Global adipic acid market is estimated to be valued at US$ 8.1 Billion in 2021, according to the Global Adipic Acid Market Report, by Application (Nylon 6, 6 Fiber, Nylon 6, 6 Resin, Polyurethanes, and Adipate Esters), by End-use Industry (Automotive, Electrical & Electronics, Home Appliances, Textiles, and FMCG), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global adipic acid market was valued at US$ 8.1 Billion in 2021. The production of bio based and synthetic-based adipic acid follows a two-step process. The first step involves production of cyclohexane or cyclohexanone, commonly known as ketone alcohol oil, while the second step is the conversion of ketone alcohol oil into adipic acid using nitrogen acid reactions. This reaction leads to production of a large amount of nitrous oxide (N2O) and Nitrogen oxides.
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Browse 50 market data tables* and 40 figures* on "Global Adipic Acid Market” - Forecast to 2030.
Key Trends and Analysis of the Global Adipic Acid Market:
- Among application, nylon 6, 6 fiber segment held the largest market share in 2021, in the global adipic acid market, Increasing, demand for nylon 6,6 fibers in automotive industry is expected to be the key factor propelling growth of the market for adipic acid. Growing automotive industry coupled with the growing population in emerging economies such as China, India, and Brazil is projected to augment market growth during the forecast period.
- Among end-use industries, automotive end use industry segment held the largest market share in 2021, in the global adipic acid market. In automotive industry, adipic acid is used in the manufacturing of long-lasting and chemically resilient fibers for the manufacturing of automotive parts. Nylon is one such material which is a predominant intermittent product of adipic acid. The lightweight feature of nylon has made it an eminent material used in the production of lightweight vehicles.
- Rapid urbanization coupled with adoption of advanced technology in automotive industry is driving growth of the automotive and construction industries. Moreover, growing industries such as consumer goods and packaging are driving growth of the adipic acid market, as it is used as a solvent in a wide range of applications, including printing inks, varnishes, and car care chemicals, as well as in the manufacture of enamels, plastics, and rubber.
Key Takeaways of the Global Adipic Acid Market:
- Europe held the dominant market share of 37.10% in 2021, in the global adipic acid market. Major industrial economies, such as Germany, France, and the U.K. are present in Europe. Growing numbers of manufacturers and suppliers of automobiles, food and beverages, textiles and FMCG products in these countries is expected to boost the demand adipic acid. The presence of major automobile manufacturing units in Europe is driving demand for adipic acid in the region.
- Asia Pacific held second largest market share in global adipic acid market, owing to presence of emerging economies such as China, India, and Indonesia. Construction, Textile, FMCG, paints & coatings, packaging, and automotive industries are significantly investing in adipic acid market and have also been attracting foreign investments into these sectors. For instance, in 2021, the Shanghai Automotive Industry Corporation, China’s leading automotive vehicle manufacturer, sold over 5.46 Billion vehicles and delivered more than 5.81 Billion vehicles in 2021, a year-on-year increase of 5.5 percent. Thus increased automotive vehicles production & sales is likely to boost demand for adipic acid as it is mainly used in automotive paints and coatings. With growth in such industries, demand for adipic acid is expected to increase significantly in the region.
- Major players operating in the global adipic acid market include Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company Ltd., and Shandong Hongye Chemical Company, Ltd
- Technology launches, merger & acquisitions, expansion and Research &Development activities are key strategies adopted by players in the global adipic acid market. For instance, • In March 2022, Ascend Performance Materials has reached an agreement to acquire the compounding division of Formulated Polymers Limited, a leading engineered materials manufacturer in Chennai, India. This acquisition will establish Ascend’s first manufacturing base in the subcontinent and strengthen Ascend’s global reach in the electrical and e-mobility application space. The deal includes a world-scale manufacturing facility in Chennai as well as warehouses throughout India.
Global Adipic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
- Due to COVID-19 pandemic construction activities were delayed. Due to lockdown measures, sales of paints and coatings were impacted and automotive production were halted across the globe, which in turn reduced demand for adipic acid during first two quarters of 2020. Moreover, COVID-19 resulted in unprecedented decline in sales of automotive and consumer electronics and white good products. This decline in turn reflected in the revenue of the adipic acid industry. The outbreak of COVID-19 pandemic disrupted the supply chain and economic activities across the globe. The COVID-19 pandemic severely impacted numerous end-use industries, thereby hampering growth of overall global adipic acid market.
