Adipic Acid Market Trends, Growth, Industry & Revenue [2031]
Adipic Acid Market Trends, Growth, Industry & Revenue [2031]
Segments - Adipic Acid Market by Applications (Unsaturated Polyester Resins, Wet Paper Resins, Coatings, Synthetic Lubricants, Plasticizers, Food Additives, and Others), Raw Materials (Cyclohexanone and Cyclohexanol), End Products (Nylon 66 Engineering Resins, Polyurethanes, Adipate Esters, Nylon 66 Fibers, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
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| Report ID :MC-4162
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| 177 Pages
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Report Description
The global adipic acid market size was valued at around USD 5.65 billion in 2021 and is expected to reach around USD 8.18 billion by 2030, expanding at a CAGR of 4.92% during the forecast period, 2022–2030. The growth of the market is attributed to rising product demand from the automobile industry for the manufacture of lightweight vehicles.
Adipic acid is an organic chemical generally known as hexane dioic acid. It is an important monomer in the polymer industry. Adipic acid is made commercially by reacting nitric acid with a combination of cyclohexanol and cyclohexanone, also known as ketone-alcohol oil (KA oil). Purified adipic acids are used in preparation of polyurethanes and plasticizers. Adipic acid is a basic raw material used for the production of nylon 66 and other polymeric fibers. It is widely utilized in the pharmaceutical industries and food and beverages. Adipic acid is used in cushioning materials to make furniture durable and comfortable.
The COVID-19 pandemic negatively affected every sector of the global market, including the adipic acid industry. Application of nylon and nylon-based items reduced dramatically, due to the economic slowdown caused by the pandemic. As a result, demand for adipic acid in the nylon manufacturing business and in the automobile industry decreased. The supply chain and operations of the adipic acid market have been negatively affected by statewide lockdowns and limitations on export and import activity. However, the use of adipic acid in the pharmaceutical business increased, due to the increasing demand for medication during the pandemic.
Market Trends, Drivers, Restraints, and Opportunities
- Growing applications of artificial polymers and rapid industrialization are expected to drive the market.
- Rising demand for lightweight engineering plastics is anticipated to propel the market during the forecast period.
- Stringent environment regulations regarding the production process are projected to hamper the market.
- High price of raw materials and fluctuating production cost are expected to hinder the market.
- Increasing awareness regarding bio-based adipic acid is anticipated to create lucrative opportunities for market players.
Scope of the Report
The report on the global adipic acid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Adipic Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2021 |
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Historic Data |
2019–2020 |
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Forecast Period |
2022–2030 |
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Segmentation |
Applications (Unsaturated Polyester Resins, Wet Paper Resins, Coatings, Synthetic Lubricants, Plasticizers, Food Additives, and Others), Raw Materials (Cyclohexanone and Cyclohexanol), and End Products (Nylon 66 Engineering Resins, Polyurethanes, Adipate Esters, Nylon 66 Fibers, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
LANXESS; Domo Chemicals; Sumitomo Chemical Co. Ltd.; Asahi Kasei Corporation; and BASF SE |
Market Segment Insights
Food additives segment to expand at a considerable CAGR
On the basis of applications, the adipic acid market is segregated into unsaturated polyester resins, wet paper resins, coatings, synthetic lubricants, plasticizers, food additives, and others. The food additives segment is projected to expand at a considerable CAGR during the forecast period, due to rising product usage as a flavoring agent and as a gelling agent. The plasticizers segment is anticipated to account for a major market share during the forecast period, owing to increasing product demand in different industries such as automobiles, construction, and electronics.
Cyclohexanol segment to hold a significant share of the market
Based on raw materials, the adipic acid market is bifurcated into cyclohexanone and cyclohexanol. The cyclohexanol segment is expected to hold a significant share of the market in the coming years, due to rising product demand in manufacture of soap, plastics, and lacquers. The cyclohexanone segment accounts for a significant market share, as it is used in wood stains, insecticides, spot removers, cellulosic, and in varnish removers.
Nylon 66 engineering resins segment to register substantial CAGR
On the basis of end products, the adipic acid market is segregated into nylon 66 engineering resins, polyurethanes, adipate esters, nylon 66 fibers, and others. The nylon 66 engineering resins segment is anticipated to register substantial CAGR during the forecast period, owing to its chemical and thermal properties. The nylon 66 fibers segment is expected to hold a significant share of the market, as it used in textiles, molded parts, and carpets.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the adipic acid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to growing product demand from manufacturing and automobile industry. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to rapid industrialization in the region.
