Adipic acid is an important industrial raw material that is widely used in the production of various polymers such as nylon 66. It provides several advantages like high strength, toughness and elasticity. The growing consumption of polyamide 66 resins across applications like automotive and electrical & electronics has been augmenting the demand for adipic acid.
The global adipic acid market is estimated to be valued at US$ 6.45 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the adipic acid market are Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia Shandong Haili Chemical Industry Company Ltd. and Shandong Hongye Chemical Company Ltd.
The market provides several growth opportunities for companies as the demand for bio-based and recyclable adipic acid is rising owing to sustainable development goals. Adipic acid producers are focusing on expanding their production capacities especially in Asia Pacific and North America to meet the rising regional demand.
Increasing consumption of nylon polymer resins across industries in emerging economies of Latin America, Middle East & Africa is expected to drive the global expansion of the adipic acid market during the forecast period.
Market drivers
The Adipic Acid Market Growth from the polyamide 66 segment is one of the major drivers contributing to market globally. Polyamide 66 is increasingly used in various end-use industries including automotive, electrical & electronics, consumer goods and industrial machinery owing to its versatile properties. The use of adipic acid as a raw material in polyamide 66 production is expected to surge in parallel with the growth of its end-use industries over the coming years.
PEST Analysis
Political: Adipic acid being a basic chemical, government policies related to the chemical industry affects the adipic acid market. Regulations regarding the emissions and waste disposal from adipic acid production plants impact the industry.
Economic: Global economic growth drives the demand from end-use industries like nylon production and plasticizers. A stable economic environment supports the capital investments required for adipic acid production capacity additions.
Social: Increasing population and demand for affordable consumer goods stimulate the consumption of nylon and plastics. Growing environmental awareness drives the market for eco-friendly biodegradable alternatives to adipic acid.
Technological: Production technologies are optimized for higher reaction yields, less waste generation and more efficient downstream processing. Advances in chemical recycling of plastics aids in recycling adipic acid. Continuous catalyst systems help reduce production downtimes.
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