United States, New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- As per the research report “Adipic Acid Market” published by Reports Insights, the market was worth USD 5.6 Billion in 2022 and is anticipated to exceed USD 8.2 Billion by the year 2030, registering a CAGR growth of 4.8%.
Adipic Acid Market Size, Share & Trends Analysis, By Application (Nylon 66 Fibers, Polyurethanes, Nylon 66 Engineering Resins, Adipate Esters, Unsaturated Polyester Resins, Food Additives, Plasticizers, Wet Paper Resins, Coatings, Synthetic Lubricants, and Others), By End-use (Automotive, Electrical and Electronics, Textiles, Food and Beverages, Personal Care, Pharmaceutical, Paper, and Others), By Region and Segment, Forecast Period 2022 – 2030. The chemical is widely used in the production of nylon 66 which is primarily processed for usage in automobile tire cords, carpeting, and clothing. Additionally, the growing demand for furniture, packaging, construction, electrical, and electronics industries also propels the market demand. Adipic acid is mainly used for manufacturing the insulation materials such as polyurethane, external panels, housing electronics, and many other substances that play a crucial role in the above-mentioned industries.
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Adipic acid is a white, crystalline organic compound that falls under the category of dicarboxylic acids. This compound is mainly formed by the oxidation of cyclohexanone and cyclohexanol with nitric acid. Another method is also used to produce adipic acid. The process includes hydrocarbonylation of butadiene and ozonolysis of cyclohexene. Further, adipic acid is majorly used to manufacture engineering fibers production, and nylon 66, along with the production of polyurethane foams, food additives, plasticizers, adhesives, and pharmaceuticals.
Around 80-90% of produced adipic acid is used for the manufacturing of nylon 66. The nylon 66 offers resistance to chemical abrasion and wear, improved hardness, and excellent heat deflection. Thus, adipic acid-based nylon 66 are largely used in food additives, adhesives & sealants, polyurethanes, molded parts, automotive tire cords, monofilaments for surgical sutures, fishing lines, brushes, and others. Hence, the above-mentioned factors are expected to boost the market demand in end-use industries such as automotive, manufacturing, coatings, pharmaceutical, and others.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 8.2 Billion |
| Forecast Period | 2022-2030 |
| CAGR (2022-2030) | 4.8% |
| Base Year | 2021 |
| Study Timeline | 2016-2030 |
| Key Players | DOMO Chemicals, LANXESS (Germany), TCI Chemicals Pvt. Ltd. (India), INVISTA (U.S.), BASF SE (Germany), Solvay S.A. (Belgium), PetroChina Company Limited (China), Asahi Kasei Corporation (Japan), Rhodia, BioAmber Inc (U.S.), Ascend Performance Materials (U.S.), Radici Partecipazioni SpA (Italy), Sumitomo Chemical Co. Ltd. (Japan), Shandong Hongye Chemical Company Ltd. (China), DSM, PetroChina Company Limited |
| By Application | Nylon 66 Fibers, Synthetic Lubricants, Nylon 66 Engineering Resins, Unsaturated Polyester Resins, Adipate Esters, Plasticizers, Food Additives, Polyurethanes, Wet Paper Resins, Coatings, and Others |
| By End Use | Automotive, Pharmaceutical, Food and Beverages, Electrical and Electronics, Textiles, Personal Care, Paper, and Others |
| Report Coverage | Total Revenue Forecast, Regional Competitive Landscape, Growth Factors, Market Share, Company Ranking, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, Italy, France, Russia, Spain, Netherlands, Switzerland, Turkey] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Columbia, Argentina, Chile, Peru] |
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Key Market Highlights
- The global adipic acid market size is projected to surpass USD 8.2 billion by 2030 and grow at a CAGR of 4.8% during the forecast period (2022-2030).
- In the context of the application, the market is separated into nylon 66 fibers, polyurethanes, nylon 66 engineering resins, adipate esters, coatings, unsaturated polyester resins, plasticizers, food additives, wet paper resins, synthetic lubricants, and others.
