Adipic Acid Market Size, Share, Growth, and Industry Analysis, By Type (Nylon 66 Fiber, Nylon 66 Resins, Polyurethanes, Adipate Esters, Others), By Application (Automotive, Electrical appliances, Industrial Film Coating, Others), and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

ADIPIC ACID MARKET REPORT OVERVIEW

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The global adipic acid market size was USD 593.21 million in 2021 and the market is projected to touch USD 1024.82 million by 2031, exhibiting a CAGR of 5.62% during the forecast period.

Adipic acid is a dicarboxylic acid with a white crystalline structure. It is produced from benzene by first converting into ketone-alcohol oil and then oxidizing it with nitric acid. It is partially soluble in water but is completely soluble in alcohol and acetone. It is also produced by various other processes such as carbonylation of butadiene, phenol-based production, and bio-based production. High purity adipic acid is used in the manufacture of polyurethane. It is widely used in home furnishing applications such as bedding foam, furniture, and carpet underlays. It is widely used in cushioning materials to make furniture more comfortable and durable. Growing automotive and packaging industries are also contributing to market growth. Thus, rapidly expanding construction and automotive industries is estimated to drive market for adipic acid.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

ADIPIC ACID SYSTEM MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into nylon 66 fiber, nylon 66 resins, polyurethanes, adipate esters, others.

Nylon 66 fiber will capture the maximum market share through forecast period. Nylon 66 as a substitute to metal in automotive, electrical & electronic products, and others. Nylon 6, 6 fiber is also widely used in engineering components such as gears, nuts, bolts, bearings, powder tool casings, rivets & wheels, and rocker box covers.

• By Application Analysis

According to application, the market can be segmented into automotive, electrical appliances, industrial film coating, others.

Adipic acid market players cover segment as automotive will dominate the market share during forecast period. The market is expected to rise due to increased demand for lightweight engineering plastic. Due to the current ecological and financial concerns, automobile makers are currently adopting more modern plastic solutions to minimize weight and make automobiles more fuel-efficient.

DRIVING FACTORS

"Increasing Demand For Light Weight Production Plastic To Boost The Market Growth"

Increased demand for lightweight production plastic is expected to drive the adipic acid markets growth. Due to current environmental and economic concerns, automobile manufacturers are incorporating more advanced plastic materials to reduce weight and make vehicles more fuel-efficient.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the adipic acid market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. 

RESTRAINING FACTOR

"Instability In Raw-material Price To Hamper The Market Growth"

Instability in raw material price is hampering development of the market. The price of raw materials in the adipic acid market is witnessing fluctuations combined with a high production cost of synthetic-based adipic acid. Technical difficulties will reduce the industry revenue.

ADIPIC ACID MARKET REGIONAL INSIGHTS

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"North America to Dominate the Region Due To High Disposable Income"

North America is further expected to witness growth in the adipic acid market share. The region is dominating the market due to high individual disposable income is augmenting the demand for automobiles thereby propelling the growth for adipic acid. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Petro China Company Limited (China)
• INVISTA (U.S.)
• Sumitomo Chemical Co. (Japan)
• Liaoyang Petrochemical (China)
• Asahi Kasei (Japan)

INDUSTRIAL DEVELOPMENT

December 2021: Ascend Performance Materials had announced plans to purchase a compounding facility in San Jose Iturbide, Mexico, growing its global footprint and expanding production capacity for high-performance engineered materials. The purchase agreement includes the assets of DM Color Mexicana, a joint venture between Dainichiseika and Mitsubishi Corp.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.