Adipic acid is a dibasic dicarboxylic acid which is used extensively used in various end use industries such as food and beverage and automation. It is produced from cyclohexane and phenol. Adipic acid is used in various applications such as to manufacture lubricant components, polymers, nylon 66 and PVC (Polyvinyl chloride), etc. Adipic acid is also used is used in calcium carbonates to impart tart flavour .In addition to this, adipic acid is used in varied applications such as plasticizers, coatings and detergents. However major application of adipic acid is for nylon production. The global adipic acid market is anticipated to witness healthy single digit market growth over the forecast period in terms of value and volume.
Adipic Acid Market Segmentation
Global adipic acid market is segmented on the basis of application and region. Based on the application segmentation includes polyamide 66, polyurethane, adipic esters and others. Polyamide 66 is the leading application segment and expected to account for maximum revenue during the forecast period, followed by other application segment. Moreover, market growth is expected to increase due to rising demand of polyamide 66 in automotive industry. It is used in manufacturing automotive components and as flavoring agent and gelling aid in food & beverage industry. However, Polyurethane is expected to witness fastest growth during the forecast period due the wide application of polyurethane for thermal insulation. Global adipic acid market is segmented on the basis of region into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Middle East and Africa and Japan.
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Adipic Acid Market: Region-wise Outlook
The global adipic acid market is expected to show significant growth over the forecast period due to growing automotive and electronic industry and wide application of adipic acid in nylon production which is in turn used in automotive industry. Globally among all regions, Asia Pacific is expected to contribute maximum revenue over the forecast period. Moreover, Asia Pacific is also anticipated to exhibit fastest market growth over the forecast period, owing to the growing end user industries such as electronic and automotive industry in India and China. Europe adipic acid market is anticipated to show average growth due to the environmental concerns coupled with stringent government regulations in the region. However North America is projected to show stagnant market growth during the next few years due to the highly saturated end use industries in the region. Moreover, Latin America is projected to create huge opportunities for various market players during the forecast period due to the growing automobile industry in the region
Adipic Acid Market: Drivers
Global adipic acid market growth is propelled by various factors such as expanding food and beverage industry coupled with increasing use of adipic acid as food additive. It imparts tart and fizzy flavours. Moreover, other factors that are expected to support the growth of adipic acid market is increasing applications of adipic acid in paint, synthetic fibers and lubricants. Demand for paints and coating is increasing owing to the increasing infrastructure spending of consumers, which eventually boost the growth of the global adipic acid market. However, major factor that is expected to hinder the growth of adipic acid market is rising concerns towards harmful environmental impact.
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Adipic Acid Market Market: Key Players
Major players operating in the adipic acid market are BASF SE, INVISTA, Asahi Kasei Corporation, Shandong Haili Chemical Industry Company Ltd. and Ascend Performance Materials .Various companies operating in the adipic acid market are launching bio based acid. Other companies such as BioAmber Inc. and DSM are expected to manufacture bio-based adipic acid in the forthcoming years.
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