Adipic Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Adipic Acid Market Analysis
The adipic acid market is projected to register a CAGR of more than 3% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is estimated to have reached pre-pandemic levels and is expected to grow steadily.
- The growing electronics market and increased use of personal care products are fueling the market growth.
- Stringent environmental regulations regarding production are expected to hinder the market's growth.
- The Asia-Pacific region is expected to dominate the market during the forecast period owing to its growing development in major countries such as India, China, and Japan.
Adipic Acid Market Trends
This section covers the major market trends shaping the Adipic Acid Market according to our research experts:
Increasing Demand from the Automotive Industry
- Adipic acid is mainly used as a monomer in producing polyamide 6.6 pellets and other polyamides or polymers in engineering plastics and as polyurethane for flexible and semi-rigid foams.
- Nylon 66, manufactured from adipic acid, is used primarily for its superior mechanical, temperature-resistant, and lightweight properties in the automotive industry. Also, polyamide is used in producing glass-reinforced plastics-based structural parts, air intake manifolds, engine covers, rocker valve covers, airbag containers, and various other interior and exterior automotive parts.
- The increased demand for lightweight engineering plastic is expected to drive the adipic acid market's growth. Due to current environmental and economic concerns, automobile manufacturers are incorporating more advanced plastic materials to reduce weight and make vehicles more fuel-efficient.
- The high absorption properties of plastics also allow the vehicle to meet stricter safety standards. In contrast, using polyamides such as nylon 6 and nylon 6,6 provides for the depreciation of the mass of parts used in vehicles as they offer more design freedom than metals.
- The increasing number of light and electric vehicles directly impacts engineering plastic consumption, which, in turn, is anticipated to drive the demand for adipic acid over the long term during the forecast period. According to the China Association of Automobile Manufacturing, the production of New Energy Vehicles in the country witnessed a year-on-year increase of 96.9% in December 2022.
- The factors mentioned above are expected to contribute to the growth of the adipic acid market in the automotive segment during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the adipic acid market. The rising automotive, textiles, and electronics industries in major countries such as India, China, etc., contribute to the market's huge demand.
- China includes the world's most extensive electronics production base. Electronic products, such as wires, cables, computing devices, and other personal devices, recorded the highest growth in the electronics segment. The country serves the domestic demand for electronics and exports electronic output to other countries, thus, providing a massive market for adipic acid.
- Furthermore, the Indian electronics industry is one of the fastest-growing industries globally. The domestic electronics manufacturing sector is expanding steadily, owing to favorable government policies, such as 100% foreign direct investment (FDI), no requirement for industrial licenses, and the technological transformation from manual to automatic production processes.
- Electronics System Design and Manufacturing (ESDM) is the fastest-growing industry, continuously transforming businesses and economies worldwide. For instance, by 2025, India's digital economy will be worth USD 1 trillion.
- China is also one of the most attractive countries for clothing manufacturing due to relatively low labor costs and fewer commercial obstacles. According to the National Bureau of Statistics of China, the country manufactured 3.18 billion meters of textile for garments as of October 2022. The materials produced each month were consistently greater than three billion m. Hence positively impacting the market growth.
- Additionally, according to the China Association of Automobile Manufacturing, the production of passenger cars in the country witnessed a year-on-year increase of 11.2% in December 2022.
- Furthermore, in November 2022, INVISTA Nylon Chemicals Co. of China inaugurated its new adiponitrile plant with an investment of USD 1 billion at the Shanghai Chemical Industry Park. The new adiponitrile plant includes a capacity of 400,000 tons/year.
- Hence, with growth in the country's electrical, electronics, automotive, and textile sectors, the demand for adipic acid is expected to increase in the upcoming years.
Adipic Acid Industry Overview
The adipic acid market is fragmented in nature. Some of the major players in the market include Asahi Kasei Corporation, BASF SE, LANXESS, Domo Chemicals, and Sumitomo Chemical Co. Ltd., among others (in no particular order).
Adipic Acid Market Leaders
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Asahi Kasei Corporation
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BASF SE
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LANXESS
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DOMO Chemicals
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Sumitomo Chemical Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Adipic Acid Market News
- August 2022: In collaboration with Japan's National Institute of Advanced Industrial Science and Technology and RIKEN, Toray company developed 100% bio-based adipic acid for sustainable PA66 production.
- March 2022: Genomatica, a sustainable materials company, and Asahi Kasei, a Japan-based diversified global manufacturer, entered into a partnership to commercialize renewably-sourced nylon 6,61 made from Genomatica's bio-based HMD (hexamethylenediamine) building block. Nylon 6,6 is made by using approximately 50% HMD along with about 50% adipic acid.
