Adipic Acid Market Future Opportunities | Top Key Players Asahi Kasei Corporation, Ascend Performance Materials Inc., BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical

Increasing applications of adipic acid in various end-use industries, namely paints & coatings, automobiles, textiles, industrial appliances, consumer goods, electrical & electronics, wires & cables and food & packaging industry is expected to boost growth of the adipic acid market during the forecast period (2017-2025).

Burgeoning population growth in turn results in increasing infrastructure development activities, especially in countries such as India, China, and Brazil. This subsequently fuels demand for paints & coatings and wires & cables. Changing life style and increasing disposable income is surging the demand for convenience food, which in turn is propelling demand for nylon 6,6 resin in food packaging industry.
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Raw material price fluctuation coupled with high production cost of synthetic based adipic acid is expected to be the key challenge for market growth during the forecast period. Generation of harmful CO2 and toxic waste from adipic acid manufacturing unit, due to the use of petroleum based raw materials, has compelled the industry to shift in focus from synthetic towards bio based adipic acid. For instance, 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, which require huge capital investment as compared to bio based adipic acid which in turn is expected to hinder the growth of synthetic based adipic acid market. For instance, on March 20, 2014, Rennovia Inc. and Johnson Matthey Davy Technologies Ltd. -- collaborated to develop and commercialize the production technology for bio-based glucaric acid and adipic acid. Also, on February 27, 2015, Rennovia Inc. and Johnson Matthey Davy Technologies Ltd. Announced plans to co-develop commercial catalysts for bio based adipic acid process are the key drivers for the growth of global adipic acid market during the forecast period.

The global adipic acid market size was valued at US$ 7.1 billion (revenue) and 3737.8 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 6.0% in terms of revenue and 4.1% in terms of volume during 2017 – 2025.

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This release was published on openPR.