The Global Adipic Acid Market was valued at US$ 7.16 billion in 2016, according to a new report published by Coherent Market Insights. Adipic acid or hexanedioic acid are organic compounds with molecular formula (CH2)4(COOH)2. Commercially, adipic acid is formed by the reaction between cyclohexanone and cyclohexanol. Increasing demand for durable, chemical-resistant, strong and lightweight fibers for manufacture of automotive parts is a major factor fueling demand for adipic acid—a primary ingredient for manufacture of composite materials. The bulk consumption of adipic acid is as a feedstock for manufacture of nylon 6,6 resin and engineering fibers. Also, adipic acid find wide application in manufacture of plasticizers, polyurethanes, pharmaceuticals, and food additives.
Adipic acid finds wide application in various industries such as electrical & electronics, automotive, consumer goods, wires & cables, packaging films & coatings, and appliances. Rampant growth of these end-use industries, in turn creates a highly conducive environment for growth of the adipic acid market. Nylon is a widely used material for manufacturing clothing, due to its low cost and superior performance and life as compared to conventionally used materials such as cotton. Stringent government regulations is expected to be the key challenges for adipic acid manufacturing industries. On November 24, 2010, THE EUROPEAN PARLIAMENT and THE COUNCIL of the EUROPEAN UNION, introduced DIRECTIVE 2010/75/EU to account the whole environmental performance of the plant, such as emissions to water, air and land, use of raw materials, generation of waste, energy efficiency and prevention of accidents, noise and restoration of the site upon closure.
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Among applications, Nylon 6,6 fiber is the largest application segment, accounting for 41.2% market share in the global adipic acid market in 2016. These Nylon 6,6 resins are widely preferred owing to its high resistance to chemicals and corrosion, due to which it finds wide industrial applications. Demand for this resin is high in the automotive industry, as it is light in weight yet tough and highly resistant to degradation from microorganisms. Polyurethanes segment is projected to witness the fastest growth during the forecast period. These materials are most suitable in footwear, heavy-duty equipment, appliances, electrical enclosures, and automotive parts. Among end-use industries, the textile segment is expected to be the largest during the forecast period, owing to growing demand for this material for carpeting of workspaces and industries due to its superior chemical resistant properties. Thus, rampant industrial growth is expected to boost growth of the global adipic acid market.
Key takeaways of the adipic acid market:
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