Growth of Adipic Acid Market: Key Factors Driving Demand
The global adipic acid market size is expected to reach USD 6,567.27 million by 2030 to expand at a CAGR of 3.8% from 2023 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly propelled by growing consumption of adipic acid in the production of nylon 6, 6 fiber, polyurethane, adipate esters, and others, which are widely used by a range of end-use industries such as automotive, consumer goods, electronics, constructions, and more. The expansion of the construction sector to accommodate rapidly increasing global population is expected to drive product consumption in building components such as exterior panels, insulation materials, and housing electronics.
The rising disposable income of customers, coupled with their easy access to finances in the form of loans from banks, has contributed to the growth of the global automotive industry. In addition, electric vehicles and automatic cars, which offer easy and less effort-driving experiences to customers, are also witnessing surged demand globally. Thus, the increasing demand for automobiles worldwide is anticipated to fuel the consumption of nyx`lon 6, 6, thereby having a positive impact on the demand for adipic acid.
Adipic acid prices mainly depend on the availability of raw materials namely cyclohexanol and cyclohexanone and demand from end-use industries such as food & beverages, textile, pharmaceuticals, and personal care. The prices of adipic acid witnessed an increase in 2021 and 2022 in North America and Europe due to the Eastern European geopolitical conflict resulting in the disruption of the raw material supply chain.
Major companies operating in this space are BASF SE, Asahi Kasei Corporation, LANXESS, and INVISTA. Multinational corporations have established a global supply chain through third-party distributors or their in-house supply channels. The manufacturing and distribution of products on a global scale enables shorter lead times to the manufacturers operating in the market.
Gather more insights about the market drivers, restrains and growth of the Adipic Acid Market
Adipic Acid Market Report Highlights
• Polyurethane is the fastest growing application segment by revenue with an expected CAGR of 4.5% on the account of its growing consumption in electronics and construction industry
• Nylon 6, 6 resin is the second fastest growing application segment by revenue with an expected CAGR of 3.9% due to its application in the development of various parts in automotive industry
• Europe is the fastest growing region by revenue with a CAGR of 3.9% because of growing automobile production coupled with rapid increase in construction activities on the account of rising urbanization
• The COVID-19 resulted in a slight decline in the growth of the market due to temporary shutdown of chemical plants caused by prolonged lockdown. International border restriction affected the supply chain for adipic acid, which further deteriorated the growth of the market
• Adipic acid manufacturers are striving to elevate their production capacities in order to ensure regular supply of the product due to its growing demand from automotive industry
Adipic Acid Market Segmentation
Grand View Research has segmented the global adipic acid market report based on application, and region:
Adipic Acid Application Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)
• Nylon 6, 6 Fiber
• Nylon 6, 6 Resin
• Polyurethane
• Adipate Esters
• Other Applications
Adipic Acid Regional Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
• Asia Pacific
o China
o Japan
o India
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o South Africa
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