The Adipic Acid Market is poised for steady growth with a projected compound annual growth rate (CAGR) of 4.9% during the forecast period. By the year 2032, the market is expected to reach an estimated value of US$ 10.23 billion. Adipic acid is a key chemical compound used in various industries, and its increasing demand is attributed to its widespread applications in manufacturing nylon, polyurethane, and other products.
Adipic acid is one of the most commercially important type of aliphatic dicarboxylic acids, especially due to its significant usage as a feedstock for the production of industrial fibers. It is produced from the oxidation of a mixture of cyclohexanol and cyclohexanone with nitric acid. Alternatively, adipic acid can also be produced from butadiene carbonylation. There has been a significant demand for chemically resilient, strong and durable fibers for the manufacture of automotive parts. This has initiated a strong demand for adipic acid, since it is one of the key ingredients for the production of composite materials.
The major consumption of adipic acid is as the feedstock for the production for nylon 6,6 resin and engineering fibers. The non-nylon applications of adipic acid include its usage in the manufacture of polyurethanes, plasticizers, food additives and pharmaceuticals.
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The escalating demand for adipic acid from automotive, electrical & electronics, consumer goods and appliances industry is one of the chief drivers for the adipic acid market. The extensive research and development in the textile production technology is also one of the key factors influencing the adipic acid market. The companies are focusing on developing high quality, durable, lightweight and high absorption capacity fibers which are capable of enduring extreme conditions such as high temperatures and are chemically inert as well. The adipic acid market has witnessed a significant growth in the recent decade and the trend is anticipated to continue for the forecast period. However, the presence of stringent environmental regulations in different regions and the rise of hybrid fibers is expected to restrain the adipic acid market.
Regional Outlook
The adipic acid market is expected to witness substantial growth across various regions. Asia-Pacific is projected to dominate the market due to the presence of rapidly expanding industries, particularly in China and India. These countries are becoming manufacturing hubs for textiles, automotive components, and consumer goods.
North America and Europe are also significant contributors to the adipic acid market, owing to the strong presence of the automotive and textile industries. Additionally, the focus on sustainable practices and the adoption of bio-based adipic acid in these regions are expected to further drive market growth.
Adipic Acid Market: Key Players
Some of the key players include in the adipic acid market report include DSM, Ascend Performance Materials Inc., BASF SE , Verdezyne, PetroChina Liaoyang Petrochemical,Rennovia, Sumitomo Chemical Co., Ltd, Asahi Kasei Corporation, Invista, Lanxess Ag and Rhodia
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
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Key Segments in The Adipic Acid Market
By Application:
- Nylon 66 Fiber
- Nylon 66 Resins
- Polyurethanes
- Adipate Esters
- Others
By End-Use Industry:
- Automotive
- Electrical & Electronics
- Home Appliances
- Textiles
- FMCG
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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