According to the SNS Insider report, the Adipic Acid Market, valued at USD 5.1 billion in 2022, is projected to reach USD 6.82 billion by 2030, growing at a CAGR of 3.7% over the forecast period of 2023-2030.The growing industrialization and increasing applications of artificial polymers in various industries are driving the Adipic Acid Market. The demand surge is attributed to the growing uses of nylon, particularly in automotive and electronics, enhancing the market's value.

The adipic acid market plays a crucial role in various industries, serving as a key precursor for the production of nylon, polyurethane, and other important chemicals and materials. As a dicarboxylic acid, adipic acid is primarily used in the synthesis of nylon 6,6, a versatile polymer widely employed in textiles, automotive components, and engineering plastics. With the global demand for nylon fibers and resins continuing to rise, driven by growth in the automotive, construction, and consumer goods sectors, the adipic acid market is poised for steady growth in the coming years.

One significant trend shaping the adipic acid market is the increasing focus on sustainability and environmental responsibility. Adipic acid production traditionally involves the oxidation of cyclohexane or cyclohexanol, processes that generate significant quantities of greenhouse gases and waste by-products. In response to growing environmental concerns and regulatory pressure, manufacturers are exploring alternative production routes for adipic acid, such as bio-based processes utilizing renewable feedstocks like glucose or adipic acid from biomass-derived sources. Additionally, advancements in catalysis and process optimization are enabling more efficient and eco-friendly adipic acid production methods, reducing energy consumption and emissions while improving overall process sustainability.

Moreover, the adipic acid market is benefiting from the expanding applications of polyurethane (PU) foams and elastomers in sectors such as construction, automotive, and furniture manufacturing. Adipic acid is a critical component in the production of polyurethane, where it is used as a chain extender and cross-linking agent to enhance the performance and durability of PU materials. With the growing demand for lightweight, energy-efficient, and durable materials in various end-use industries, the demand for polyurethane and, consequently, adipic acid is expected to continue increasing, driving market growth and innovation.

Request for Sample Report @ https://www.snsinsider.com/sample-request/3672 

KEY PLAYERS

• LANXESS
• BASF SE
• Ascend Performance Materials
• INVISTA
• Asahi Kasei Corporation
• Radici Partecipazioni S.p.A.
• DOMO Chemicals
• Solvay
• Sumitomo Chemical Co. Ltd.
• Liaoyang Tianhua Chemical Co. Ltd.

Market Report Scope:

The rising demand for nylon 6,6 in industries such as automotive, electrical electronics, building construction, packaging consumer goods, and textile is propelling the Adipic Acid Market. Nylon 6,6 resin is extensively used in electronics for various applications, including mobile phone connectors, computer motherboards, and power tool housing, due to its exceptional properties such as high dielectric strength and flame retardancy. Adipic acid, with the molecular formula (CH2)4(COOH)2, is a crucial component in the production of polyurethane, widely used in home furnishing applications. However, its environmental impact poses challenges, leading governments to impose regulations on production, sales, distribution, and usage.

Market Analysis:

The burgeoning population growth, especially in countries like India, China, and Brazil, is driving infrastructure development, fueling demand for paints coatings and wires cables. Adipic acid's application as a crosslinking agent in paints and coatings for water-based acrylic emulsions contributes to its demand. Changing lifestyles and increasing disposable income are boosting the demand for convenience food, driving the need for nylon 6,6 resin in food packaging. The construction industry's global expansion is also contributing to the demand for adipic acid in building components. Despite market growth, challenges such as raw material price fluctuations and the environmental impact of synthetic adipic acid production exist. The industry's shift towards bio-based adipic acid, driven by concerns over carbon dioxide emissions and toxic waste, is impacting synthetic adipic acid growth. 

Segment Analysis:

By Product

• Nylon 6, 6 Resin
• Nylon 6, 6 Fiber
• Adipate Esters
• Polyurethane
• Others

By Application

• Plasticizers
• Wet Paper Resins
• Unsaturated Polyester Resins
• Food Additives
• Synthetic Lubricants
• Coatings
• Other Applications

By End-user Industry

• Food and Beverage
• Personal Care
• Electrical and Electronics
• Textiles
• Pharmaceuticals
• Automotive
• Packaging
• Consumer Goods
• Others

In terms of products, the Nylon 6,6 fiber product segment dominated the market with a 54.2% revenue share in 2022. Its growth is fueled by the increasing use of nylon 6,6 as a substitute for metal in automotive, electrical electronic products, and engineering components.

The automotive sector leads in end-use industries, predominantly using nylon 66, derived from adipic acid, for its mechanical, temperature-resistant, and lightweight properties. However, the packaging consumer goods sector also holds a significant market share.

Regional Development:

North America led the market in 2022 with a revenue share of 33.5%, driven by the high demand for nylon 6,6 fiber in the automotive industry. The region's strong economic stability and high individual disposable income contribute to the growth of the automotive sector, thereby propelling adipic acid demand. The Asia Pacific region is expected to experience the highest CAGR of about 3.9% due to growing polyurethane consumption in industries like automotive, construction, and electronics.

Key Takeaways:

• The growing preference for durable and lightweight products in the construction, automotive, and electronics industries fuels adipic acid market growth.
• The demand for adipic acid is driven by the expansion of the construction industry, the
• commercialization of bio-adipic acid, and rising demand for environmentally friendly chemical processes.
• Raw material price fluctuation and environmental concerns pose challenges to synthetic adipic acid growth.
• The automotive and packaging industries play pivotal roles in driving adipic acid market growth.

Recent Developments:

• In April 2023, LANXESS enhanced sustainability in its polyols and oxidation products, including adipic acid.
• In April 2023, Asahi Kasei and Microwave Chemical collaborated on a chemical recycling project for nylon 66 using microwave technology.
• In Jan 2022, INVISTA partnered with China Pingmei Shenma Group for environmental upgrades in the nylon 6,6 value chain.
• In Jan 2020, DOMO Chemicals completed the acquisition of Solvay's Performance Polyamides Business, including a joint venture with BASF for Adipic Acid production.

About US:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.