Adipic Acid Market Size, Share, Industry, Forecast and outlook (2024-2031)

Market Overview

Global Adipic Acid Market is expected to grow at a 4.4% CAGR in the forecast period 2024 - 2031

Adipic acid is also known as hexanedioic acid. It is a white crystalline solid, an organic compound.

It is one of the essential monomers in the polymer industry. Most the adipic acids are used as a co-monomer with hexamethylenediamine to produce nylon 6-6. Also, it is used to manufacture other polymers such as polyurethanes and other plastics, foams. Increase in the demand for adipic acid due to its properties is implying its usage in various end-user industries, which is expected to drive market growth.

Market Summary

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Market Dynamics

• Growth in the end-user industries such as automotive, textile, construction, and others is one of the factors that is boosting the market. It is because adipic acids are used to produce high quality, durable, high absorption, and lightweight fibers; also they are capable of enduring extreme temperatures.
• The increasing demand for lightweight vehicle from the automobile industry is the primary factor responsible for the growth of the global adipic acid market.
• Thus, the increase in the production of lightweight vehicles can propel the growth of the adipic acid market. For instance, according to OICA total light commercial vehicle production has increased by 3% in 2017 from the previous year production.
• However, stringent government environmental policies & regulations are hampering the global adipic acid market growth.

Market Segmentation Analysis

• Based on applications the global adipic acid market is broadly segmented into nylon 6 fiber, nylon 6 resin, polyurethane, adipate ester, and others. Among all these, nylon 6 fiber and resin accounted for major market share and is expected to grow at a higher CAGR over the forecast period.
• The demand in the automobile industry for lighter vehicles is rising the demand for this segment. Nylon 6, also offers the biggest advantage of reducing the overall weight of the vehicle without sacrificing performance. Also, in the automotive sector, nylon 6 fiber is used in the manufacture of airbag, and nylon 6 resin is used in emissions-reducing parts, like carbon canisters.

Market Geographical Share

• The global adipic acid market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific occupies the dominant share in the adipic acid market and is expected to grow at a CAGR of XX% in the forecast period. Growing automobile, textile, food, and health care industries along with consumer goods in this region are likely to be the major factor for the market growth.
• Also, this region is exhibiting a significant potential for adipic acid manufacturers to set up a base owing to low initial investment and cost-effective labor. For instance, according to the Ministry of India, in 2016, the textile industry in India reached around USD 137 billion, and it is predicted to increase by 64% by 2023.

Market Companies and Competition Landscape

• Adipic acid manufacturers are currently adopting a few strategizes to stabilize their position in the competitive market and to attain optimum growth and profit margin. Significant players of global adipic acid market are 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.
• In May 2018, Verdezyne developed a yeast fermentation technology platform. This helps focus on the production of dicarboxylic acid chemical intermediates such as adipic acid, sebacic acid, and others. In November 2017, Ascend Performance Materials one of the significant producers of nylon 6, 6 resin, increased its production capacity by 10-15%.