Adipic Acid Market Overview
The unique qualities of adipic acid are transforming the demand that is experienced in the market. Market reports connected with the chemicals and materials industry have been made available by Market Research Future which generates reports on other business verticals that outlines the current market scenarios. The market is positioned to achieve an optimistic CAGR in the duration of the forecast period.
The market for adipic acid is powered by factors such as continual industrialization, increasing demand for high-quality plastic, and constant growth in the packaging & consumer goods industry. The use of adipic acid in the electrical & electronics sector is expected to open up new prospects for growth as the industry is flourishing.
Several companies are making the global adipic acid market quite competitive by implementing their own strategies to stay ahead. These companies are PetroChina Company Limited (China), INVISTA (U.S.), Ascend Performance Materials (U.S.), Asahi Kasei Corporation (Japan), LANXESS (Germany), BASF SE (Germany), Solvay S.A. (Belgium), Radici Partecipazioni SpA (Italy), Shandong Hongye Chemical Company, Ltd. (China), BioAmber Inc (U.S.), Sumitomo Chemical Co., Ltd. (Japan), and others. MRFR enlisted these companies to keep track on the constant upgradation to understand the trends and the market route.
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Researchers in an article, published in ResearchGate February 2019 edition, claimed that adipic acid appears during the production of nylon-6,6 polyamide as an intermediate compound. The reaction can be orchestrated under mild conditions (85 °C, 8 h) with sodium tungstate to play as a catalyst. The process can be deemed as green as it includes recycling of the catalyst and the surfactant.
Among the traction providers, the global adipic acid market is expected to gain the most from automobile sector. Other industries like packaging & consumer goods, building & construction, electrical & electronics, and textile are anticipated to provide much thrust to the global market. The market is also enjoying much prominence due to the rise in disposable income. But dwindling raw material price can detract the normal adipic acid market growth.
MRFR, in their report on the global adipic acid market, revealed that a closer inspection of the market by segmenting it on the basis of application and end-use industries provides proper insights.
Based on the application, the adipic acid market includes nylon 6,6 fiber, polyurethane, adipate esters, nylon 6,6 resin, and others.
Based on the end-use industries, the adipic acid market comprises textile, electrical & electronics, automotive, building & construction, packaging & consumer goods, and others. The automotive segment is showing substantial intake of this adipic acid which can be of great importance for the global market. Others end-use industries include food, medical, and furniture.
Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa are the five regions that have been included in a region-specific study of the global adipic acid market conducted by MRFR.
The APAC region had the largest market share in 2016 and its further growth would rely mostly on the thrust provided by various end-use industries such as automotive, building & construction, and electrical & electronics. Various countries like Japan, South Korea, India, Thailand, Taiwan, Malaysia, China, and Singapore are going to show high intake due to the expanding automotive sector in those countries. Surge in demand for frozen meals and ready-to-eat meals due to rapid urbanization is expected top provide thrust to the flexible packaging requirements.
Europe and North America are expected to come next. North America’s growth would bank mostly on the integration of adipic acid in the efforts to revitalize electronics & consumer goods industry over the forecast period. Revamping automobile industry is also expected to provide high traction to the global adipic acid market.
Latin American countries like Brazil, Mexico, Colombia, and Venezuela can register high growth due to the growing expenditure on electrical & electronic products and increasing automobile production and sales. Europe is expected to score high in automobile and research & development sector. The region is constantly looking for bio-friendly solutions, which requires high investment in the market.
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LIST OF TABLES
Table 1 World Population By Major Regions (2016 To 2023)
Table 2 Global Adipic Acid Market: By Region, 2016-2023
Table 3 North America Adipic Acid Market: By Country, 2016-2023
Table 4 Europe Adipic Acid Market: By Country, 2016-2023
Table 5 Asia-Pacific Adipic Acid Market: By Country, 2016-2023
LIST OF FIGURES
FIGURE 1 Global Adipic Acid Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Adipic Acid Market
FIGURE 4 Value Chain Of Global Adipic Acid Market
FIGURE 5 Share Of Global Adipic Acid Market In 2016, By Country (In %)
FIGURE 6 Global Adipic Acid Market, 2016-2023
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