Adipic Acid Market Growth Analysis | 2023-2028

Market Insights

The Adipic Acid Market is expected to grow from USD 4652.16 million in 2022 to USD 5827.27 billion by 2028 at a CAGR of 3.8% during the forecast period.

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What is Adipic Acid?

Adipic acid is a white, crystalline compound with the chemical formula C6H10O4. It is a dicarboxylic acid commonly used in the production of nylon, polyurethane, and other synthetic materials. Adipic acid is a significant intermediate chemical in the petrochemical industry and plays a crucial role in the manufacturing of various consumer products, such as clothing, automotive parts, and packaging materials. Its versatility also extends to the food and beverage industries, where it serves as a flavoring agent. Adipic acid is considered safe for consumption and is approved by regulatory authorities for use in food products. Its unique properties, including its ability to improve the durability and flexibility of materials, make it a valuable component in diverse industrial applications.

Market Dynamics

The global adipic acid market, along with its end products, has registered direct growth in the previous few years. This growth is expected to surge in the upcoming years. The sturdiness, quality, lightweight properties, remarkable energy absorbing characteristics, an upward in the claim for durable polyamide 66, and the forthcoming safety protocols & innovative procedures for its usage will be the prime driving factors for the global market with the enhanced prominence on its different types and applications.

Segments Analysis

By Material Type

Based on the material type, 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. About 13.7% 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

Based on the application type, the 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 also on account of the growing demand for lightweight polyamide 66 majorly from the auto component manufacturers.

Regional Analysis

In terms of regions, presently, the Asia-Pacific region is the largest consumer of adipic acid. 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

Some of the major players in the adipic acid market are-

• 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.

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.

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.

What Deliverables Will You Get in this Report?

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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