- Based on the end user, the market is segmented into eight groups: automotive, electrical and electronics, textiles, food and beverages, personal care, pharmaceutical, paper, and others.
- The market is geographically divided into five regions: North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa.
- North America and Europe are estimated to support the market growth during the forecast period due to increased application in industrial processes across the established end-use industries within these regions.
Adipic Acid Market Segmentation Details:
Based on application, the nylon 66 segment accounted for over 89% of the adipic acid market statistics. Nylon 66 is mainly produced by the polycondensation method which involves adipic acid and hexamethylenediamine. The segment growth is credited to excellent usage in high-speed spinning textile processes which are ideal for manufacturing carpets, conveyor belts, and upholstery. Additionally, the properties such as high tensile strength, great dimensional stability, and chemical resistance offer a wide range of nylon 66 in multiple industrial processes.
Based on end use, the automotive segment is anticipated to contribute the largest share to the market growth during the forecast period. As mentioned above, the largest application of adipic acid, nylon 66, offers multiple uses to the automotive industry. The usage of nylon 66 engineering resins in automotive BIW structures helps manufacturers to reduce the major chassis weight and improve vehicle fuel efficiency. Thus, the segment growth is majorly supported by the high usage of such engineering resins and thermoplastics due to workability, durability, and high temperature.
Based on region, North America is expected to support the market growth in terms of volume and value. The large presence of industrial facilities within the region requires a high quantity of adipic acid-based lubricants, plasticizers, coatings, and other products. Additionally, the established pharmaceutical and healthcare facilities in North America highly demand for matrix tablets for the controlled release of adipic acid-based formulations along with the demand for acidifiers, sequestrants, and gelling agents.
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Recent Developments
- In March 2020, the German chemical conglomerate named DOMO Chemicals revealed the plans to initiate a huge capital investment of over EUR12 million for establishing new nylon manufacturing facilities in Zhejiang, China. This latest facility is estimated to support the demand for nylon in textile, automobile, and numerous industrial applications.
- In August 2022, the Japanese multinational, Toray Industries, Inc., announced that the firm has produced the world’s first and complete 100% bio-based adipic acid made from sugars of inedible biomass-derived. This latest introduction is established by using an exclusive synthesis technique along with the company’s chemical purification and microbial fermentation technology to harness separation membranes. The introduction of this new compound acts as the raw material for manufacturing nylon 66 (polyamide 66).
List of Major Adipic Acid Market Players
Further, the research report provides an inclusive evaluation of the market dynamics which helps stakeholders sketch out insightful knowledge of market circumstances. Thus, a large emphasis on factors such as mergers and acquisitions, product innovations, and business strategies offers an overall understanding of growth insights across applications, technological advancements, and collaborations to recognize the current market trends. Mentioned are the major market players currently operating in the market circumstances—
- DOMO Chemicals
- LANXESS (Germany)
- TCI Chemicals Pvt. Ltd. (India)
- INVISTA (U.S.)
- BASF SE (Germany)
- PetroChina Company Limited (China)
- BioAmber Inc (U.S.)
- Asahi Kasei Corporation (Japan)
- Rhodia
- Ascend Performance Materials (U.S.)
- Radici Partecipazioni SpA (Italy)
- Solvay S.A. (Belgium)
- Sumitomo Chemical Co. Ltd. (Japan)
- Shandong Hongye Chemical Company Ltd. (China)
- DSM
- PetroChina Company Limited
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Global Adipic Acid Market Segmentation:
By Application
- Nylon 66 Fibers
- Nylon 66 Engineering Resins
- Polyurethanes
- Adipate Esters
- Plasticizers
- Unsaturated Polyester Resins
- Wet Paper Resins
- Coatings
- Synthetic Lubricants
- Food Additives
- Others
By End Use
- Automotive
- Electrical and Electronics
- Textiles
- Food and Beverages
- Personal Care
- Pharmaceutical
- Paper
- Others
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