The market for adipic acid is expected to develop at a consistent CAGR of 4.9% per year, reaching an anticipated value of US$ 10.23 billion by 2032.
Due to the production of waste nitrous oxide, the current commercial petrochemical process that produces adipic acid from KA oil and is catalyzed by nitric acid seriously pollutes the environment. Therefore, creating more environmentally friendly ways to generate adipic acid has drawn significant interest from both industry and academics.
| Report Attribute | Details |
|---|---|
| Adipic Acid Market Value (2022) | US$ 6,346 Million |
| Adipic Acid Anticipated Value (2032) | US$ 10,238.9 Million |
| Adipic Acid Projected Growth Rate (2022 to 2032) | 4.9% |
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In the Asia Pacific, a number of businesses have begun to expand their capacities, which has increased the demand for adipic acid. Japan's 24th of August 2022, Tokyo The world's first 100% bio-based adipic acid, a component of nylon 66 (polyamide 66), has been created by Toray Industries, Inc. using sugars generated from non-edible biomass.
Additionally, the company's microbial fermentation technology and chemical purification technology, which makes use of separation membranes, were combined in a unique synthesis method to accomplish this success.
The market was supported by fluctuating benzene prices brought on by changes in the world petrochemicals market brought on by the ongoing economic fluctuations.
Moreover, there was a lack of inventories and fewer products were being stored with the traders and suppliers as a result of the upstream Nylon-6,6 and other textile sectors' soaring demand for the commodity. The crisis also resulted in a global shortage of shipments, which had an impact on the downstream market mood.
Principal Consultant
Due to sustained demand and diminishing supply dynamics, the European market sentiment remained bullish throughout the quarter. Due to reduced barge traffic and vessel load capacities brought on by declining Rhine water levels, the supply of various petrochemicals, including adipic acid, struggled throughout the quarter. Due to consistent demand and limited supply, market participants were compelled to maintain increasing pricing pressure.
The adipic acid market is quite susceptible to changes in supply and demand. This is a result of the wide spectrum of downstream industries that rely on it for their manufacturing procedures. Effective volatility management does need ongoing market and price monitoring to ensure that opportunities aren't lost.
For instance
Genomatica, a leader in sustainable materials, and Asahi Kasei, a global company with a Japanese foundation, have announced a strategic alliance to market nylon 6,61 created from renewable resources and based on Genomatica's bio-based HMD building block.
In January, Genomatica and the material producer Covestro revealed that a plant-based version of HMDA had been successfully produced in large quantities. The businesses stated that throughout the course of numerous production campaigns, they anticipate producing tonnes of high-quality material.
The businesses want to take the program to its full commercial potential, and Covestro has obtained an option from Genomatica to license the integrated GENO HMD process technology that is likely to be developed as a result of its use in commercial manufacturing.
Adipic acid, also referred to as hexanedioic acid is an organic compound that is commercially formed by the reaction of cyclohexanol and cyclohexanone. The rise in the sales of adipic acid can be attributed to its high purity levels and usage in the manufacture of polyurethane. It is anticipated that adipic acid is widely being used in home furnishing applications such as furniture, carpet underlays, and bedding foams. Moreover, it is having noteworthy implications for cushioning materials to make the furniture more durable and comfortable.
Therefore, it is expected that the adipic acid market is likely to have substantial growth over the forecast period.
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It is identified by the experts of Future Market Insights that there are a number of factors that are contributing to the surge in the adoption of adipic acid in the global market. The major markets for adipic acid are electronics, food & beverage, electronics, pharmaceuticals, textile, and personal care. The following are some factors bolstering the growth of the adipic acid market:
Chemically Resilient Properties: It is witnessed that within the automotive industry, there is a rising demand for strong and durable fibers, that are chemically resilient in nature for the manufacture of automotive parts. Adipic acid is one of the key ingredients for the production of composite materials.
