Adipic acid is an organic compound that is most commonly used to produce industrial fibers. It is a synthetic dicarboxylic acid produced from the oxidation of various fats. It is primarily used as a raw material for the manufacture of nylon. It is also used in the chemical industry as a raw material for the manufacturing of coatings and detergents and also as a plasticizer.
The ever-growing auto industry is one of the major factors driving the demand for adipic acid. It is also used by the electronic and electrical industries. For the last decade, the world has seen an increase in spending on infrastructure, resulting in a rising demand for paints and coatings and, consequently, an increase in the demand for adipic acid. Apart from this, derivatives of adipic acids are also used as vehicles for administering drugs; that is, they help deliver the drug to your body.
India and China are expected to be both leading producers and consumers of adipic acid owing to the fact that they receive high demands from the automotive manufacturing industry and have relatively less stringent regulations. Africa and the Middle East are also expected to show significant growth.
Manufacturing adipic acid produces nitrous oxide, a greenhouse gas that causes ozone depletion, thus raising concern about its adverse environmental impact. This will hinder its market growth and force industries to shift to other viable, greener alternatives.
The report titled “Global Adipic Acid Market: Growth, Share, Opportunities, and Competitive Analysis, 2015–2022” offers strategic insights into the global adipic acid market along with the market size and estimates for the duration of 2014–2022. The said research study covers an in-depth analysis of multiple market segments based on applications and a cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2014 and 2022. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.
In order to help the strategic decision makers, the report also includes profiles of the leading adipic acid manufacturers, their SCOT (Strengths, Challenges, Opportunities, and Weaknesses) analysis, and key developments. The major players profiled in the report are BASF, Rhodia, INVISTA, Ascend Performance Materials, Liaoyang Petrochemical, Radici, Asahi Kasei, Lanxess, Shandong Haili Chemical Industry Company, Ltd. (BOHUI), and Shandong Hongye Chemical Company, Ltd. Further, the report also covers the market positioning of the key players operating in the adipic acid market.
Other in-depth analysis provided in the report includes:
- Current and future market trends are used to explain why the adipic acid industry will have attractive markets in the near future.
- Market fuelers, market impediments, and their impact on market growth
- in-depth competitive environment analysis
- SRC (Segment, Region, Country) Analysis
Overall, the research study provides a holistic view of the global adipic acid market, offering market size and estimates for the period from 2015 to 2022, keeping in mind the above-mentioned factors.
The global adipic acid market can be categorized on the basis of applications as:
- Nylon 66 Fibers (Textile Filament, Industrial Filament, and Carpet Filament, among Others)
- Engineering Plastics (Nylon 66 Resin) (Automotive, Packaging Films & Coatings, Consumer Goods, Industrial/Machinery, Electrical & Electronics, among others)
- Adipic/Adipate Esters (Plasticizers)
The production of nylon is the main application of adipic acid. These materials are generally used in the manufacture of automobile components. Adipic acid also finds application in other sectors, such as paints, food and plastic additives, low-temperature lubricants, coatings, and synthetic fibers.
The nylon 66 fibers and engineering plastics (nylon 66 resin) together accounted for more than 75% of the market pie in 2014. Engineering plastics was the largest application segment and accounted for 1,027.20 kilotons of the total volume in 2014. Rising demand from the automotive industry is projected to drive this application segment’s demand.
Nylon 66 fibers are projected to grow at a CAGR of 2.3% from 2015 to 2022 in terms of volume. Increasing fiber demand from the textile filament and the industrial filament is projected to drive demand for this application segment. Polyurethane is projected to be the fastest-growing application, with an estimated CAGR of 4.9 % from 2015 to 2022 in terms of revenue.
On the basis of geography, the global adipic acid market is segmented into the following regions:
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Asia Pacific is projected to be the largest and fastest-growing market for adipic acid. In terms of revenue, in 2014, the market accounted for a 34.10% share of the total market pie. Growing demand from end-user industries such as automotive, electronics, and food is the major factor propelling the market growth. India and China are the chief contributors to the market growth due to socioeconomic development. RoW regions such as Brazil, the Middle East, and Africa offer huge market potential. The growing automobile industry is the key factor contributing to market growth in these regions. RoW regions are projected to grow at an estimated CAGR of 4.6% from 2015 to 2022 in terms of revenue.
Europe accounted for 23.10% of the total market pie in terms of volume in 2014. Due to rising environmental concerns and stringent government regulation, the market is projected to shift towards bio-based adipic acid. The North American market is projected to witness steady growth due to saturation in the end-user industries. The U.S. represents more than 80% of total regional consumption, with stagnant growth projected during the forecast period.