USD 8.1 billion
Adipic Acid Market Size, Share, Growth Analysis, By Application(Polyurethane, nylon 6, 6 fiber, nylon 6), By End Use Industry(Automotive, electrical & electronics, packaging & consumer products, building construction), By Raw Material(Cyclohexanol, Cyclohexanone), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2196 |
Region:
Global |
Published Date: July, 2036
Pages:
242
|Tables:
96
|Figures:
76
Adipic Acid Market Insights
Adipic Acid Market size was valued at USD 8.1 billion in 2019 and is poised to grow from USD 8.5 billion in 2023 to USD 12.2 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).
Growing industrialization and expanding use of synthetic polymers in numerous industries have led to growth in the adipic acid market on a global scale. A significant portion of the global production of adipic acid is used in the production of nylon. Nylon used in industries is created when adipic acid and hexamethylene diamine react. Because of its remarkable mechanical strength and electrical and thermal insulation, nylon 66, which is manufactured from adipic acid, is utilized in a variety of industries, including electronics, textiles, vehicles, and others. The demand for adipic acid is anticipated to increase soon due to the expanding number of applications for nylon in numerous industries. Large firms now focus their efforts on creating fibers that are durable, strong, and able to survive severe conditions. In the food and beverage industry, adipic acid is also used as a flavoring component and a gelling agent.
To ensure that basic or acidic medicinal components are delivered in a controlled manner, it is also utilized in a number of medication tablets. However, fluctuating raw material prices and stringent regulations on environmental externalities produced during adipic acid production, especially the emission of nitrous oxide, may operate as market restrictions. Moreover, the use of bio-adipic acid in many industries to lessen negative environmental effects has contributed significantly to the growth of the global adipic acid market. In place of conventional polyurethane, which harms the environment in electronics, cars, and buildings, bio-based polyurethane, made from bio-adipic acid, is growing in popularity.
US Adipic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Electrical & electronics
Fastest Growth
Automotive
Growth Rate
4.9% CAGR
Global Adipic Acid Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Adipic Acid Market Segmental Analysis
Global Adipic Acid Market is segmented based on application, end-use industry, raw material, and region. By application, the Adipic Acid Market is segmented into polyurethane, nylon 6,6 fiber, nylon 6,6 resin, abdicate esters, and others. By end-use industry, the Adipic Acid Market is segmented into automotive, electrical & electronics, packaging & consumer products, building construction, textile, and others. By raw material, the Adipic Acid Market is segmented into Cyclohexanol, Cyclohexanone. By region, the Adipic Acid Market is segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa
Adipic Acid Market Analysis by Application
Over the projection period, the polyurethane segment is anticipated to experience the highest CAGR. Adipic acid, which is increasingly used in the production of polyurethanes and has several uses in polymers, is primarily responsible for the rise. Due to its unique features and rising demand for lightweight polyamide 66, primarily from car component manufacturers, the polyamide 66 application segment is anticipated to be the second largest application.
Adipic Acid Market Analysis by End-Use Industry
The electrical and electronics segment is expected to grow at the highest CAGR by 2028. The electrical and electronics sector predominantly uses nylon 6,6, which is made from adipic acid, for its exceptional mechanical, temperature-resistant, and electric insulating qualities. The need for adipic acid is being further fueled by the increased popularity of consumer electronics, which is accelerating the expansion of the market.
Global Adipic Acid Market By End Use Industry2021 (%)
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Adipic Acid Market Regional Insights
Asia Pacific dominated the global market. The rise in demand can be attributed to the product's expanding use as a food ingredient and in plastic manufacturing. Due to a decline in global auto sales during the pandemic, adipic acid consumption decreased. However, because of the increased need for pharmaceutical and personal care items, the pandemic has opened up opportunities for market growth.
China produces more than half of the world's adipic acid, making it the leading country in the world. The increase in demand for adipic acid has contributed to the rise in local nylon 6,6 production. Additionally, with more than 42% of the world's plasticizer consumption in 2019, China is the greatest producer of plastic in the world.
Europe held a dominant position in the global adipic acid market in 2021 due to the high demand for adipic acid in industries such as electrical & electronics, home appliances, textiles, Fast Moving Consumer Goods (FMCG), paints & coatings, and automotive. Furthermore, improved economic conditions, government initiatives, and rising construction activities are propelling the growth of the regional market.
North America is a major supply hub for engineered polymers, making it a possible destination for adipic acid. The demand for adipic acid in North America was estimated to be around 858.6 kilotons in 2015, and it is expected to grow at a rate of 2.6% over the forecast period. The market in Middle East and Africa is anticipated to have significant growth because of rising product demand for low-temperature lubricants.
