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Global Adipic Acid Market worth USD 6,320.6 Mn by 2022, Key Players-Ascend Performance Materials Inc., DSM, Verdezyne, BASF SE, Rennovia, PetroChina Liaoyang Petrochemical, Asahi Kasei Corporation, Sumitomo Chemical Co.
Global Adipic Acid Market
Adipic acid is one of the major crucial types of aliphatic dicarboxylic acids commercially due to its important use as a raw material to produce industrial fibers. It is produced by the oxidation of a mixture of cyclohexanol and cyclohexanone with nitric acid. Alternatively, the adipic acid can also be produced from the carbonylation of butadiene. There is a significant demand for fibers resistant to chemical products, strong and durable for the manufacture of auto parts. This has created a strong demand for adipic acid, one of the key ingredients in the production of composite materials. Adipic acid is mainly consumed as a raw material for the production of nylon 6.6 resin and technical fibers. Applications of the non-nylon adipic acid include its use in the manufacture of polyurethanes, plasticizers, food additives and pharmaceutical products.
Global Adipic Acid Market is expected to reach US$ 6,320.6 Mn by 2022, estimated to expand with a CAGR of 4.2% from the forecast Period 2017 to 2022.
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Global Adipic Acid Market Drivers and Restraints:
The growing demand for adipic acid in the automotive, electrical and electronic sectors, consumer goods and household appliances is one of the main drivers of the adipic acid market. Extensive research and development in textile production technology is also one of the key factors influencing the adipic acid market. Several market players are increasing focus on the development of high quality, durable, lightweight and high absorbency fibers that can withstand extreme conditions, such as high temperatures and are also chemically inert. The adipic acid market has grown significantly during the last decade and the trend is expected to continue during the forecast period. However, the presence of strict environmental regulations in different regions and the increase of hybrid fibers should limit the adipic acid market.
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Global Adipic Acid Market Geographical Segmentation:
The adipic acid market can be segmented according to regions such as North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa. In terms of production and consumption, Asia-Pacific is the largest market for adipic acid. The main markets in the Asia-Pacific region include India and China, which are expected to publish a double-digit CAGR due to relatively loose regulation and strong market demand from car manufacturers. Demand in North America region is uncertain and is expected to show moderate growth during the forecast period. It is expected that Europe will generate a reasonable growth of adipic acid in the coming years due to the strong demand in this sector, but the market in this region is limited due to strict regulation.
Key Players in Global Adipic Acid Market Report are:
Ascend Performance Materials Inc., DSM, Verdezyne, BASF SE, Rennovia, PetroChina Liaoyang Petrochemical, Asahi Kasei Corporation, Sumitomo Chemical Co., Ltd, Invista, Lanxess Ag and Rhodia are the major players of the market.
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