Extensive Research and Development Activities: Textile production technologies are majorly contributing to the expansion of the adipic acid market size due to Research and Development activities carried out in the concerned industry vertical. The companies are focusing on lightweight, high absorption capacity, and high-quality fibers capable of enduring extreme conditions are being manufactured.
Burgeoning Population: The rapid growth of the population is leading to huge infrastructure development activities. This factor is subsequently fueling the demand for paints, coatings, wires, and cables. Adipic acid is used as a dysfunctional crosslinking agent in paints and coatings for certain water-based emulsions. The paced growth of the populace is expected to boost demand for adipic acid during the period 2022 to 2032.
Although a number of influential factors are identified to lead to the expansion of the market size, it is also identified that some aspects are likely to inhibit the forwarding pace of the adipic acid market.
High Cost Associated with Raw Materials: The price of raw materials in the adipic acid market is witnessing fluctuations coupled with a high production cost of synthetic-based adipic acid, which is expected to be a key challenge for the market.
Generation of Toxic Elements: the manufacturing unit of adipic acid generates harmful carbon dioxide and a huge quantity of toxic waste due to the use of petroleum-based raw materials that is likely to hinder the market growth in coming years.
Huge Capital Investment: Glucose is commonly used to produce bio-based adipic acid, whereas raw materials required to manufacture synthetic-based adipic acid are petroleum and its derivatives such as paraffin wax & jellies, lubricants & friction modifiers, which require huge capital investment as compared to bio-based adipic acid which in turn is expected to hinder the growth of the synthetic based adipic acid market.
North America:
| Region | North America |
|---|---|
| Market Share | North America is projected to hold the highest share and dominate the adipic acid market during the forecast period. Current adipic acid market shareholdings: 23.5% |
| Factors Responsible | The factors propelling the growth of the adipic acid market in North America can be attributed to:
|
Europe:
| Region | Europe |
|---|---|
| Market Share | Europe is anticipated to follow North America and hold the second-largest share of the global adipic acid market. Current adipic acid market shareholdings: 21.8% |
| Factors Responsible | The growth factors leading to the surge of the market size in Europe can be identified as follows:
|
New Entrants Adding an Edge to the Existing Adipic Acid Market
The start-up ecosystem in the adipic acid market is intense with frequent innovations being made for maximum utilization of the properties prevailing in adipic acid. Start-ups in the adipic acid market are focusing on multiple aspects that would benefit the end-user industries and offer more versatile applications of this product further propelling the global market size for adipic acid.
Verdezyne is developing a fermentation process for making adipic acid, which is used for the manufacturing of nylon. Currently, this start-up company is biologically producing adipic acid for usage in multiple verticals.
Sumitomo Chemicals are producing adipic acid from KA oil, catalyzed by nitric acid. They are making efforts towards developing cleaner methods to produce adipic acid and attracting much attention from both academia and industries.
Take of Key Market Players in The Adipic Acid Market
The market players are making continuous innovations and indulging in several mergers and acquisitions for curating eco-friendly adipic acid for the end-users. They are acquiring compelling raw materials that abide with the consumer preference for further increasing demand in the global adipic acid market.
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
The growth outlook for the adipic acid market is predicted to advance at a CAGR of 4.9% from 2022 to 2032.
The North American region is anticipated to lead the adipic acid market during the forecast period.
The adipic acid market is likely to hold a valuation of US$ 10,238.9 million by 2032.
The automotive industry sector is the key driver in the adipic acid market.
