Adipic Acid Market

Market Overview:

The global adipic acid market size reached US$ 5.84 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.48 Billion by 2028, exhibiting a growth rate of (CAGR) of 6.33% during 2023-2028. The increasing utilization of adipic acid across the automotive and food and beverage (F&B) industries is majorly driving the market toward growth.

Adipic acid, or hexanedioic acid (CH2)4(COOH)2, is a slightly soluble, organic white crystalline compound that is commercially formulated by oxidizing the combination of cyclohexanol and cyclohexanone, also known as ketone alcohol oil (KA oil), with nitric acid. It can be further synthesized through a two-stage carbonylation reaction of butadiene, carbon monoxide (CO), and methanol, which further helps produce dimethyl adipate. Adipic acid is corrosive, highly flammable, stable, and an acidulant and exhibits various chemical and mechanical properties. Based on these characteristics, adipic acid is widely used in the manufacturing of diverse home furnishing products, including cushioning materials, bedding foam, furniture, and carpet underlays to improve the comfort and durability of the furniture. Apart from this, adipic acid finds extensive application in the production of nylon 66 and polyurethanes as a reactant to fabricate plasticizers, lubricant components, polyester polyols, and feedstocks, including benzene, ammonia, and cyclohexane.  

Adipic Acid Market Trends:

The global adipic acid market growth can be attributed to the considerable expansion in the automotive sector and the increasing demand for premium lightweight vehicles. Adipic acid compounds are utilized in monomer, polyamide 6.6 pellets, polyamide, and nylon 66 formulations that are used to design glass-reinforced and plastic-based structural parts, including engine covers, airbag containers, and several interior and exterior automobile components, owing to their lightweight and temperature-resistant attributes. These components further reduce vehicle weight, improve fuel efficiency and mitigate carbon emissions. In line with this, the escalating consumption of ready-to-eat (RTE) processed edible meals and ready-to-drink (RTD) beverages has facilitated the widespread adoption of adipic acid in the food and beverage (F&B) sector as a leavening agent and an additive, which, in turn, is acting as another growth-inducing factor. Moreover, the rising environmental concerns have prompted governments of several countries to promote the uptake of sustainable approaches for the adipic acid formulation, which is favoring the market growth. In line with this, the introduction of bio-based adipic acid is acting as a major growth-inducing factor. Apart from this, the escalating usage of adipic acid as a difunctional crosslinking agent in paints and coatings and strategic collaborations amongst key players to employ the product in consumer electronic products are positively impacting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global adipic acid market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on end product, application, and end user.

End Product Insights:

• Nylon 66 Fibers
• Nylon 66 Engineering Resins
• Polyurethanes
• Adipate Esters
• Others
   

A detailed breakup and analysis of the adipic acid market based on the end product has also been provided in the report. This includes nylon 66 fibers, nylon 66 engineering resins, polyurethanes, adipate esters, and others. According to the report, nylon 66 fibers accounted for the largest market share.

Application Insights:

• Plasticizers
• Unsaturated Polyester Resins
• Wet Paper Resins
• Coatings
• Synthetic Lubricants
• Food Additives
• Others
   

The report has also provided a detailed breakup and analysis of the adipic acid market based on the application. This includes plasticizers, unsaturated polyester resins, wet paper resins, coatings, synthetic lubricants, food additives, and others. According to the report, plasticizers represented the largest segment.

End User Insights:

• Automotive
• Electrical and Electronics
• Textiles
• Food and Beverage
• Personal Care
• Pharmaceuticals
• Others
   

A detailed breakup and analysis of the adipic acid market based on the end user has also been provided in the report. This includes automotive, electrical and electronics, textiles, food and beverage, personal care, pharmaceuticals, and others. According to the report, automotive accounted for the largest market share.

Regional Insights

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, the Asia Pacific was the largest market for adipic acid. Some of the factors driving the Asia Pacific adipic acid market included its rapid expansion in the electronics sector and the increasing purchase of compact consumer electronic products with superior functionality, such as smartphones, laptops and tablets etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global adipic acid market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Domo Chemicals, Invista (Koch Industries), Lanxess AG, Radici Partecipazioni SpA, Solvay S.A., Sumitomo Chemical Co. Ltd., Tangshan Zhonghao Chemical Co. Ltd., TCI Chemicals (India) Pvt. Ltd., Tian Li High & New Tech Co. Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global adipic acid market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global adipic acid market?
• What are the key regional markets?
• Which countries represent the most attractive adipic acid markets?
• What is the breakup of the market based on the end product?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end user?
• What is the competitive structure of the global adipic acid market?
• Who are the key players/companies in the global adipic acid market?
   

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the adipic acid market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global adipic acid market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the adipic acid industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and?provides an insight into the current positions of key players in the market.