Adipic Acid Market Report 2020-2030
Adipic Acid Market Report 2020-2030: A Global Adipic Acid Market Estimate and Forecast – Industry Insights for Consumption, Demand, Production, Price Trend, Competitive Intelligence and Opportunity Analysis Along the Value Chain
The global adipic acid market was valued at $6.1 billion in 2018. The growth of the market is owing to the extensive utilisation of these acids in manufacturing process of plasticizers, polyurethanes, pharmaceuticals and food additives. Adipic acid is considered to be commercially viable aliphatic dicarboxylic acids as it acts as a feedstock for the manufacturing of industrial fibers. It can also be extracted from butadiene carbonylation as there has been rampant demand observed for strong, chemically resilient and durable fibers for manufacturing of automotive components.
Adipic acid acts as a raw material for the development of Nylon 6.6 polyamides that is considered to be a vital substance for industrial use. It is produced using products that are extracted from phenol, benzene and cyclohexane. The lower purity grade adipic acid are used for developing polyurethane on the other hand high purity grade is used in the production of nylon. Moreover, manufacturers are rapidly incurring expenditure on technological advancements to produce adipic acid and bio-based adipic acid that is further creating ample opportunities for global adipic acid market to grow at rapid pace.
Flourishing construction industry globally is the key factor pertaining towards the aggravate growth of the global adipic acid market owing to rapid acceptance of adipic acid in building components such as insulation materials, exterior panels and housing electronics. However, stringent regulatory reforms and volatility in the prices of raw material are the key factors that are anticipated to hamper the growth of the global adipic acid market at rapid pace.
Adipic acid is gaining acceptance for the synthesis of nylon and nylon is developed by reaction of hexamethylene diamine and adipic acid. Further nylon is seeking acceptance in various industry domains such as plastics, fibers, food packaging materials and filaments. Adipic acid is used in drug tablets in order to control release of basic drug and acidic compounds that controls the release of compounds and restrain its flow that helps the consumers to avoid consuming drugs in shorter duration of time. In food industry adipic acid is used as both a gelling aid and flavouring aid.
Adipic acid market forecast 2020 – 2030 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the adipic acid manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
On the basis of application, the global adipic acid market is categorized into nylon 6,6 resin, nylon 6,6 fiber, adipate esters, polyurethane, and others. Amongst these segments, nylon 6,6 is expected to generate highest CAGR of during the forecast period since major proportion of adipic acid is used for the production of nylon 6,6.
Based on end-use industry, the global adipic acid market is categorized into automotive, electrical and electronics, textiles, food and beverages, personal care, pharmaceutical, and others. Of all, the automotive category holds the largest share in the market in 2018, owing to the increasing manufacturing activities in automobile sector in the APAC region.
Adipic acid market in North America is estimated to contribute largest market revenue by 2030 owing to rampant demand for these acids from food and beverage, and pharmaceutical industries. Additionally, rampant technological innovations and huge investments incurred are the key factors driving the growth of adipic acid in this region.
Adipic acid market in Asia-Pacific is expected to witness highest CAGR of during the forecast period owing to propelling automotive domain in the region and less imposition of rules and regulations by the regulatory reforms. Additionally, ease of doing business in countries such as India is creating ample opportunities for adipic acid market to flourish in this region at significant rate.
The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The eminent key players in the global adipic acid market are extending their product portfolios, undertaking product innovations and technological upgradations that are enabling the manufacturers to gain competitive advantage across the globe.
Some of the players having prominent presence in the global adipic acid market include Rhodia, Shandong Hongye Chemical Company, Ltd, Sumitomo Chemical Co., Ltd, Asahi Kasei Corporation, BASF SE, Radici Partecipazioni SpA, Lanxess AG, Ascend Performance Materials, Shandong Haili Chemical Industry Company Ltd., INVISTA, Solvay S.A., and PetroChina Liaoyang Petrochemical.
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CCR Ref number: KD4R6
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