Press release
Adipic Acid Market Projected to Hit $7.86B by 2032 | $5.55B Revenue in 2024 | Expand at a 4.4% CAGR
Adipic Acid Market
Adipic acid is a crystalline, white dicarboxylic acid used in a wide range of industries. It is made from the oxidation of cyclohexane or a mix of cyclohexanone and cyclohexanol using nitric acid. One of the key uses of this product is the production of nylon 6,6, a highly versatile material used in carpets, textiles, and automotive components. Adipic acid is also extensively used in the manufacturing of plasticizers, polyurethane, food additives, and lubricants. Factors, such as better living standards and large-scale urbanization will fuel the product's demand.
The COVID-19 pandemic had a negative impact on the market as it faced severe supply chain disruptions due to nationwide lockdowns and trade restrictions. Manufacturers were forced to either reduce their production capacity or shut down their plants, which hindered the market's progress.
Fortune Business Insightsโข displays this information in a report titled, "Adipic Acid Market, 2024-2032."
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LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Ascend Performance Materials (U.S.)
BASF SE (Germany)
Domo Chemicals (Belgium)
INVISTA (U.S.)
LANXESS (Germany)
Liaoyang Tianhua Chemical Co., Ltd. (China)
Radici Partecipazioni S.p.A (Italy)
Solvay (Belgium)
Tangshan Zhonghao Chemical Co., Ltd. (China)
Tokyo Chemical Industry Co., Ltd. (Japan)
Segmentation:
High Demand in Several Industries Boosted Product Use in Nylon 6,6 Fiber Production
Based on application, the market is segmented into nylon 6,6 fiber, nylon 6,6 resin, polyurethane, adipate ester, and others. The nylon 6,6 fiber segment dominated the adipic acid market share in 2023 as this chemical is widely used in the production of this fiber, which finds extensive use in several industries, such as automotive and aerospace.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Revenue in the Adipic Acid Market is projected to reach US$ 5.55 bn in 2024, showing an annual growth rate (CAGR) of 4.4% (2024-2032), resulting in a projected market volume of US$ 7.86 bn by 2032
Drivers and Restraints:
Increasing Use of Nylon 6,6 in Different Industries to Fuel Market Growth
The production of nylon is growing at a rapid pace every year as this fabric is extensively used in several industries, such as automotive and textile. Nylon 6,6 has several favorable characteristics, such as high durability, great strength, and robust heat resistance. In the textile sector, the material is used to make sportswear and apparel, whereas the carpet industry uses nylon 6,6 for its high stain resistance and durability. Such widespread applications of this type of nylon will fuel the use of adipic acid.
However, the production process emits several greenhouse gases, thereby creating environmental concerns and impeding the adipic acid market growth.
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Regional Insights:
Asia Pacific Dominated Global Market Due to Large-Scale Industrialization
Asia Pacific captured the largest global market share in 2023 as countries, such as India and China are witnessing rapid industrialization and urbanization. Moreover, the region is a vast manufacturing hub, with several countries across the world setting up their production bases to benefit from affordable and highly skilled labor. The availability of supportive government regulations that promote industrial development has also helped many companies set up their base in the region.
North America is also displaying steady growth due to the extensive use of adipic acid in the region's automotive industry to make airbag fabrics and other parts.
Competitive Landscape:
Market Leaders Focus on Developing Sustainable Production Techniques to Sustain Their Dominance
The market is consolidated, with companies, such as Ascend Performance Materials, BASF SE, LANXESS, and INVISTA leading the market's progress. These market players are focusing on developing sustainable production technologies and techniques to reduce the carbon emissions created while manufacturing adipic acid. These initiatives will help the firms cement their dominance in the market.
Notable Industry Development:
August 2022 - Toray Industries, Inc. created a bio-based adipic acid product with the help of sugar extracted from non-edible biomass, a brand new manufacturing technique. The company achieved this goal by using its proprietary synthesis technique which brings together its chemical purification and microbial fermentation technologies using separation membranes. Toray also initiated research and development to commercialize the product's applications by 2030.
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The industrial grade adipic acid market in China experienced a steady decline in prices during the last quarter of 2024, reflecting weakened demand and market oversupply. In October 2024, the price fell to 1210 USD/MT, marking a 10% year-over-year (YoY) drop from 1340 USD/MT in October 2023. The downward trend continued in November, with prices reaching 1180 USD/MT, a 9% decline,โฆ
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What Is the Expected Adipic Acid Market Size During the Forecast Period?
The adipic acid market has grown steadily, increasing from $7.11 billion in 2024 to $7.56 billion in 2025 at a CAGR of 6.3%.โฆ
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The market for adipic acid has experienced significant expansion in the past few years. Its expected size is projected to increase from $7.11 billion in 2024 to $7.56 billion in 2025, with a 6.3% compound annual growth rate (CAGR). The underlying factors for this growth during the historic period include the increased demand for nylon, a surgeโฆ
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Adipic acid manufacturers share the delivery of industrial grade adipic acid 99.8%. Shandong Aojin Chemical supplies adipic acid with guaranteed quality and sufficient inventory. Let's share our delivery live pictures below.
Image: https://www.aojinchem.com/uploads/Adipic-acid-manufacturers.jpg Image: https://www.aojinchem.com/uploads/Adipic-acid.jpg Image: https://www.aojinchem.com/uploads/Adipic-Acid-Wholesale-Price.jpg
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