A new market study, titled “Discover Global Adipic Acid Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Adipic acid is a white crystalline solid that is one of the essential monomers used in the polymer. This organic compound is also called as hexanedioic acid. Most of the adipic acid is used to produce nylon 6-6, along with a co-monomer called hexamethylenediamine. Apart from this, it is also used to manufacture polymers like polyurethanes, plastics, and foam. There has been a growth in the adipic acid market due to its properties and the growing demand from the various industries such as automotive, construction, textiles, and others.
This growing demand from end-user industries is expected to continue boosting the market in the forecasted period. Another reason for the growing demand is the improving qualities of adipic acid, such as its capability to endure extreme temperatures, high absorption, high quality, and durability. The increasing demand from the adipic acid market by the automobile industry is expected to boost the market growth in the forecasted period due to the rising demand for lightweight vehicles.
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Key Players of Global Adipic Acid Market =>
Asahi Kasei Corporation, BASF SE, Invista, Lanxess AG, Radici group, Ascend Performance Materials LLC, DSM, Verdezyne, PetroChina Liaoyang Petrochemical, Shandong Haili chemical industry company, Rennovia, Sumitomo Chemical Co., Ltd, Rhodia, and others.
The adipic acid market can be segmented based on raw material, end-product, application, and end-user industry.
On the basis of raw material, the market can be segmented into:
On the basis of end-product, the market can be segmented into:
- Nylon 6-6 Fibres
- Nylon 6-6 Engineering Resins
- Adipate Esters
- Other Products
Based on the application, the adipic acid market can be divided into:
- Unsaturated Polyester Resins
- Wet Paper Resins
- Synthetic Lubricants
- Food Additives
- Other Applications
On the basis of end-user industry, the market for adipic acid can be segmented into:
- Electrical and Electronics
- Personal Care
- Food and Beverages
Among the above mentioned segments, the electrical and electronics industry is expected to have the largest contribution to the adipic acid market during the forecast period due to the acceleration of the electronics industry in most countries across the world and a growing electronics consumer base.
The global adipic acid market comprises of the regions of North America, South America, Asia Pacific, Europe, Middle East & Africa. Asia Pacific dominates the market and is expected to continue doing so in the forecast period. This is due to the growing automotive, textile, food, and healthcare industries. Also, there has been a significant growth of adipic acid manufacturers in the region due to low initial investment and cheap, cost-effective labour.
Early last year, a company developed a yeast fermentation technology platform that focuses on the production of the intermediates of dicarboxylic acid chemical, including adipic acid.
Due to environmental regulations and restrictions, there is a demand for a shift from synthetic to bio-based adipic acid that is economically feasible. There is an immense scope for bio-based adipic acid manufacturers to replace the synthetic adipic acid market.
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