PUBLISHER: The Business Research Company | PRODUCT CODE: 1531859
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531859
Adipic acid is a white, crystalline dicarboxylic acid with the molecular formula C6H10O4. Its primary applications include the production of nylon and the manufacturing of plasticizers, polyurethane, lubricants, and food additives.
The main raw materials for adipic acid production are cyclohexanol and cyclohexanone. Cyclohexanol is crucial as it undergoes oxidation to form adipic acid, a pivotal step in the manufacturing process. Sales channels for adipic acid include both direct and indirect sales. Its applications span nylon 6, 6 fiber, nylon 6, 6 resin, polyurethanes, and adipate esters, serving various industries such as automotive, electrical and electronics, packaging, consumer products, building and construction, textiles, and others.
The adipic acid market research report is one of a series of new reports from The Business Research Company that provides adipic acid market statistics, including adipic acid industry global market size, regional shares, competitors with an adipic acid market share, detailed adipic acid market segments, market trends and opportunities, and any further data you may need to thrive in the adipic acid industry. This adipic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The adipic acid market size has grown strongly in recent years. It will grow from $6.73 billion in 2023 to $7.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth during the historic period can be attributed to factors such as the demand for nylon, the boom in synthetic fibers, the impact of world wars on synthetic materials, globalization and trade, and advancements in electronics and consumer goods.
The adipic acid market size is expected to see strong growth in the next few years. It will grow to $9.0 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be linked to the expansion of the textile industry, shifts in consumer behavior and preferences, infrastructure development, the implementation of automotive fuel efficiency standards, and efforts to mitigate climate change. Major trends expected in this period include advancements in biotechnological production, the use of sustainable feedstocks, integration with carbon capture technologies, initiatives for decarbonization and renewable energy adoption, and the development of advanced analytical and monitoring tools.
The growth of the adipic acid market is anticipated to be propelled by the expanding automobile industry. The term automobile industry encompasses the companies and activities engaged in the design, development, manufacturing, marketing, and sales of motor vehicles. This sector is expanding due to increasing demand for personal mobility, economic growth, and urbanization. Adipic acid plays a crucial role in improving the performance, durability, and aesthetics of automotive components and materials, thereby enhancing the efficiency and safety of vehicles. For example, in April 2024, the Society of Motor Manufacturers and Traders reported that the number of vehicles on UK roads reached 41.4 million in 2023, with car ownership rising by 1.6% to 35.7 million. Consequently, the burgeoning automobile industry is a key driver of growth in the adipic acid market.
Leading firms in the adipic acid sector are concentrating on developing innovative products such as Eco-Friendly Nylon 66 to gain a competitive advantage. Eco-Friendly Nylon 66 refers to a type of nylon material manufactured using environmentally sustainable methods and incorporating recycled or bio-based components. For instance, in August 2022, Toray Industries Inc., a Japan-based textile industry company, introduced 100% Bio-Based Adipic Acid, a raw material for nylon 66 (polyamide 66), derived from sugars sourced from inedible biomass. This pioneering solution offers substantial potential for reducing carbon emissions and environmental impact while meeting the performance and quality standards demanded by industries, thus promoting sustainable development and addressing the escalating demand for eco-friendly products.
In November 2022, Celanese Corporation, a US-based chemical and specialty materials company, acquired the majority of DuPont's Mobility & Materials (M&M) business for €11 billion ($11.8 billion). Through this acquisition, Celanese aims to reinforce its market position, expand its product range, strengthen its global presence, and leverage synergies to foster growth and innovation in the materials and manufacturing sectors. DuPont de Nemours Inc., a US-based provider of thermoplastic polyamide resin involved in adipic acid production, is part of this strategic move.
Major companies operating in the adipic acid market are PetroChina Company Limited, Invista, BASF SE, Sumitomo Chemical Company Limited, Asahi Kasei Corporation, Evonik Industries Aktiengesellschaft, Du Pont de Nemours Inc., LANXESS Aktiengesellschaft, Huntsman Corporation, Solvay Societe Anonyme, UBE Corporation, Ascend Performance Materials Operations LLC, Shenan Shenma Nylon Chemical Co. Ltd., Radici Partecipazioni SpA, Fibrant BV, DOMO Chemicals GmbH, Finoric LLC, Alfa Chemical Co. Ltd., Wego Chemical Group Inc., Graham Chemical Corporation, KeenBolden LLC, Otto Chemie Pvt. Ltd., Tangshan Zhonghao Chemical Co. Ltd., BioAmber Inc.
Asia-Pacific was the largest region in the adipic acid market in 2023. The regions covered in the adipic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the adipic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The adipic acid market consists of sales of industrial grade adipic acid, high purity adipic acid, food grade adipic acid, and technical grade adipic acid. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Adipic Acid Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on adipic acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for adipic acid ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The adipic acid market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.