Adipic Acid Market Trends, Share, Revenue, Scope, Growth Drivers, Challenges, Future Strategies and Competitive Analysis 2023-2033


Adipic Acid Market Trends, Share, Revenue, Scope, Growth Drivers, Challenges, Future Strategies and Competitive Analysis 2023-2033: SPER Market Research

 Category : Chemical & Materials

 Published: Jul-2023
 Author: SPER Analyst

Global Adipic Acid Market is projected to be worth USD 7.43 billion by 2033 and is anticipated to surge at a CAGR of 4.10%.

Adipic acid, also known as hexanedioic acid, is an organic compound represented by the molecular formula (CH2)4(COOH)2. Its commercial production involves the reaction of cyclohexanone and cyclohexanol. Adipic acid of high purity is utilized in the manufacturing process of polyurethane. Its applications are extensive in the realm of home furnishing, particularly in products like bedding foam, furniture, and carpet underlays. Adipic acid is commonly employed in cushioning materials to enhance the comfort and durability of furniture.

Global Adipic Acid Market Driving Factors and Challenges
The adipic acid market is anticipated to develop during the forecast period due to the expanding use of adipic acid in a variety of industries, including paints & coatings, vehicles, textiles, industrial appliances, consumer goods, electrical & electronics, wires & cables, and food & packaging. Countries like India, China, and Brazil are experiencing rapid population growth, leading to increased infrastructure development and demand for paints & coatings and wires & cables. Adipic acid is utilized as a crosslinking agent in water-based acrylic emulsions, further fueling its demand in the paints and coatings industry. Additionally, changing lifestyles and higher disposable incomes have resulted in an increased demand for convenience food, driving the need for nylon 6,6 resin in the food packaging sector and subsequently boosting the demand for adipic acid.

The primary challenges for market growth in the forecast period are the fluctuation in raw material prices and the high production cost associated with synthetic-based adipic acid. The use of petroleum-based raw materials in the manufacturing process results in the generation of harmful carbon dioxide and toxic waste, prompting the industry to shift its focus towards bio-based adipic acid. Glucose is commonly employed as a raw material for producing bio-based adipic acid. On the other hand, the production of synthetic-based adipic acid requires petroleum and its derivatives such as lubricants, friction modifiers, and paraffin wax, which necessitate substantial capital investment. This disparity between the cost and environmental impact of synthetic and bio-based adipic acid hinders the growth of the synthetic-based adipic acid market and has consequently slowed down the overall growth of the adipic acid market.

Impact of COVID-19 on Global Adipic Acid Market
The COVID-19 pandemic had a substantial effect on the global market for adipic acid. Key businesses like the automobile, textile, and consumer goods sectors experienced a reduction in demand as a result of the outbreak's limitations and interruptions. Adipic acid use decreased as a result of the slowdown in manufacturing and building activities. The market has, however, begun to show signs of revival as a result of the gradual removal of limitations and the restart of economic activity. In the post-pandemic period, it is anticipated that the global adipic acid market would pick up steam as industries recover and demand increases.
Global Adipic Acid Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, DOMO Chemicals, INVISTA, LANXESS, Liaoyang Tianhua Chemical Co., Ltd, Radici Partecipazioni S.p.A., Solvay, Sumitomo Chemical Co., Ltd., Others.

Global Adipic Acid Market Segmentation:

By Raw Material: Based on the Raw Material, Global Adipic Acid Market is segmented as; Cyclohexanol, Cyclohexanone.

By End Product: Based on the End Product, Global Adipic Acid Market is segmented as; Adipate Esters, Nylon 66 Engineering Resins, Nylon 66 Fibers, Polyurethanes, Other End Products.

By Application: Based on the Application, Global Adipic Acid Market is segmented as; Coatings, Food Additives, Plasticizers, Synthetic Lubricants, Unsaturated Polyester Resins, Wet Paper Resins, Other Applications.

By End User Industry: Based on the End User Industry, Global Adipic Acid Market is segmented as; Automotive, Electrical and Electronics, Food and Beverage, Personal Care, Pharmaceuticals, Textiles, Other End-user Industries.

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America, Others.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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