IMARC Group, a leading market research company, has recently releases report titled “Adipic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the adipic acid market price. The global market size reached US$ 6.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.2 Billion by 2032, exhibiting a growth rate of (CAGR) of 5.53% during 2024-2032.
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Factors Affecting the Growth of the Adipic Acid Industry:
- Increasing Demand from Nylon 6,6 Fiber and Resin Production:
The rising need for adipic acid in the production of nylon 6,6 fibers and resins represents one of the key factors strengthening the market growth. This compound serves as a primary ingredient in manufacturing nylon, which is extensively utilized in the automotive, textile, and electronics industries due to its exceptional strength, abrasion resistance, and durability. The increasing demand for nylon 6,6 in the automotive sector to produce tire cords, airbags, and various interior components, driven by the growing trend of lightweight and fuel-efficient vehicles, is bolstering the market growth. Additionally, the textile industry leverages nylon for high-quality sportswear and apparel.
- Shift Towards Eco-friendly Bio-based Adipic Acid:
Environmental concerns and stringent regulations regarding petrochemical-based products are driving the need for sustainable solutions. Bio-based adipic acid, derived from renewable resources, is gaining traction due to its lower carbon footprint and reduced environmental impact compared to its petroleum-derived counterpart. This green shift is supported by increasing investment in research and development (R&D) activities aimed at enhancing the commercial viability of bio-based adipic acid. Moreover, the growing preference for sustainable materials in various industries, including plastics, textiles, and automotive, is catalyzing the demand for bio-based adipic acid.
- Technological Advancements in Production Processes:
The increasing incorporation of advanced technology in the production processes of adipic acid for improving efficiency, yield, and environmental sustainability is bolstering the market growth. Enhanced catalytic processes, process optimization, and waste reduction techniques are being developed to make the production of adipic acid more cost-effective and environment-friendly. These technological advancements are crucial for maintaining competitiveness, reducing operational costs, and meeting the stringent environmental regulations imposed by regulatory bodies. Companies are investing in research operations to innovate and adopt cleaner and more efficient production technologies that help them align with the shift towards sustainable industrial practices, minimizing the ecological footprint of chemical manufacturing.
Leading Companies Operating in the Global Adipic Acid Industry:
- Asahi Kasei Corporation
- Ascend Performance Materials
- BASF SE
- Domo Chemicals
- Invista (Koch Industries)
- Lanxess AG
- Radici Partecipazioni SpA
- Solvay S.A.
- Sumitomo Chemical Co. Ltd.
- Tangshan Zhonghao Chemical Co. Ltd.
- TCI Chemicals (India) Pvt. Ltd.
- Tian Li High & New Tech Co. Ltd
Adipic Acid Market Report Segmentation:
By End Product:
- Nylon 66 Fibers
- Nylon 66 Engineering Resins
- Polyurethanes
- Adipate Esters
- Others
Nylon 66 fibers exhibit a clear dominance in the market due to their extensive use in the automotive and textile industries for manufacturing resilient and durable materials.
By Application:
- Plasticizers
- Unsaturated Polyester Resins
- Wet Paper Resins
- Coatings
- Synthetic Lubricants
- Food Additives
- Others
Plasticizers hold the biggest market share, as adipic acid is crucial in producing flexible, durable plastics widely used in consumer goods, packaging, and construction.
By End User:
- Automotive
- Electrical and Electronics
- Textiles
- Food and Beverage
- Personal Care
- Pharmaceuticals
- Others
Automotive accounts for the majority of the market share attributed to the essential role of adipic acid in manufacturing nylon 66 and other components, which are essential for lightweight, fuel-efficient vehicles.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market owing to the presence of key manufacturing industries in the region.
Global Adipic Acid Market Trends:
The growing integration of circular economy principles, emphasizing the recycling and reusability of adipic acid and its derivatives, is offering a favorable market outlook. This approach is gaining traction as industries seek to lower waste and promote the sustainable use of resources. Companies are exploring innovative methods to recover and recycle adipic acid from post-industrial waste, thereby reducing the reliance on virgin raw materials and decreasing the environmental impact associated with production. This trend is supported by the rising regulatory demand for sustainable and eco-friendly manufacturing practices.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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