Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Adipic acid is an important raw material used in the production of industrial fiber such as Nylon 6.6. Adipic acid is basically produced by using various raw materials such as cyclohexane, benzene, and phenol. The lower purity grade of adipic acid is used to produce polyurethane whereas high purity grade is used to produce nylon.
The global synthetic and bio-based adipic acid market is estimated to account for US$ 8,526.7 Mn in terms of value and 4,311.7 Thousand Kilo Tons in terms of volume by the end of 2019.
The growing demand for nylon from the automotive industry is predominantly fueling the market growth of adipic acid. Nylon 6, 6 is widely used in the manufacturing of lightweight automobiles components such as intake manifolds, as these materials have better resistance which makes them ideal substitute of metals. Thus the growing demand for nylon 6.6 from the automotive industry is majorly driving the market growth of synthetic and bio-based adipic acid.
Expansion of the footwear market as polyurethane is used in the production of footwear is expected to fuel the market growth of synthetic and bio-based adipic acid. According to the World Footwear, footwear production worldwide reached 24.2 billion pairs in 2018, increased by 2.7% from 2017. Thus, growth in the footwear market due to increasing production and demand among consumer is expected to augment the market growth of the adipic acid over the forecast period.
Figure 1. Global Synthetic and Bio-Based Adipic Acid Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global synthetic and bio-based adipic acid market in 2019, accounting for 33.3% share in terms of value, followed by Europe and North America, respectively.
Growing environmental concern as adipic acid poses a threat to the environment as well as health of humans is expected to restrict the market growth. Adipic acid is one of the largest source of N2O emission and also generate non-methane volatile organic compounds. Thus, environmental concern associated with the production of adipic acid is expected to hinder the market growth.
High manufacturing cost of synthetic based adipic acid is expected to limit the adoption of synthetic adipic acid. This is projected to hamper market growth over the forecast period.
Synthetic and Bio-based Adipic Acid Market Report Coverage
||Market Size in 2019:
||US$ 8,526.7 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 13,336.1 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
- By Application: Nylon 6,6 Fiber, Nylon 6,6 Resin, Polyurethanes, Adipate Esters, and Others
Invista, Rhodia, BASF, Ascend Performance Materials, Shangdong Haili (Bohui), Liaoyang Petrochemical, Asahi Kasei, Radici
- The growing demand for nylon from the automotive industry is fuelling the market growth
- Rising demand for footwear industry is expected to drive the overall market
|Restraints & Challenges:
- High manufacturing cost associated with synthetic based adipic acid is expected to hinder the adoption of synthetic adipic acid.
- Growing environmental concern is expected to restrict the market growth.
The growing demand for engineering plastic across several end-user industries due to their advantage offered in terms of durability is expected to bring new market opportunities. They are durable, highly versatile, high performance, and cost-effective solutions. Moreover, expansion of the medical industry is also expected to foster the market growth of adipic acid over the forecast period.
Increasing development of bio-based adipic acid is projected to provide enormous opportunities over the forecast period. This is attributed to growing environmental concerns and the need to promote environmental sustainability. Additionally, increasing investment by government and manufacturer for producing bio-based adipic acid as they are cost-effective and environmentally friendly solutions to cater to various industrial applications is further anticipated to bolster the market growth.
Figure 2. Global Coated Fabric Market– Opportunity Analysis
Market Trends/Key Takeaways
Shifting consumer preferences towards highly soft mattresses due to improving lifestyle of the consumer is projected to propel the market growth of synthetic and bio-based adipic acid. Polyurethane (PU) is majorly used for safe filling materials in mattresses and sitting cushions. Moreover, growth in the furniture industry where PU foam is used to offer flexibility to furniture products is also projected to augment the market growth. Thus, growing demand for highly soft mattresses is expected to propel the market growth.
Electronic consumer goods such as smartphones, OLED TVs, tablets, etc. are experiencing the highest demand in the electronic consumer goods industry. This is attributed to the growing use of smartphones and other advanced devices due to the increasing penetration of the internet. Also, the electronic and electrical industry is witnessing the fastest growth on the account of growing trend of digitalization around the globe.
Figure 3. Global Synthetic and Bio-Based Adipic Acid Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the nylon 6,6 fiber has accounted the largest market share of 57.8% in terms of value, followed by nylon 6,6 resin segment respectively.
Value Chain Analysis
Global Coated Fabrics Market - Impact of Coronavirus (Covid-19) Pandemic
Coronavirus is expected to have a significant impact the textile sector as due to the pandemic situation the global sales of the textile products have come down to a grinding halt. The demand for textile products abroad and domestic have come down to a grinding halt due to the panic created due to the pandemic. In addition, textile exports fell by about 90% during the month of April. The lockdown caused permanent shut down of various factories across the globe. Hence, restraining the growth of the synthetic and bio-based adipic acid market over the forecast period.
- Ascend performance materials
- Shangdong haili (bohui)
- Liaoyang petrochemical
- Asahi kasei