Adipic Acid Market Size to Reach USD 8.3 Billion by 2032 growing at 5.1% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Adipic Acid Market, valued at USD 5.1 Billion in 2022, is projected to surpass USD 8.3 Billion by 2032, indicating a robust CAGR of 4.8%

The market for adipic acid is primarily driven by the increasing demand for lightweight and durable products across various industries such as construction, automotive, and electronics. The expanding global construction industry is expected to further boost product demand for building components like insulation materials, exterior panels, and housing electronics. Additionally, the growing packaging and automotive sectors are significant contributors to market growth. Adipic acid serves as a precursor for producing nylon 66, a key ingredient in advanced engineering products used in automotive, construction, furniture, footwear, electronics, and electrical industries. The Asia-Pacific region holds significant potential for market penetration due to disrupted adipic acid supply and low spot prices. Manufacturers are capitalizing on cheap and abundant raw materials in the market, although this may lead to overconsumption and subsequent price decreases. Furthermore, the polyurethane segment is poised for significant growth due to increasing demand for innovative PU foams with qualities like durability, flexibility, low cost, and high functionality.

Adipic Acid Market Value

Adipic Acid Market Statistics

  • The worldwide adipic acid market, producing USD 39.8 billion in 2022, predicts a robust CAGR of 5.1% between 2023 and 2032
  • North America holds a significant 33% market share in 2022
  • Asia Pacific expects excellent development, with a predicted CAGR of 6%
  • Nylon 6, 6 fiber sector domination, with a substantial market share of 53% in the application category by 2022
  • The cyclohexanol sector contributes significant income to the adipic acid business
  • A noticeable trend in the adipic acid market is the growing preference for bio-based adipic acid derived from renewable sources

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Adipic Acid Market Dynamics

Growing Demand For Nylon 6,6 In A Variety Of Industries Including Textiles And Automobiles Fuels the Adipic Acid Market Value

The rising demand for nylon 6,6 across numerous industries, including textiles and automotive, is a major driver of the adipic acid market. Nylon 6,6, a kind of polyamide, is well-known for its high strength, durability, and abrasion resistance, making it a popular material in a wide range of applications. In the textile business, nylon 6,6 fibers are commonly used in the manufacture of apparel, carpets, upholstery, and industrial materials. These fibers have outstanding performance properties, such as moisture resistance and flexibility, making them suitable for a variety of textile applications. Furthermore, nylon 6,6 textiles are noted for their toughness and lifespan, which adds to their appeal among both customers and producers.

Furthermore, nylon 6,6 is widely used in the automobile sector for components like as engine covers, air intake manifolds, fuel lines, and brake hoses. The material's excellent strength-to-weight ratio and heat resistance make it ideal for use in automobile parts that demand dependability and performance under tough operating circumstances. Furthermore, nylon 6,6's capacity to endure impact and vibration makes it ideal for automotive applications, leading to increased vehicle safety and lifespan. Several reasons contribute to the expanding demand for nylon 6,6 in textiles and automotive applications, including population growth, rising disposable incomes, shifting consumer tastes, and advances in production processes. since a result, the adipic acid market is steadily expanding, since nylon 6,6 synthesis is strongly dependent on adipic acid as a major precursor. The growing usage of nylon 6,6 in the textile and automotive sectors emphasizes its adaptability and importance in current production processes, driving up demand for adipic acid.

Exploring Novel Uses and Markets for Adipic Acid Such As In Food Additives and Medicines Significant Adipic Acid Market Opportunity

The chance to investigate innovative uses and markets for adipic acid, such as food additives and medications, holds tremendous promise for the adipic acid business. Adipic acid, which has historically been used in sectors such as textiles, automobiles, and electronics, is now being evaluated for a wider variety of applications due to advances in research and technology. In the food business, adipic acid is used as a food ingredient, mostly to regulate acidity and increase flavor. It may be used in a variety of food products, such as drinks, dairy products, confectionery, and baked goods. Adipic acid's low toxicity and ability to increase tartness without imparting unwanted flavors make it an ideal option for food applications, allowing producers to improve product quality while meeting customer demands for better taste and texture. Furthermore, adipic acid's prospective uses in the pharmaceutical business are gaining popularity. It may be used to synthesize specific pharmaceutical molecules, such as medicines and excipients. Adipic acid's chemical features, such as its capacity to form salts and complexes, make it useful in pharmaceutical formulations, helping to improve medication stability, solubility, and bioavailability.

Adipic Acid Market Segmentation

The global market for adipic acid has been segmented into raw material, application, end-use industry, and region.

  • Raw material segment is bifurcated into cyclohexanol, and cyclohexanone
  • Application segment is sub-segmented into nylon 6, 6 fiber, nylon 6, 6 resin, polyurethane, adipate esters, and others
  • End-use industry sub-segmented into automotive, personal care, pharmaceuticals, electrical & electronics, food and beverage, home appliances, textiles, and FMCG
  • The adipic acid market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Adipic Acid Market Regional Outlook

North America serves as a major supply hub for engineered polymers, making it an attractive destination for adipic acid. The region's growing automotive industry is a key factor driving market growth. In contrast, the Asia-Pacific market presents a significant opportunity for adipic acid producers, with anticipated demand growth. Manufacturers are strategically positioning themselves between raw material supply hubs and end-use industries to optimize growth and profitability, with notable trends including the relocation of adhesive and sealant manufacturers near adipic acid supply hubs.

Market companies are focusing on implementing various strategies such as regional expansion, partnerships, mergers, acquisitions, new product launches, and distribution agreements to increase their revenue share. Additionally, increased investments in research and development to commercialize efficient products offer substantial growth opportunities. Leading businesses in the adipic acid market include Ascend Performance Materials LLC, Asahi Kasei Corporation, Invista, BASF SE, and Lanxess AG, which are undertaking significant strategic initiatives to enhance their market position.

Adipic Acid Market Players

Adipic acid companies profiled in the report include Ascend Performance Materials, Asahi Kasei Corporation, BASF SE, DOMO Chemicals, INVISTA, LANXESS, Liaoyang Tianhua Chemical Co., Ltd, Radici Partecipazioni S.p.A., Solvay, and Sumitomo Chemical Co., Ltd.

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