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Adipic Acid

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Adipic Acid Market, By Application (Nylon 6, 6 Fiber, Nylon 6, 6 Resin, Polyurethanes, Adipate Esters), End Use Industry (Automotive, Electrical & Electronics, Home Appliances, Textiles, FMCG), and Geography
Adipic Acid Market Insights, Size, Share,
Opportunity Analysis, and Industry Forecast till 2025
Adipic acid or hexanedioic acid are organic compounds with molecular formula
(CH2)4(COOH)2. Adipic acids are commercially formed by the reaction between
cyclohexanone and cyclohexanol. High purity adipic acids are used in the
manufacture of polyurethane. These are widely used in home furnishing applications
such as bedding foam, furniture, and carpet underlays. These are widely used in
cushioning materials to make furniture more comfortable and durable.
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Increasing applications of adipic acid in various end-use industries, namely paints &
coatings, automobiles, textiles, industrial appliances, consumer goods, electrical &
electronics, wires & cables and food & packaging industry is expected to boost
growth of the adipic acid market during the forecast period (2017-2025).
Burgeoning population growth in turn results in increasing infrastructure development
activities, especially in countries such as India, China, and Brazil. This subsequently
fuels demand for paints & coatings and wires & cables. Changing life style and
increasing disposable income is surging the demand for convenience food, which in
turn is propelling demand for nylon 6,6 resin in food packaging industry.
Raw material price fluctuation coupled with high production cost of synthetic based
adipic acid is expected to be the key challenge for market growth during the forecast
period. Generation of harmful CO2 and toxic waste from adipic acid manufacturing
unit, due to the use of petroleum based raw materials, has compelled the industry to
shift in focus from synthetic towards bio based adipic acid. For instance, glucose is
commonly used to produce bio based adipic acid. Whereas raw materials required to
manufacture synthetic based adipic acid are petroleum and its derivatives, which
require huge capital investment as compared to bio based adipic acid which in turn is
expected to hinder the growth of synthetic based adipic acid market. For instance, on
March 20, 2014, Rennovia Inc. and Johnson Matthey Davy Technologies Ltd. -collaborated to develop and commercialize the production technology for bio-based
glucaric acid and adipic acid. Also, on February 27, 2015, Rennovia Inc. and
Johnson Matthey Davy Technologies Ltd. Announced plans to co-develop
commercial catalysts for bio based adipic acid process are the key drivers for the
growth of global adipic acid market during the forecast period.
The global adipic acid market size was valued at US$ 7.1 billion (revenue) and
3737.8 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 6.0% in
terms of revenue and 4.1% in terms of volume during 2017 – 2025.
Nylon 6,6 Fibers has emerged as the fastest growing application area for
Adipic Acid
Nylon 6,6 fibers have been the major application segment of adipic acid in 2015.
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. Increasing 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.
For instance, according to India Brand Equity Foundation (IBEF) -- a Trust
established by the Department of Commerce, Ministry of Commerce and Industry,
Government of India -- by 2020, India is expected to be the world leader in 2W and
4W segments export. Also, Government of India plans to make India as an
automobiles manufacturing hub by 2026, and the passenger vehicle segment is
expected to reach 9.4 million units as highlighted in the Auto Mission Plan (AMP)
2016-2026.
Regional Insights
Europe, followed by Asia Pacific and North America, respectively, accounted for
major share in the global adipic acid market both in terms of revenue and volume in
2016 and the trend is estimated to remain the same over the forecast period. In
2016, Asia Pacific held a share of 25.3% in terms of volume, followed by Europe
(37.8%). The growing demand for nylon 6,6, fibers in the application segments in
Asia Pacific due to increasing population, growing urbanization owing to surge in
construction activities is expected to drive growth of the global adipic acid market
during the forecast period. According to a study conducted by Coherent Market
Insights, the global Adipate ester market is expected to witness a CAGR of 6.2%
from 2017 to 2025, which in turn is expected to fuel the global adipic acid market.
Multinational players need to shift towards environment friendly and green
technology
Major players in the global Adipic Acid market include Asahi Kasei Corporation,
Ascend Performance Materials Inc., BASF SE, Invista, Lanxess Ag, PetroChina
Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry
Company Ltd., and Shandong Hongye Chemical Company, Ltd., Rennovia Inc.
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Author
apeksha motghare
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