Segments
The global adipic acid market has been segmented on the basis of
Applications- Unsaturated Polyester Resins
- Wet Paper Resins
- Coatings
- Synthetic Lubricants
- Plasticizers
- Food Additives
- Others
- Cyclohexanone
- Cyclohexanol
- Nylon 66 Engineering Resins
- Polyurethanes
- Adipate Esters
- Nylon 66 Fibers
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- LANXESS
- Domo Chemicals
- Sumitomo Chemical Co. Ltd.
- Asahi Kasei Corporation
- BASF SE
Competitive Landscape
Key players competing in the global adipic acid market are LANXESS; Domo Chemicals; Sumitomo Chemical Co. Ltd.; Asahi Kasei Corporation; and BASF SE.
Key market players prioritized product launches and organic growth strategies, such as participation in events. These companies adopted acquisitions and collaborations to increase their market share. In Zhejiang, DOMO Chemicals announced an investment of EUR12 million in the development of nylon 66, in March 2020.
Frequently Asked Questions
Key players competing in the global adipic acid market are LANXESS; Domo Chemicals; Sumitomo Chemical Co. Ltd.; Asahi Kasei Corporation; and BASF SE.
Asia Pacific is expected to constitute a key share of the market during the forecast period.
The global adipic acid market is anticipated to expand at a CAGR of 4.92% during the forecast period, 2022–2030.
Growing applications of artificial polymers and rapid industrialization are expected to drive the market.
The global adipic acid market size was valued at around USD 5.65 billion in 2021 and is expected to reach around USD 8.18 billion by 2030 during the forecast period, 2022–2030.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Adipic Acid Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Adipic Acid Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Adipic Acid Market - Supply Chain
4.5. Global Adipic Acid Market Forecast
4.5.1. Adipic Acid Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Adipic Acid Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Adipic Acid Market Absolute $ Opportunity
5. Global Adipic Acid Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Adipic Acid Market Size and Volume Forecast by Applications
5.3.1. Unsaturated Polyester Resins
5.3.2. Wet Paper Resins
5.3.3. Coatings
5.3.4. Synthetic Lubricants
5.3.5. Plasticizers
5.3.6. Food Additives
5.3.7. Others
5.3.8.
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Adipic Acid Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Adipic Acid Market Size and Volume Forecast by Region
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 (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Adipic Acid Demand Share Forecast, 2019-2026
7. North America Adipic Acid Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Adipic Acid Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Adipic Acid Market Size and Volume Forecast by Applications
7.4.1. Unsaturated Polyester Resins
7.4.2. Wet Paper Resins
7.4.3. Coatings
7.4.4. Synthetic Lubricants
7.4.5. Plasticizers
7.4.6. Food Additives
7.4.7. Others
7.4.8.
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Adipic Acid Demand Share Forecast, 2019-2026
8. Latin America Adipic Acid Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Adipic Acid Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Adipic Acid Market Size and Volume Forecast by Applications
8.4.1. Unsaturated Polyester Resins
8.4.2. Wet Paper Resins
8.4.3. Coatings
8.4.4. Synthetic Lubricants
8.4.5. Plasticizers
8.4.6. Food Additives
8.4.7. Others
8.4.8.
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Adipic Acid Demand Share Forecast, 2019-2026
9. Europe Adipic Acid Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Adipic Acid Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Adipic Acid Market Size and Volume Forecast by Applications
9.4.1. Unsaturated Polyester Resins
9.4.2. Wet Paper Resins
9.4.3. Coatings
9.4.4. Synthetic Lubricants
9.4.5. Plasticizers
9.4.6. Food Additives
9.4.7. Others
9.4.8.
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Adipic Acid Demand Share Forecast, 2019-2026
10. Asia Pacific Adipic Acid Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Adipic Acid Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Adipic Acid Market Size and Volume Forecast by Applications
10.4.1. Unsaturated Polyester Resins
10.4.2. Wet Paper Resins
10.4.3. Coatings
10.4.4. Synthetic Lubricants
10.4.5. Plasticizers
10.4.6. Food Additives
10.4.7. Others
10.4.8.
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Adipic Acid Demand Share Forecast, 2019-2026
11. Middle East & Africa Adipic Acid Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Adipic Acid Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Adipic Acid Market Size and Volume Forecast by Applications
11.4.1. Unsaturated Polyester Resins
11.4.2. Wet Paper Resins
11.4.3. Coatings
11.4.4. Synthetic Lubricants
11.4.5. Plasticizers
11.4.6. Food Additives
11.4.7. Others
11.4.8.
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Adipic Acid Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Adipic Acid Market: Market Share Analysis
12.2. Adipic Acid Distributors and Customers
12.3. Adipic Acid Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. LANXESS
12.4.2. Domo Chemicals
12.4.3. Sumitomo Chemical Co. Ltd.
12.4.4. Asahi Kasei Corporation
12.4.5. BASF SE
Methodology
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