Adipic Acid Market Analysis | 2023-2028

“The Adipic Acid Market was estimated at US$ 4.65 billion in 2022 and is expected to grow at a CAGR of 3.8% during 2023-2028 to reach US$ 5.82 billion by 2028.”

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Market Dynamics

Introduction

Adipic acid has the chemical formula C6H10O4 and is a white crystalline solid. It is a synthetic dicarboxylic acid especially used in the preparation of nylon, polyurethane, and other synthetic fibers. Adipic acid is one of the most important intermediates in the petrochemical industry and is involved in the production of many products in our everyday life including clothing, automotive parts, plastic packaging, and more.

It is also extensively used in the food industry especially as a flavoring agent and in the manufacture of beverages. Adipic acid is not toxic and is allowed to be used in foods according to the regulations of various countries. Because of its extraordinary characteristics such as the enhancement of durability and flexibility of the materials it forms, polyurethane is a crucial member in numerous industries.

Market Drivers

The global adipic acid market, along with its end products, has demonstrated continuous growth in recent years. Anticipated further surge in growth is expected in the upcoming years. The key drivers of the market are-

• The sturdiness, quality, and lightweight properties of adipic acid.

• Remarkable energy-absorbing characteristics contribute to its growing demand.

• The rise in demand for durable polyamide 66 is a significant factor propelling market growth.

• Upcoming safety protocols and innovative procedures for adipic acid usage are expected to boost market growth.

• The global market will see enhanced prominence focusing on different types and applications of adipic acid.

Segments Analysis

By Material Type

“The engineering plastics dominate the market during the forecast period.”

The market is segmented as engineering plastics & fibers. The engineering plastics segment is further sub-segmented into automotive, packaging films & coatings, industrial/machinery, electrical & electronics, consumer goods, appliances, wire & cable, and others. More than 10% of the total demand was registered from the automotive sub-segment in 2012, followed by the consumer goods application sub-segment as the most speedily developing segment in the global adipic acid market.   

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By Application Type

“The polyamide 66 application segment dominates the market during the forecast period.”

The adipic acid market is segmented as polyamide/nylon 66, polyurethanes, adipic/adipate esters, and others. The polyamide 66 application segment is estimated to be the largest application owing to its specific properties and on account of the growing demand for lightweight polyamide 66 majorly from the auto component manufacturers.

Regional Analysis

“Asia-Pacific region is the largest consumer of adipic acid during the forecast period.”

China and Japan are the growth engines of the region with the largest share in the regional volumetric consumption of adipic acid. The market volume of the acid is relatively low in the European region and is expected to flourish with a low growth of 1.8% during the forecast period.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the adipic acid market (arranged alphabetically).

• Asahi Kasei Corporation
• Ascend Performance Materials Inc.
• BASF SE
• Invista
• Lanxess Aktiengesellschaft
• Petrochina Liaoyang Petrochemical
• Radici Group
• Rhodia
• Shandong Haili Chemical Industry Company, Ltd. (BOHUI)
• Shandong Hongye Chemical Company, Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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