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

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.