Adipic Acid Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Use of Nylon 66 in the Automotive Industry
- 4.1.2 Rising Use in the Personal Care and Electronics Industry
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4.2 Restraints
- 4.2.1 Stringent Environment Regulations Regarding Production Process
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 By Raw Material
- 5.1.1 Cyclohexanol
- 5.1.2 Cyclohexanone
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5.2 By End Product
- 5.2.1 Nylon 66 Fibers
- 5.2.2 Nylon 66 Engineering Resins
- 5.2.3 Polyurethanes
- 5.2.4 Adipate Esters
- 5.2.5 Other End Products
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5.3 By Application
- 5.3.1 Plasticizers
- 5.3.2 Unsaturated Polyester Resins
- 5.3.3 Wet Paper Resins
- 5.3.4 Coatings
- 5.3.5 Synthetic Lubricants
- 5.3.6 Food Additives
- 5.3.7 Other Applications
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5.4 By End-user Industry
- 5.4.1 Automotive
- 5.4.2 Electrical and Electronics
- 5.4.3 Textiles
- 5.4.4 Food and Beverage
- 5.4.5 Personal Care
- 5.4.6 Pharmaceuticals
- 5.4.7 Other End-user Industries
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5.5 Geography
- 5.5.1 Asia-Pacific
- 5.5.1.1 China
- 5.5.1.2 India
- 5.5.1.3 Japan
- 5.5.1.4 South Korea
- 5.5.1.5 Rest of Asia-Pacific
- 5.5.2 North America
- 5.5.2.1 United States
- 5.5.2.2 Canada
- 5.5.2.3 Mexico
- 5.5.3 Europe
- 5.5.3.1 Germany
- 5.5.3.2 United Kingdom
- 5.5.3.3 Italy
- 5.5.3.4 France
- 5.5.3.5 Russia
- 5.5.3.6 Rest of Europe
- 5.5.4 South America
- 5.5.4.1 Brazil
- 5.5.4.2 Argentina
- 5.5.4.3 Rest of South America
- 5.5.5 Middle East & Africa
- 5.5.5.1 Saudi Arabia
- 5.5.5.2 South Africa
- 5.5.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Asahi Kasei Corporation
- 6.4.2 Ascend Performance Materials
- 6.4.3 BASF SE
- 6.4.4 Domo Chemicals
- 6.4.5 HUAFENG GROUP
- 6.4.6 INVISTA
- 6.4.7 LANXESS
- 6.4.8 Liaoyang Tianhua Chemical Co. Ltd
- 6.4.9 Radici Partecipazioni SpA
- 6.4.10 Shenma Industrial Co., Ltd
- 6.4.11 Sumitomo Chemical Co. Ltd
- 6.4.12 Shandong Hualu-Hengsheng Chemical Co., Ltd.
- 6.4.13 Tangshan Zhonghao Chemical Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Rising Awareness of Bio-based Adipic Acid
Adipic Acid Industry Segmentation
Adipic acid is a white, crystalline compound primarily used to produce nylon 6,6. It also creates polyurethanes as a reactant to form plasticizers, lubricant components, and polyester polyols. The adipic acid market is segmented by raw material, end product, application, end-user industry, and geography. By raw material, the market is segmented into cyclohexanol and cyclohexanone. By end product, the market is segmented into nylon 66 fibers, nylon 66 engineering resins, polyurethanes, adipate esters, and other end products. By application, the market is segmented into plasticizers, unsaturated polyester resins, wet paper resins, coatings, synthetic lubricants, food additives, and other applications. By end-user industry, the market is segmented into automotive, electrical and electronics, textiles, food and beverage, personal care, pharmaceuticals, and other end-user industries. The report also covers the market size and forecasts for the market in 15 countries across the globe. For each segment, the market sizing and forecasts have been done based on volume (kilotons).
| By Raw Material | Cyclohexanol | |
| Cyclohexanone | ||
| By End Product | Nylon 66 Fibers | |
| Nylon 66 Engineering Resins | ||
| Polyurethanes | ||
| Adipate Esters | ||
| Other End Products | ||
| By Application | Plasticizers | |
| Unsaturated Polyester Resins | ||
| Wet Paper Resins | ||
| Coatings | ||
| Synthetic Lubricants | ||
| Food Additives | ||
| Other Applications | ||
| By End-user Industry | Automotive | |
| Electrical and Electronics | ||
| Textiles | ||
| Food and Beverage | ||
| Personal Care | ||
| Pharmaceuticals | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East & Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle East & Africa |
Adipic Acid Market Research FAQs
What is the current Adipic Acid Market size?
The Adipic Acid Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Adipic Acid Market?
Asahi Kasei Corporation, BASF SE, LANXESS, DOMO Chemicals and Sumitomo Chemical Co., Ltd. are the major companies operating in the Adipic Acid Market.
Which is the fastest growing region in Adipic Acid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Adipic Acid Market?
In 2024, the Asia Pacific accounts for the largest market share in Adipic Acid Market.
What years does this Adipic Acid Market cover?
The report covers the Adipic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Adipic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Which segment accounted for the largest Adipic Acid Market share?
The Automotive Industry segment accounted for the largest Adipic Acid Market share.
What are the key application segments driving the demand for Adipic Acid Market?
The key application segments driving the demand for Adipic Acid Market include a) Nylon 6,6 fibers b) Nylon 6,6 engineering resins c) Polyurethanes, and adipate esters
Adipic Acid Industry Report
The global adipic acid market is witnessing significant growth, propelled by its broad application in sectors like automotive, electrical & electronics, textiles, and more, driven by rapid industrialization and a surge in demand for artificial polymers. As a crucial component in manufacturing nylon 6,6, polyurethanes, plasticizers, and polyester polyols, adipic acid is extensively utilized in household furnishings, the food and beverage industry, and pharmaceutics. The automotive sector, in particular, demands nylon 6,6 fibers for lightweight and durable materials. The Asia-Pacific region, with booming industries in China and India, is becoming a dominant force in the adipic acid market. Despite environmental concerns and regulatory challenges, the market's growth is sustained by innovation and the shift towards bio-based plastics. For detailed market insights, including share, size, and revenue growth rates, Mordor Intelligence™ Industry Reports offer a comprehensive analysis and forecast outlook, available as a free report PDF download.
