Major Market Shift in Adipic Acid Industry: Sustainable Innovation 100% Bio-Based Adipic Acid In The Adipic Acid Market

What Is the Forecasted Market Size and Growth Rate for the Adipic Acid Market?
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 surge in synthetic fiber industry, effects of world wars and synthetic materials, as well as the impact of globalization and trade, and the increase in electronics and consumer goods.

It is projected that the adipic acid market will witness substantial expansion in the upcoming years, increasing to a valuation of $9.54 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 6.0%. This surge within the forecasted duration can be ascribed to factors such as the growth of the textile industry, shifts in consumer behavior and choices, progress in infrastructure, augmented standards of automotive fuel efficiency, and interventions for climate change mitigation. Expected trends during the forecast period encompass biotechnological production, the utilization of sustainable raw materials, the amalgamation with carbon capture, decarbonization, integration with renewable energy and the use of sophisticated analytical and monitoring tools.

What Is Contributing to the Growth of the Adipic Acid Market?
The adipic acid market is predicted to expand as a result of the growth of the automotive industry. The term automotive industry encompasses all companies and operations related to the creation, development, production, promotion, and sale of motor vehicles. The surge in the automotive industry can be attributed to the rising demand for individual mobility, economic expansion, and urbanization. Adipic acid has a crucial role in escalating the performance, resilience, and visual appeal of car parts and materials by augmenting the functioning and safety of cars. For example, the Society of Motor Manufacturers and Traders, an influential UK-based trade association, reported in April 2024 that the count of vehicles on UK roads went up to 41.4 million in 2023, with an increase in car ownership by 1.6% to 35.7 million. Hence, the rising automotive industry is driving the adipic acid market's growth.

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Which Businesses Are at the Forefront of Adipic Acid Market Development?
Major companies operating in the adipic acid market are PetroChina Company Limited, Invista, BASF SE, Sumitomo Chemical Company Limited, Asahi Kasei Corporation, Evonik Industries AG, Du Pont de Nemours Inc., LANXESS AG, Huntsman Corporation, Solvay Société Anonyme, UBE Corporation, Ascend Performance Materials Operations LLC, Shenan Shenma Nylon Chemical Co. Ltd., Radici Partecipazioni SpA, Fibrant BV, DOMO Chemicals GmbH, Finoric LLC, Alfa Chemical Co. Ltd., Wego Chemical Group Inc., Graham Chemical Corporation, KeenBolden LLC, Otto Chemie Pvt. Ltd., Tangshan Zhonghao Chemical Co. Ltd., BioAmber Inc.

What Are the Latest Innovations in the Adipic Acid Market?
Leading firms in the adipic acid market are adopting innovative strategies like the development of Eco-Friendly Nylon 66 in order to secure a competitive advantage in the business. Eco-friendly Nylon 66 is a type of nylon created using eco-friendly processes and includes recycled or bio-based elements. To exemplify, Toray Industries Inc., a renowned textile company from Japan, unveiled 100% Bio-Based Adipic Acid in August 2022, which is derived from sugars found in non-edible biomass and serves as a key ingredient for nylon 66 (polyamide 66). This breakthrough product - 100% bio-based adipic acid - holds terrific promise for lowering carbon emissions and lessening environmental harm, all while upholding required industry standards related to performance and quality. This inventive development supports sustainable advancement and caters to the growing preference for environmentally friendly products.

How Is the Adipic Acid Market Segmented?
The adipic acid market covered in this report is segmented -

1) By Raw Material: Cyclohexanol, Cyclohexanone
2) By Sales Channel: Direct Sale, Indirect Sale
3) By Application: Nylon 6, 6 Fiber, Nylon 6, 6 Resin, Polyurethanes, Adipate Esters
4) By End Use Industry: Automotive, Electrical And Electronics, Packaging And Consumer Products, Building And Construction, Textile, Other End-Use Industries

Subsegments:
1) By Cyclohexanol: Hydrogenation Of Cyclohexene, Cyclohexanol-Based Processes For Adipic Acid Production, Catalytic Hydrogenation Of Cyclohexanol, Production Of High-Purity Cyclohexanol For Adipic Acid Synthesis
2) By Cyclohexanone: Oxidation Of Cyclohexane To Cyclohexanone, Cyclohexanone-Based Caprolactam Process For Adipic Acid Production, Use Of Cyclohexanone As A Precursor In The Production Of Adipic Acid

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Where Is the Adipic Acid Market Growth Most Prominent?
Asia-Pacific was the largest region in the adipic acid market in 2023. The regions covered in the adipic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Adipic Acid Global Market Report?

- Market Size Analysis: Analyze the Adipic Acid Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Adipic Acid Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Adipic Acid Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Adipic Acid Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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