The market for adipic acid is poised for steady growth, with a projected Compound Annual Growth Rate (CAGR) of 4.9% annually. By 2032, it is anticipated to attain a value of US$ 10.23 billion. This growth trajectory underscores the increasing demand for adipic acid, driven by its extensive applications in various industries such as automotive, textiles, and packaging. Factors like the rising need for environmentally sustainable materials and the expanding automotive sector are expected to further fuel the market’s expansion in the coming years.
The global adipic acid market has witnessed steady growth over the years, driven by the increasing demand for nylon production, particularly in emerging economies. With the growing emphasis on lightweight materials in automotive and packaging industries for fuel efficiency and sustainability, the demand for adipic acid is expected to remain robust in the foreseeable future.
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Growth Drivers:
- Growing Automotive Industry: The automotive sector’s increasing demand for lightweight materials to improve fuel efficiency and meet stringent emission regulations is a major driver for the adipic acid market. Nylon-based automotive components, such as air intake manifolds and engine covers, rely heavily on adipic acid.
- Expanding Textile Industry: The textile industry’s inclination towards synthetic fibers, particularly nylon, for its durability, versatility, and cost-effectiveness, is boosting the demand for adipic acid. The growing middle-class population and rising disposable incomes in developing countries are further propelling this demand.
- Rising Packaging Sector: Adipic acid finds extensive usage in the production of polyethylene terephthalate (PET) resins for packaging applications. The burgeoning e-commerce industry and increasing consumer preference for packaged goods are driving the demand for PET bottles and packaging materials, thus augmenting the adipic acid market.
Key Players of the Adipic Acid Market
- Asahi Kasei Corporation
- Ascend Performance Materials
- BASF SE
- Invista, Lanxess Ag
- PetroChina Liaoyang Petrochemical
- Radici Group
- Rhodia
- Shandong Haili Chemical Industry Company Ltd.
- Shandong Hongye Chemical Company, Ltd.
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Key Segments in the Adipic Acid Market
By Application:
- Nylon 66 Fiber
- Nylon 66 Resins
- Polyurethanes
- Adipate Esters
- Others
By End-Use Industry:
- Automotive
- Electrical & Electronics
- Home Appliances
- Textiles
- FMCG
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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