Westford, USA, July 13, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the adipic acid market is anticipated to witness growth driven by the increased demand for lightweight engineering plastics. Environmental and economic concerns in the automotive industry primarily fuel this demand. Automakers are increasingly adopting advanced plastic materials to reduce the weight of vehicles and enhance fuel efficiency.
Browse in-depth TOC on "Adipic Acid Market"
- Pages - 242
- Tables - 96
- Figures – 76
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The global adipic acid market has witnessed significant expansion driven by rapid industrialization and the widespread utilization of synthetic polymers across various sectors. A substantial portion of adipic acid production is consumed in nylon manufacturing. Nylon, a versatile synthetic polymer, is widely used in industries due to its exceptional properties.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 8.5 Billion |
| 2030 Value Projection | USD 12.2 Billion |
| CAGR | 4.9% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in Adipic Acid Market
- Asahi Kasei Corporation
- BASF SE
- INVISTA
- Ascend Performance Materials
- Lanxess AG
- Radici Partecipazioni SpA
- Rhodia S.A.
- Solvay S.A.
- Shandong Haili Chemical Industry Co., Ltd.
- Sumitomo Chemical Co., Ltd.
- PetroChina Liaoyang Petrochemical Co., Ltd.
- Ascend Performance Materials Operations LLC
- Tate & Lyle Plc
- DSM N.V.
- DuPont de Nemours, Inc.
- Verdezyne, Inc.
- Evonik Industries AG
- Capro Corporation
- Zhejiang Shuyang Chemical Co., Ltd.
- Asahi Glass Co., Ltd.
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Polyurethane Segment is Expected to Grow the Market Due to the Increasing Utilization of Adipic Acid
The polyurethane segment is projected to exhibit the highest CAGR in the adipic acid market. This growth can be attributed to the increasing utilization of adipic acid in the production of polyurethanes. Adipic acid is a critical component in synthesizing polyurethane, a versatile polymer in various industries. Its properties make it well-suited for applications such as flexible foams, rigid foams, adhesives, coatings, and elastomers.
The markets in North America emerged as the dominant region in the adipic acid market, accounting for the highest revenue share of 32.9%. This significant market presence in North America can be attributed to the increasing demand for nylon 6,6 fiber, particularly from the United States and Canadian automotive industries.
Electrical and Electronics Segment is Expected to Dominate the Market Due to the Increasing Popularity of Consumer Electronics
The electrical and electronics segment is anticipated to exhibit significant growth in the adipic acid market due to the widespread use of nylon 6,6 in this industry. The increasing popularity of consumer electronics further propels the demand for adipic acid, reinforcing the expansion of the market in the coming years.
Regional markets in the Asia Pacific are poised to offer lucrative growth opportunities in the adipic acid market, primarily driven by the increasing consumption of polyurethane in critical industries such as automotive, construction, and electronics. The region's rapid industrialization, urbanization, and growing population contribute to the rising demand for polyurethane-based products.
A comprehensive analysis of the major players in the adipic acid market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Adipic Acid Market
- Toray Industries, Inc., headquartered in Tokyo, achieved a significant milestone by developing the world's first 100% bio-based adipic acid in 2022. This breakthrough involved utilizing sugars derived from inedible biomass as a raw material for producing adipic acid, a critical component in synthesizing nylon 66 (polyamide 66). This innovation represents a significant advancement in the chemical industry's quest for sustainable and renewable materials.
- Genomatica, a leading sustainable materials company, and Asahi Kasei, a diversified global manufacturer based in Japan, recently announced a strategic partnership. The collaboration aims to commercialize renewably-sourced nylon 6,6 made from Genomatica's bio-based hexamethylenediamine (HMD) building block.
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Key Questions Answered in Adipic Acid Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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