Adipic acid is also used as a food additive for flavor enhancement and acidity regulation. Additionally, it serves as a raw material for the synthesis of various specialty chemicals, lubricants, and pharmaceuticals. It’s versatility and wide range of applications make adipic acid a crucial ingredient in numerous products and processes across different sectors. It serves as a component in coatings, paints, and adhesives, enhancing their performance and durability.
According to Data Bridge Market Research, the Global Adipic Acid Market accounted for USD 5.55 billion by 2021 and is expected to reach USD 8.14 billion by 2029. The market is expected to grow with a CAGR of 4.91% in the forecast period of 2022 to 2029.
“Increased utilization across various end users boosts the market’s growth”
The adipic acid market is experiencing growth due to increased utilization across various end users. Adipic acid is a key component in the production of nylon, polyurethanes, and other synthetic materials. The growing demand for these materials in industries such as automotive, textile, and construction is driving the market's expansion. Additionally, adipic acid finds application in the food and beverage industry as an acidity regulator. As industries continue to adopt and integrate these versatile products, the adipic acid market is projected to grow steadily.
What restraints the growth of the Global adipic acid market?
“Strict environmental regulations restraints the market’s growth”
The growth of the adipic acid market is restrained by strict environmental regulations. Adipic acid production is associated with greenhouse gas emissions and waste generation. To mitigate environmental impacts, governments have implemented stringent regulations on emissions and waste disposal. Compliance with these regulations requires substantial investments in eco-friendly production processes and technologies, which can increase production costs. Additionally, some regions have imposed limitations on the use of certain materials, affecting the demand for adipic acid in specific applications and potentially hindering market growth.
Segmentation: Global Adipic Acid Market
The global adipic acid market is segmented on the basis of raw material, end product, application, and end-user industry.
- On the basis of raw material, the global adipic acid market is segmented into cyclohexanol, cyclohexanone.
- On the basis of end product, the global adipic acid market is segmented into nylon 66 fibers, nylon 66 engineering resins, polyurethanes, adipate esters, and other end products.
- On the basis of application, the global adipic acid market is segmented into plasticizers, unsaturated polyester resins, wet paper resins, coatings, synthetic lubricants, food additives, and other applications.
- On the basis of end-user industry, the global adipic acid market is segmented into automotive, electrical and electronics, textiles, food and beverages, personal care, pharmaceutical, and other end-user industries.
Regional Insights: North America dominates the Global Adipic Acid Market
North America dominates the adipic acid market due to the increasing growth of the automobile industry in the region. Additionally, the presence of a supply hub for engineered polymers further contributes to the market's expansion as it supports the demand for adipic acid in various automotive applications and other industries.
On the other hand, Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the prevalence of a business-friendly atmosphere in the region. Favorable government policies, supportive regulatory frameworks, and investment incentives create an environment that encourages business growth and innovation. This atmosphere attracts investors and promotes the establishment and expansion of adipic acid production facilities in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-adipic-acid-market
Recent Developments
- In January 2020, BASF SE has recently completed the acquisition of Solvay's polyamide business, strategically expanding its capabilities in the field of polyamide. Through this acquisition, BASF gains access to innovative and well-established products like Technyl, enhancing its portfolio of engineering plastics solutions. This move strengthens BASF's ability to cater to customer needs in areas like autonomous driving and e-mobility, further solidifying its position as a leading provider of cutting-edge solutions in the automotive industry.
The Prominent Key Players Operating in the Global Adipic Acid Market Include:
- INVISTA (U.S.)
- Asahi Kasei Corporation (Japan)
- TCI Chemicals (India) Pvt. Ltd., (India)
- Rhodia Pads (France)
- Ascend Performance Materials (U.S.)
- Tian Li High & New Tech. Co., Ltd., (China)
- Tangshan Zhonghao Chemical Co., Ltd. (China)
- BASF SE (Germany)
- LANXESS (Germany)
- Radici Partecipazioni SpA (Italy)
- Solvay S.A. (Belgium)
- Sumitomo Chemical Co., Ltd. (Japan)
- DSM (Netherlands)
- ARD (Canada)
- Hongye Chem (China)
- PetroChina Company Limited (China)
- Shandong Haili Chemical Industry Company Ltd. (China)
Above are the key players covered in the report, to know about more and exhaustive list of global adipic acid market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Adipic Acid Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
