The global demand for Adipic Acid market was valued at USD 7984.2 Million in 2023 and is expected to reach USD 12927.1 Million in 2032, growing at a CAGR of 5.50% between 2024 and 2032.Adipic acid, a white crystalline powder, is primarily used as a monomer in the production of nylon 6,6, a key component in the textile and automotive industries. With its wide-ranging applications in various sectors, the adipic acid market has experienced significant growth over the past few decades. This article delves into the current state of the adipic acid market, its growth drivers, challenges, and future prospects.
Browse the full report at https://www.credenceresearch.com/report/adipic-acid-market
Market Overview
The global adipic acid market was valued at approximately USD 5 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. This growth can be attributed to the increasing demand for nylon 6,6, the expansion of the automotive and textile industries, and the rising emphasis on sustainability.
Key Drivers
1. Automotive Industry Growth: Nylon 6,6, derived from adipic acid, is extensively used in the automotive industry for manufacturing various components such as air intake manifolds, engine covers, and radiator end tanks. The lightweight and durable nature of nylon 6,6 makes it a preferred material, driving the demand for adipic acid. The global shift towards electric vehicles (EVs) further fuels this demand, as EVs require lightweight materials to enhance energy efficiency.
2. Textile Industry Expansion: Nylon 6,6 is also a crucial material in the textile industry, used in the production of carpets, apparels, and industrial yarns. The increasing consumer demand for high-performance textiles and the growth of the fashion industry are significant factors propelling the adipic acid market.
3. Sustainability and Green Chemistry: There is a growing emphasis on sustainability and reducing carbon footprints across industries. The adipic acid market is witnessing innovations in bio-based production methods, which utilize renewable raw materials instead of traditional petrochemical sources. These environmentally friendly processes are gaining traction, aligning with global sustainability goals and attracting investments.
Challenges
Despite its promising growth, the adipic acid market faces several challenges:
1. Volatile Raw Material Prices: Adipic acid production relies heavily on petrochemical derivatives such as cyclohexane. Fluctuations in crude oil prices directly impact the cost of raw materials, affecting the overall production cost and market stability.
2. Environmental Concerns: Traditional adipic acid production methods involve the use of nitric acid, leading to the emission of nitrous oxide, a potent greenhouse gas. Stricter environmental regulations and the need to reduce greenhouse gas emissions pose significant challenges to conventional production processes. Companies are investing in research and development to discover more sustainable and eco-friendly production methods.
3. Competition from Alternatives: The development of alternative materials, such as bio-based polyamides and other synthetic fibers, poses a threat to the adipic acid market. These alternatives offer similar properties and, in some cases, better performance, leading to a potential shift in market dynamics.
Regional Insights
The Asia-Pacific region dominates the adipic acid market, accounting for the largest share in 2023. The region’s rapid industrialization, expanding automotive and textile sectors, and growing population contribute to this dominance. China, in particular, is a major consumer and producer of adipic acid, driven by its robust manufacturing capabilities and increasing demand for high-performance materials.
North America and Europe also hold significant market shares, with well-established automotive and textile industries. The focus on sustainable production methods and stringent environmental regulations in these regions further drive innovation and market growth.
Future Prospects
The future of the adipic acid market looks promising, with several trends shaping its trajectory:
1. Bio-based Production Methods: Continued advancements in bio-based adipic acid production methods are expected to reduce the environmental impact and enhance sustainability. These methods leverage renewable resources and offer a greener alternative to traditional processes.
2. Technological Innovations: Ongoing research and development efforts are focused on improving production efficiency, reducing costs, and discovering novel applications for adipic acid. Innovations in catalyst technologies and process optimization are likely to drive future growth.
3. Rising Demand for High-Performance Materials: The increasing demand for lightweight, durable, and high-performance materials in various industries, including automotive, textiles, and electronics, will continue to propel the adipic acid market. The shift towards electric vehicles and sustainable practices will further augment this demand.
Key Players
- Ascend Performance Materials
- Asahi Kasei Corporation
- BASF SE
- INVISTA
- LANXESS
- Liaoyang Tianhua Chemical Co., Ltd
- Radici Partecipazioni S.p.A.
- Solvay
- Sumitomo Chemical Co., Ltd.
- DOMO Chemicals
Segmentation by Application
- In 2023, the nylon production, six fiber application segment dominated the market, accounting for 53.1% of the total revenue. Its significant market share is driven by the expanding use of nylon 6, 6 as a metal alternative in automotive, electrical, and electronic devices, among other things. Nylon 6,6 fiber is also commonly used in technical components such as gears, nuts, bolts, bearings, powder tool casings, rivets and wheels, and rocker box covers. The properties of nylon 6,6 fiber, such as moisture and mildew resistance, high melting temperature, outstanding durability, and improved strength, are predicted to push its employment in a variety of applications in the coming years.
- Polyurethane Production also has a consistent growth potential due to its use in a variety of end-use industries.
Segmentation by End-Use Industry
- The automotive segment dominated the market over the projection period. The automotive industry mostly uses nylon 66, which is manufactured from adipic acid, due to its superior mechanical, temperature-resistant, and lightweight properties. Adipic acid is commonly used as a monomer in the production of polyamide 6.6 pellets and other polyamides or polymers for engineering plastics, as well as polyurethane for flexible and semi-rigid foam.
- However, the food and beverage industry sector has gained significant market share.
Segmentation by Form
- The powder form of Adipic Acid is in high demand in the market. Adipic acid powder is widely utilized in a variety of industries, including textiles, automobiles, and food. It is preferred for its portability, storage, and transportation. The powder form enables exact dosing, making it suited for a variety of applications. In addition, the powder form is more stable and has a longer shelf life than the liquid version.
Segmentation by Purity
- Food Grade is the fastest-growing section of the Adipic Acid Market. Adipic Acid is becoming increasingly popular in the food business due to its numerous possibilities as a food ingredient. In food and beverage items, adipic acid is used to regulate acidity and increase flavor.
Segmentation by Production Process
- Cyclohexane held the largest market share in 2023. Almost all commercial adipic acid is made from cyclohexane. It is commonly utilized as an intermediate chemical in a variety of processes, with around 54% of its output used to produce adipic acid for nylon-66.
- However, cyclohexanone is expected to increase at the fastest CAGR of 8.5% throughout the projection period.
Segmentation by Region
- North America dominated the global industry in 2023, accounting for more than 32.9% of total revenue
- Asia Pacific is predicted to be the fastest-growing regional market
- The rest of the world, including Latin America, the Middle East, and Africa, supplies the remaining demand for Adipic Acid.
Browse the full report at https://www.credenceresearch.com/report/adipic-acid-market
About Us:
Credence Research is committed to employee well-being and productivity. Following the COVID-19 pandemic, we have implemented a permanent work-from-home policy for all employees.
Contact:
Credence Research
Please contact us at +91 6232 49 3207
Email: sales@credenceresearch.com
Website: www.credenceresearch.com