1. Executive Summary | Adipic Acid Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyers 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Application, 2017 to 2021 5.3. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Application, 2022 to 2032 5.3.1. Fibers 5.3.2. Esters 5.3.3. Polyamide 66 5.3.4. Polyurethane 5.3.5. Engineering plastics 5.3.6. Automotive 5.3.7. Electrical appliances 5.3.8. Industrial 5.3.9. Film Coating 5.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021 5.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 6.1. Introduction 6.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Region, 2017 to 2021 6.3. Current Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Region, 2022 to 2032 6.3.1. North America 6.3.2. Latin America 6.3.3. Europe 6.3.4. Asia Pacific 6.3.5. Middle East and Africa 6.4. Market Attractiveness Analysis By Region 7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 7.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021 7.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032 7.2.1. By Country 7.2.1.1. United States of America 7.2.1.2. Canada 7.2.2. By Application 7.3. Market Attractiveness Analysis 7.3.1. By Country 7.3.2. By Application 7.4. Key Takeaways 8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021 8.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032 8.2.1. By Country 8.2.1.1. Brazil 8.2.1.2. Mexico 8.2.1.3. Rest of Latin America 8.2.2. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Application 8.4. Key Takeaways 9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021 9.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032 9.2.1. By Country 9.2.1.1. Germany 9.2.1.2. United Kingdom 9.2.1.3. France 9.2.1.4. Spain 9.2.1.5. Italy 9.2.1.6. Rest of Europe 9.2.2. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Application 9.4. Key Takeaways 10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. China 10.2.1.2. Japan 10.2.1.3. South Korea 10.2.1.4. Malaysia 10.2.1.5. Singapore 10.2.1.6. Australia 10.2.1.7. New Zealand 10.2.1.8. Rest of Asia Pacific 10.2.2. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Application 10.4. Key Takeaways 11. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. GCC Countries 11.2.1.2. South Africa 11.2.1.3. Israel 11.2.1.4. Rest of Middle East and Africa 11.2.2. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Application 11.4. Key Takeaways 12. Key Countries Market Analysis 12.1. United States of America 12.1.1. Pricing Analysis 12.1.2. Market Share Analysis, 2021 12.1.2.1. By Application 12.2. Canada 12.2.1. Pricing Analysis 12.2.2. Market Share Analysis, 2021 12.2.2.1. By Application 12.3. Brazil 12.3.1. Pricing Analysis 12.3.2. Market Share Analysis, 2021 12.3.2.1. By Application 12.4. Mexico 12.4.1. Pricing Analysis 12.4.2. Market Share Analysis, 2021 12.4.2.1. By Application 12.5. Germany 12.5.1. Pricing Analysis 12.5.2. Market Share Analysis, 2021 12.5.2.1. By Application 12.6. United Kingdom 12.6.1. Pricing Analysis 12.6.2. Market Share Analysis, 2021 12.6.2.1. By Application 12.7. France 12.7.1. Pricing Analysis 12.7.2. Market Share Analysis, 2021 12.7.2.1. By Application 12.8. Spain 12.8.1. Pricing Analysis 12.8.2. Market Share Analysis, 2021 12.8.2.1. By Application 12.9. Italy 12.9.1. Pricing Analysis 12.9.2. Market Share Analysis, 2021 12.9.2.1. By Application 12.10. China 12.10.1. Pricing Analysis 12.10.2. Market Share Analysis, 2021 12.10.2.1. By Application 12.11. Japan 12.11.1. Pricing Analysis 12.11.2. Market Share Analysis, 2021 12.11.2.1. By Application 