
By End-Use Industry:
- Automotive
- Textiles
- Packaging
- Others
By Production Process:
- Cyclohexane-Based Process
- Phenol-Based Process
- Bio-Based Processes
By Grade:
- Technical Grade
- High-Purity Grade
By Distribution Channel:
- Direct Sales
- Distributors
- Wholesalers
- Online Sales Channels
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East & Africa
Adipic Acid Market Key Players
Some of the key players in the adipic acid market are:
- Invista
- Ascend Performance Materials
- BASF SE
- Asahi Kasei Corporation
- Radici Group
- Lanxess AG
- PetroChina Liaoyang Petrochemical Company
- Ascend Performance Materials
- Asahi Kasei Corporation
- Ascend Performance Materials
- Shandong Haili Chemical Industry Co. Ltd.
- Shandong Hongye Chemical Group Co., Ltd.
- Rhodia (Solvay SA)
- Rennovia Inc.
- Ascend Performance Materials
- Sumitomo Chemical Company Limited
- Domo Chemicals
- Jiaxing Zhonghua Chemical Co., Ltd.
- Verdezyne Inc.
- Genomatica Inc.
- Other Key Players
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- Publication date: 19th September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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