Adipic Acid Market Size, Share, Growth Analysis, By Application (Polyurethane, Abdicate Esters), By Industry, By Raw Material, By Region - Industry Forecast 2024-2031

Global Adipic Acid Market size was valued at USD 6.8 billion in 2022 and is poised to grow from USD 7.1 billion in 2023 to USD 10.3 billion by 2031, growing at a CAGR of 4.7% during the forecast period (2024-2031).

The global adipic acid market is experiencing robust growth, driven by industrialization and the increasing utilization of synthetic polymers across various sectors. A major application of adipic acid is in the production of nylon, particularly nylon 66, which boasts exceptional mechanical strength and serves diverse industries such as electronics, textiles, and automotive. The rising demand for nylon's diverse applications further fuels the need for adipic acid. Additionally, it plays a role in the food and beverage industry as a flavor enhancer and gelling agent, while also being used in pharmaceutical formulations for controlled drug delivery. However, challenges such as fluctuating raw material costs and strict environmental regulations, especially concerning nitrous oxide emissions, may hinder market growth. Conversely, the shift towards bio-adipic acid is gaining traction, promoting sustainable alternatives in various sectors, including electronics and automotive.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Adipic Acid market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Adipic Acid Market Segmental Analysis

Global Adipic Acid Market is segmented by Application, Industry, Raw Material and Region. Based on Application, the market is segmented into Polyurethane, Nylon 6,6 Fiber, Nylon 6,6 Resin, Abdicate Esters. Based on Industry, the market is segmented into Polyurethane, Nylon 6,6 Fiber, Nylon 6,6 Resin, Abdicate Esters. Based on Raw Materials, the market is segmented into Cyclohexanol, Cyclohexanone. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Adipic Acid Market

The global Adipic Acid market is poised for significant growth due to the rapid modernization and expansion of the packaging and consumer products industries. Factors contributing to this growth include increased adoption of high-density plastics, improved living standards, and a rising demand for durable furniture. Additionally, the need for enhanced quality in processed goods and greater concerns about environmental cleanliness are expected to drive the market forward. The construction, automotive, and electronics sectors are showing a growing preference for lightweight and resilient products, while the expansion of infrastructure in developing nations also propels demand for related applications of adipic acid. Furthermore, the increasing popularity of convenience foods, spurred by changing lifestyles and higher disposable income, is further amplifying the need for nylon 6,6 resin in food packaging. Overall, these dynamics suggest a promising outlook for the adipic acid market in the coming years.

Restraints in the Global Adipic Acid Market

One of the primary challenges facing the global adipic acid market during the forecast period is the instability in raw material prices, alongside the substantial production costs associated with synthetic adipic acid. The reliance on petroleum-derived inputs leads to the generation of harmful carbon emissions and toxic byproducts, prompting a shift in industry focus toward bio-based alternatives. For instance, glucose serves as a key precursor for producing bio-based adipic acid. In contrast, the synthetic route depends on petroleum derivatives such as lubricants, friction modifiers, paraffin wax, and gels, necessitating higher capital investments. This disparity in investment and environmental impact is likely to hinder market growth.

Market Trends of the Global Adipic Acid Market

The global adipic acid market is witnessing a significant upward trend, driven primarily by the booming construction sector, which is increasingly utilizing adipic acid in applications such as exterior panels, insulation materials, and housing electronics. As urbanization accelerates and infrastructure projects proliferate, the demand for durable and efficient building materials is expected to surge, further propelling adipic acid consumption. Additionally, the automotive industry's demand for lightweight, high-performance materials and the growing packaging sector-focused on sustainable and resilient solutions-are vital contributors to this market expansion. Collectively, these factors are positioning adipic acid as a critical component in diverse applications, fostering robust market growth.