Adipic Acid Market Analysis, Size, Share, Growth, Challenges, Business Overview, Forecast 2031

"Strengthening Structures: Exploring the Adipic Acid Market - Trends, Applications, and Innovations in Nylon Production and Beyond."

TEXES, AUSTIN, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- According to a comprehensive report by SNS Insider, the Adipic Acid Market Size was valued at USD 5.09 billion in 2023 and is projected to reach USD 6.82 billion by 2031, exhibiting a steady Compound Annual Growth Rate (CAGR) of 3.7% during the forecast period (2024-2031). The adipic acid market is experiencing steady growth due to its widespread applications across various industries, particularly in the production of nylon 6,6, a versatile engineering thermoplastic used in automotive, textile, and consumer goods sectors. Adipic acid serves as a key precursor in the synthesis of nylon 6,6, imparting desirable properties such as high strength, durability, and chemical resistance to the final polymer. With the increasing demand for lightweight and durable materials in automotive components, textiles, and packaging, the demand for nylon 6,6 and, consequently, adipic acid, continues to rise.
The surge in demand for nylon 6,6, a key derivative of adipic acid, is a significant growth driver for the market.

Nylon 6,6 is utilized to manufacture a wide range of products, including automotive parts, electrical appliances, carpets, and apparel. The automotive industry, in particular, is a major consumer of nylon 6,6 due to its lightweight nature, high strength, and heat resistance properties. These attributes make it an ideal material for automotive components, contributing to fuel efficiency and reduced emissions. Moreover, the electrical and electronics industry extensively uses nylon 6,6 for developing mobile phone connectors, computer motherboards, terminal blocks, and other essential components. The ongoing digital transformation and increasing adoption of electronic devices further amplify the demand for nylon 6,6 and, consequently, adipic acid.

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Some of the Key Players Included are:
• 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.
• and other

Market Analysis
Despite its growth potential, the adipic acid market faces certain challenges. Stringent regulations concerning the production and use of adipic acid, due to its potential environmental and health hazards, could pose a restraint. However, the rising demand from emerging economies and ongoing advancements in sustainable production methods are expected to counterbalance these challenges.

The adipic acid market has witnessed significant recent developments, underscoring the industry's commitment to innovation and sustainability.
• In August 2022, Toray, in collaboration with Japan's National Institute of Advanced Industrial Science and Technology and RIKEN, successfully developed a 100% bio-based adipic acid for sustainable nylon 6,6 production.

• In March 2022, Genomatica and Asahi Kaseipartnered to commercialize renewably sourced nylon 6,6, utilizing Genomatica's bio-based HMD building block.

Segment Analysis
By Product, the Nylon 6, 6 Fiber segment dominated the Adipic Acid market in 2023, driven by its expanding applications in the automotive and electrical & electronics sectors as a metal substitute.

By End-user Industry, the Automotive industry held the largest market share in 2023, primarily due to the increasing adoption of nylon 6,6 in automotive components for its lightweight and durable properties.

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
 
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Impact of the Global Events
The Russia-Ukraine war has led to disruptions in the global supply chain, impacting the availability and prices of raw materials required for adipic acid production. These disruptions could lead to increased production costs and potential shortages, affecting the overall market growth. For instance, the war has caused a surge in crude oil prices, a key raw material for adipic acid, thereby impacting the profitability of manufacturers.
The economic slowdown, characterized by reduced consumer spending and industrial activity, could also dampen the demand for adipic acid in various end-user industries. The automotive sector, in particular, is vulnerable to economic downturns as consumer confidence and purchasing power decline. Example, the construction industry, a major consumer of adipic acid, has been severely affected by the economic slowdown. Many construction projects have been put on hold or canceled due to lack of funding and declining demand for real estate.

Regional Landscape
North America dominated the market in 2023 due to the strong demand for nylon 6,6 in the automotive industry, fueled by high individual disposable income and preference for personal vehicles in the U.S. and Canada.
Asia Pacific is expected to witness significant growth due to the rising consumption of polyurethane in the automotive, construction, and electronics industries, coupled with increasing construction spending for sustainable infrastructure development in the region.

Key Takeaways from the Adipic Acid Market Study

• The Adipic Acid market is poised for substantial growth, driven by the increasing demand for nylon 6,6 in the automotive and electronics sectors.
• The rising adoption of bio-based adipic acid and ongoing advancements in sustainable production methods are key trends shaping the market.
• Challenges such as stringent regulations and the impact of the Russia-Ukraine war and economic slowdown could hinder market growth.
• North America currently dominates the market, but the Asia Pacific region presents lucrative growth opportunities.
 
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