12.12. South Korea 12.12.1. Pricing Analysis 12.12.2. Market Share Analysis, 2021 12.12.2.1. By Application 12.13. Malaysia 12.13.1. Pricing Analysis 12.13.2. Market Share Analysis, 2021 12.13.2.1. By Application 12.14. Singapore 12.14.1. Pricing Analysis 12.14.2. Market Share Analysis, 2021 12.14.2.1. By Application 12.15. Australia 12.15.1. Pricing Analysis 12.15.2. Market Share Analysis, 2021 12.15.2.1. By Application 12.16. New Zealand 12.16.1. Pricing Analysis 12.16.2. Market Share Analysis, 2021 12.16.2.1. By Application 12.17. GCC Countries 12.17.1. Pricing Analysis 12.17.2. Market Share Analysis, 2021 12.17.2.1. By Application 12.18. South Africa 12.18.1. Pricing Analysis 12.18.2. Market Share Analysis, 2021 12.18.2.1. By Application 12.19. Israel 12.19.1. Pricing Analysis 12.19.2. Market Share Analysis, 2021 12.19.2.1. By Application 13. Market Structure Analysis 13.1. Competition Dashboard 13.2. Competition Benchmarking 13.3. Market Share Analysis of Top Players 13.3.1. By Regional 13.3.2. By Application 14. Competition Analysis 14.1. Competition Deep Dive 14.1.1. DSM 14.1.1.1. Overview 14.1.1.2. Product Portfolio 14.1.1.3. Profitability by Market Segments 14.1.1.4. Sales Footprint 14.1.1.5. Strategy Overview 14.1.1.5.1. Marketing Strategy 14.1.1.5.2. Product Strategy 14.1.1.5.3. Channel Strategy 14.1.2. Ascend Performance Materials Inc 14.1.2.1. Overview 14.1.2.2. Product Portfolio 14.1.2.3. Profitability by Market Segments 14.1.2.4. Sales Footprint 14.1.2.5. Strategy Overview 14.1.2.5.1. Marketing Strategy 14.1.2.5.2. Product Strategy 14.1.2.5.3. Channel Strategy 14.1.3. BASF SE 14.1.3.1. Overview 14.1.3.2. Product Portfolio 14.1.3.3. Profitability by Market Segments 14.1.3.4. Sales Footprint 14.1.3.5. Strategy Overview 14.1.3.5.1. Marketing Strategy 14.1.3.5.2. Product Strategy 14.1.3.5.3. Channel Strategy 14.1.4. Verdezyne, PetroChina Liaoyang Petrochemical 14.1.4.1. Overview 14.1.4.2. Product Portfolio 14.1.4.3. Profitability by Market Segments 14.1.4.4. Sales Footprint 14.1.4.5. Strategy Overview 14.1.4.5.1. Marketing Strategy 14.1.4.5.2. Product Strategy 14.1.4.5.3. Channel Strategy 14.1.5. Rennovia, Sumitomo Chemical Co., Ltd 14.1.5.1. Overview 14.1.5.2. Product Portfolio 14.1.5.3. Profitability by Market Segments 14.1.5.4. Sales Footprint 14.1.5.5. Strategy Overview 14.1.5.5.1. Marketing Strategy 14.1.5.5.2. Product Strategy 14.1.5.5.3. Channel Strategy 14.1.6. Asahi Kasei Corporation 14.1.6.1. Overview 14.1.6.2. Product Portfolio 14.1.6.3. Profitability by Market Segments 14.1.6.4. Sales Footprint 14.1.6.5. Strategy Overview 14.1.6.5.1. Marketing Strategy 14.1.6.5.2. Product Strategy 14.1.6.5.3. Channel Strategy 14.1.7. Invista 14.1.7.1. Overview 14.1.7.2. Product Portfolio 14.1.7.3. Profitability by Market Segments 14.1.7.4. Sales Footprint 14.1.7.5. Strategy Overview 14.1.7.5.1. Marketing Strategy 14.1.7.5.2. Product Strategy 14.1.7.5.3. Channel Strategy 14.1.8. Lanxess Ag 14.1.8.1. Overview 14.1.8.2. Product Portfolio 14.1.8.3. Profitability by Market Segments 14.1.8.4. Sales Footprint 14.1.8.5. Strategy Overview 14.1.8.5.1. Marketing Strategy 14.1.8.5.2. Product Strategy 14.1.8.5.3. Channel Strategy 14.1.9. Rhodia 14.1.9.1. Overview 14.1.9.2. Product Portfolio 14.1.9.3. Profitability by Market Segments 14.1.9.4. Sales Footprint 14.1.9.5. Strategy Overview 14.1.9.5.1. Marketing Strategy 14.1.9.5.2. Product Strategy 14.1.9.5.3. Channel Strategy 15. Assumptions & Acronyms Used 16. Research Methodology
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Adipic Acid Market