Global Adipic Acid Market By Geography, 2021-2028
- Largest
- Fastest
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Adipic Acid Market Dynamics
Adipic Acid Market Driver
- The packaging and consumer products sectors' rapid modernization and ongoing expansion would accelerate the market's growth pace. Growth will be aided by increased use of high-density plastic, improved lifestyles, and rising demand for sturdy furniture. The requirement to improve the quality of processed end-products as well as the growing demand for clean air and water are anticipated to drive the market ahead.
- Rising preference for durable and lightweight products in the construction, automotive, and electronics industries, construction industry expansion for the production of insulation materials, housing electronics, and exterior panels, commercialization of bio-adipic acid, and rising demand due to environmentally friendly chemical processes are all factors that will likely accelerate the growth of the adipic acid market during the forecast period.
- Increased infrastructure development efforts are a direct result of the world's population growth, particularly in developing nations like Brazil, China, and India. In turn, this increases demand for wires and cables as well as paints and coatings. For some water-based acrylic emulsions, adipic acid is used as a difunctional crosslinking agent in paints and coatings. Thus, it is anticipated that during the forecast period, the rapidly expanding population will increase demand for adipic acid. Adipic acid demand is anticipated to increase over the forecast period as a result of changing lifestyles and rising disposable income driving up demand for convenience foods, which in turn is driving up demand for nylon 6,6 resin in the food packaging sector.
Adipic Acid Market Restraint
- The key challenge for market growth during the forecast period is expected to be raw material price fluctuations combined with the high production costs of synthetic-based adipic acid. Due to the use of petroleum-based raw materials, the production of harmful carbon dioxide and toxic waste from adipic acid manufacturing units has compelled the industry to shift its focus from synthetic to bio-based adipic acid. For example, glucose is frequently used to produce bio-based adipic acid. Whereas raw materials required to manufacture synthetic-based adipic acid are petroleum and its derivatives such as lubricants and friction modifiers, paraffin wax, and jellies, which require significant capital investment in comparison to bio-based adipic acid, which is expected to stymie the growth of the adipic acid market.
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Adipic Acid Market Competitive Landscape
To create eco-friendly adipic acid for the end consumers, industry participants are constantly innovating and engaging in a number of mergers and acquisitions. In order to meet the needs of consumers in the global adipic acid market, key players are purchasing attractive raw materials to create innovative products.
Adipic Acid Market Top Player's Company Profiles
- Asahi Kasei Corporation
- BASF SE
- INVISTA
- Ascend Performance Materials
- Lanxess AG
- Radici Partecipazioni SpA
- Rhodia S.A.
- Solvay S.A.
- Shandong Haili Chemical Industry Co., Ltd.
- Sumitomo Chemical Co., Ltd.
- PetroChina Liaoyang Petrochemical Co., Ltd.
- Ascend Performance Materials Operations LLC
- Tate & Lyle Plc
- DSM N.V.
- DuPont de Nemours, Inc.
- Verdezyne, Inc.
- Evonik Industries AG
- Capro Corporation
- Zhejiang Shuyang Chemical Co., Ltd.
- Asahi Glass Co., Ltd.
Adipic Acid Market Recent Developments
In August 2022, Toray Industries, Inc. (Tokyo) developed the world’s first 100% bio-based adipic acid, a raw material for nylon 66 (polyamide 66), from sugars derived from inedible biomass.
In March 2022, Sustainable materials leader Genomatica and Japan-based diversified global manufacturer Asahi Kasei announced a strategic partnership to commercialize renewably-sourced nylon 6,61 made from Genomatica’s bio-based HMD (hexamethylenediamine, also abbreviated as HMDA) building block.
Adipic Acid Key Market Trends
- The demand for adipic acid in building elements including outside panels, insulation, and housing electronics is anticipated to increase rapidly with the growing construction sector. The expanding automotive and packaging sectors also fuel market expansion.
- In terms of value, the automotive sector accounted for the largest portion of the worldwide adipic acid market in 2021. Adipic acid is primarily used to make nylon 6,6, which has several uses in a variety of industries, including the textile and automotive industries. This is mostly attributable to its great tensile strength, lightweight, excellent flexibility, and high durability. Due to rising disposable income, the automotive sector has recently experienced fast growth, particularly in emerging markets like China and India.
Adipic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global adipic acid market analysis, the market is going to expand during the forecast period due to the increasing application of adipic acid in various end-use industries. Adipic acid is a difunctional connecting agent used in coatings and paints for some water-based acrylic emulsions. Increased infrastructure development efforts are a direct outcome of the world's population expansion, particularly in developing nations like India, China, and Brazil. This increases demand for wires and cables as well as paints and coatings. On the other hand, fluctuating raw material prices along with the high cost of producing synthetic adipic acid are anticipated to be the main obstacles to market expansion throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 8.1 billion |
| Market size value in 2031 | USD 12.2 billion |
| Growth Rate | 4.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Adipic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Adipic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Adipic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Adipic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Adipic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Adipic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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