The adipic acid market size was valued at USD 5.52 billion in 2023 and is expected to be worth USD 5.55 billion in 2024. The market is projected to reach USD 7.86 billion by 2032, recording a CAGR of 4.4% during the forecast period.
Adipic acid is a form of white, crystalline, dicarboxylic acid that has uses in several industries. The acid is produced by oxidizing mix of cyclohexanone and cyclohexanol or cyclohexane by using nitric acid. Adipic acid is majorly used to produce nylon 6,6, a highly versatile polymer which has applications in vehicle parts, textiles, and carpets. Many countries are witnessing rapid industrialization, which will boost the use of this product.
The COVID-19 pandemic adversely affected the market’s growth due to supply chain disruptions and nationwide lockdowns. Many manufacturers had to shut down their manufacturing plants or operate at reduced capacity.
Fortune Business Insights™ displays this information in a report titled, "Adipic Acid Market, 2024-2032."
Adipic Acid Market Segmentation:
Extensive Application of Nylon 6,6 Fibers in Several Industries Boosted Demand for Adipic Acid
Based on application, the market is segmented into nylon 6,6 fiber, nylon 6,6 resin, polyurethane, adipate ester, and others. The nylon 6,6 fiber segment captured the largest adipic acid market share in 2023 as this fiber is extensively used in many industry verticals to make a wide range of products, such as carpets, apparels, and automotive components.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Use of Polyurethane in Various Applications to Spur Market Growth
The demand for polyurethane is increasing in the chemical industry as this chemical is used to produce adhesives, coatings, rigid & flexible foams, elastomers, and sealants. Adipic acid is a critical raw material used in the synthesis of polyurethane resins, which are versatile polymers used in several industries. Such high demand for polyurethane will boost the adipic acid market growth.
However, several environmental concerns associated with the production of this acid can hinder the market’s progress.
Regional Insights:
Strong Expansion of Apparel and Textile Industries Helped Asia Pacific Dominate
Asia Pacific dominated the global market in 2023 as India, China, Bangladesh, and Vietnam are witnessing a robust expansion in their apparel and textile sectors, which will boost the product adoption.
Europe is also predicted to show healthy growth owing to the rising focus on sustainability, which has increased the region’s focus on developing bio-based adipic acid manufacturing techniques.
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Competitive Landscape:
Leading Companies Engage in Partnerships and Collaborations to Cement Their Market Dominance
The market is highly consolidated due to the presence of key companies, such as INVISTA BASF SE, Ascend Performance Materials, and LANXESS, among others. These organizations players are engaging in various partnerships and collaborations to expand their product range and increase their customer base.
Notable Industry Development:
December 2023 – Ascend Performance Materials commenced operations of a new thermal reduction plant based in Pensacola, Florida. The company claimed that this decision will help it eliminate almost 98% of the greenhouse gas emissions emitted during the production of adipic acid at this facility. This decision was also part of the company’s 2030 vision initiative that emphasizes on using eco-friendly methods to produce chemicals.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Ascend Performance Materials (U.S.)
- BASF SE (Germany)
- Domo Chemicals (Belgium)
- INVISTA (U.S.)
- LANXESS (Germany)
- Liaoyang Tianhua Chemical Co., Ltd. (China)
- Radici Partecipazioni S.p.A (Italy)
- Solvay (Belgium)
- Tangshan Zhonghao Chemical Co., Ltd. (China)
- Tokyo Chemical Industry Co., Ltd. (Japan)
