“India adipic acid market is anticipated to grow at a CAGR of over 6% from 2020 to 2030”, says Visiongain

29 November 2019
Chemicals

Visiongain’s new report India Adipic Acid Market Report 2020-2030: Forecasts by Applications (Nylon 66, Plasticizers, Polyurethanes, Automotive, Polyester Staple Fiber), End Users (Consumer goods market, Packaging market, Electronics market, Automobile market, Agriculture market, Other market), by region and analysis of leading companies operating in this industry.

India adipic acid market was valued at over USD 200 million in 2018 and is anticipated to grow at a CAGR of over 6% during the forecast period from 2020 to 2030. Strengthening India's chemical sector along with increasing demand for nylon and polyurethane across multiple industrial domains will help grow India's adipic acid market over the forecast period from 2020 to 2030. The market for adipic acid derivatives in the country is likely to increase in booming end-user industries such as plasticizer, building, automotive and polyester staple fiber. In general, the chemical industry is one of India's key contributors and provides significant opportunities for the future growth of the adipic acid sector.

In building components such as exterior panels, insulation materials, and housing electronics, rapid expansion of the construction sector in India to accommodate the growing population is anticipated to consume adipic acid. Another factor driving the demand in this area is robust growth in the automotive and packaging industries.

Among the various factors expected to drive the demand further are government initiatives to attract foreign investment in the chemical sector and strong support for R&D. With the exception of a few hazardous chemicals, the government has also approved 100 percent FDI under automatic route and authorized chemicals market.

Adipic acid is used in the manufacture of nylon 6,6 as a monomer. Approximately 70% to 80% of the adipic acid produced is used for the production of nylon 6,6. Other adipic acid applications include polyurethanes and adipic acid esters, such as Di–2–Ethylhexyl Adipate (DOA), which are used as polyvinyl chloride (PVC) resin plasticizers.

Growing awareness of the environment has resulted in an increase in the number of consumers opting for light vehicles with lower fuel consumption and emissions. A significant shift in consumer trends, combined with the introduction of strict government regulations on vehicle emissions, allows car manufacturers to replace metal components in crankcase and oil containers with nylon products. The factor will help to maintain the supremacy of the nylon 6,6 segment throughout the forecast period.

Polyurethane is projected to be the fastest growing segment in terms of both value and volume over the forecast period and represent a market volume share of around 16.0 percent by 2025.

Due to their durability, versatility, low cost, and high functionality, there is a high demand for innovative PU (rigid & flexible) foams in several end-use industries. PU is used in applications such as building & infrastructure, automotive, furniture & interiors, shoes, electronics and coatings, adhesives, sealants and elastomers (CASE).

Furniture & interior is polyurethane's most promising end-user. In terms of revenue, the segment is projected to grow over the forecast period at a CAGR of over 8%. During the forecast period, construction is expected to be the most significant end-use segment for PU.

Due to the presence of a large number of importers and small-scale local producers, the market is highly fragmented in nature. Consumer pricing is considered to be a critical factor in sustaining competition in the market. GDP growth and buying power are projected over the forecast period to generate tremendous growth potential for the domestic market. Asahi Kasei Corporation, BASF SE, Invista, Lanxess AG, and Ascend Performance Materials LLC are major adipic acid manufacturers and distributors operating in the country.  

Some of the key India Adipic Acid market players include Asahi Kasei, Ascend, BASF, Haili, Hongye, Huafon, Hualu Hengsheng, Invista, Kailuan Group, Lanxess, Liaoyang Sinopec, PAT IMPEX, LLP, Petrochina Liaoyang Petrochemical, Radici, Rhodia Specialty Chemicals India Ltd., Shenma Industrial, Solvay, Tianli, Yangmei Fengxi, Zhejiang Shuyang among other prominent players.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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