IMARC Group, a leading market research company, has recently releases report titled “Adipic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The adipic acid market size reached US$ 5.84 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.48 Billion by 2028, exhibiting a growth rate of (CAGR) of 6.33% during 2023-2028.
What is Adipic Acid?
Adipic acid, also known as hexane dioic acid (CH2)4(COOH)2, represents a slightly soluble, organic white crystalline compound that is commercially prepared by oxidizing the mixture of cyclohexanone and cyclohexanol, also referred to as ketone alcohol oil (KA oil), with nitric acid. It can also be synthesized through a two-stage carbonylation reaction of carbon monoxide (CO), butadiene, and methanol that produce dimethyl adipate. Adipic acid is highly flammable, corrosive, stable, and an acidulant and exhibits various mechanical and chemical properties. It is widely used in manufacturing several home furnishing products, such as bedding foam, cushioning materials, and carpet underlays, to improve the durability and comfort of the furniture. In addition, adipic acid finds widespread applications in the production of polyurethanes and nylon 66 as a reactant to fabricate lubricant components, polyester polyols, plasticizers, and feedstocks, including benzene, ammonia, and cyclohexane.
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What are the growth prospects and trends in the Adipic Acid Industry:
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The escalating product demand in polyamide 6.6 pellets, monomer, polyamide, and nylon 66 formulations that are used to design plastic-based and glass-reinforced structural parts, such as engine covers, airbag containers, and several exterior and interior automobile components, owing to its lightweight and temperature-resistant attributes, is primarily driving the adipic acid market. Besides this, the elevating requirement for this compound as a leavening agent and an additive, on account of the high consumption of ready-to-eat (RTE) processed edible meals and ready-to-drink (RTD) liquids, is further augmenting the market growth. Moreover, the introduction of bio-based adipic acid and its extensive utilization as a difunctional crosslinking agent in paints and coatings and consumer electronic products is also catalyzing the global market. Apart from this, the launch of several policies by the government bodies to promote sustainable approaches for the formulation of this compound, owing to the rising environmental concerns, is anticipated to propel the adipic acid market over the forecasted period.
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Competitive Landscape:
- Asahi Kasei Corporation
- Ascend Performance Materials
- BASF SE
- Domo Chemicals
- Invista (Koch Industries)
- Lanxess AG
- Radici Partecipazioni SpA
- Solvay S.A.
- Sumitomo Chemical Co. Ltd.
- Tangshan Zhonghao Chemical Co. Ltd.
- TCI Chemicals (India) Pvt. Ltd.
- Tian Li High & New Tech Co. Ltd., etc.
The report has segmented the market on the basis of
End Product Insights:
- Nylon 66 Fibers
- Nylon 66 Engineering Resins
- Polyurethanes
- Adipate Esters
- Others
A detailed breakup and analysis of the adipic acid market based on the end product has also been provided in the report. This includes nylon 66 fibers, nylon 66 engineering resins, polyurethanes, adipate esters, and others. According to the report, nylon 66 fibers accounted for the largest market share.
Application Insights:
- Plasticizers
- Unsaturated Polyester Resins
- Wet Paper Resins
- Coatings
- Synthetic Lubricants
- Food Additives
- Others
The report has also provided a detailed breakup and analysis of the adipic acid market based on the application. This includes plasticizers, unsaturated polyester resins, wet paper resins, coatings, synthetic lubricants, food additives, and others. According to the report, plasticizers represented the largest segment.
End User Insights:
- Automotive
- Electrical and Electronics
- Textiles
- Food and Beverage
- Personal Care
- Pharmaceuticals
- Others
A detailed breakup and analysis of the adipic acid market based on the end user has also been provided in the report. This includes automotive, electrical and electronics, textiles, food and beverage, personal care, pharmaceuticals, and others. According to the report, automotive accounted for the largest market share.
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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