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 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).

The Asia Pacific region is the largest consumer of adipic acid.

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).

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 adipic acid market, key players are purchasing attractive raw materials to create innovative products. '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.'

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.

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.

Asia Pacific dominated the 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 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.