Press release
Global Adipic Acid Market Projected to Surpass $9.54 Billion by 2029 with 6% Annual Growth
Adipic Acid
The growth of the adipic acid market is anticipated to be spurred on by the expanding automotive sector. This sector encompasses the wide range of businesses and processes that include design, development, production, marketing, and sale of motor vehicles. The surge in this industry can be attributed to the rising demand for personal transportation, economic advancement, and urbanization. Adipic acid is instrumental in improving the efficiency and safety of cars by boosting the performance, durability, and appearance of automobile components and materials. For example, the Society of Motor Manufacturers and Traders, a prominent trade association based in the UK, reported that the count of vehicles in the UK soared to 41.4 million in 2023, and car ownership grew by 1.6% to reach 35.7 million by April 2024. Hence, the flourishing car industry is fueling the expansion of the adipic acid market.
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What is the projected compound annual growth rate (CAGR) of the adipic acid market from 2025 to 2034, and what factors influence it?
In recent times, the market size for adipic acid has seen robust growth. The market is forecasted to expand from a value of $7.11 billion in 2024 to a value of $7.56 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%. The growth experienced during the historic period was due to increased demand for nylon, a surge in synthetic fibers, world wars and synthetic materials, globalization and trade developments, as well as growth in the electronics and consumer goods sectors.
In the coming years, the adipic acid market size is anticipated to witness robust growth, and it is projected to reach a worth of $9.54 billion in 2029, with a compound annual growth rate (CAGR) of 6.0%. The anticipated expansion in this period can be linked to several factors such as the growth of the textile industry, shifts in consumer attitudes and preferences, improvements in infrastructure, regulations regarding automotive fuel efficiency, and strategies to combat climate change. During the forecast period, key trends expected to emerge include biotech production, the usage of sustainable feedstocks, carbon capture integration, decarbonization, the implementation of renewable energy, and the application of advanced analytical and surveillance instruments.
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How are the latest trends influencing the growth of the adipic acid market?
The adipic acid market's leading corporations are concentrating their efforts on creating innovative goods such as Eco-Friendly Nylon 66, in order to secure a competitive advantage. Eco-friendly Nylon 66 is a type of nylon made through environmentally conscious processes and includes components that are either recycled or bio-based. In a recent development, Toray Industries Inc., a Japan-based corporation in the textile industry, introduced 100% Bio-Based Adipic Acid in August 2022. This raw material for nylon 66 (polyamide 66) is derived from sugars of non-edible biomass. This groundbreaking 100% bio-based adipic acid product has substantial potential to lessen carbon emissions and environmental harm while ensuring the necessary performance and quality standards. This eventually drives sustainability and caters to the growing consumer demand for eco-friendly goods.
What are the major segments of the adipic acid market and their role in driving growth?
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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Which regions are key players in the growth of the adipic acid market?
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.
Who are the key firms paving the way for growth in the adipic acid market?
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.
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What Is Covered In The Adipic Acid Global Market Report?
•Market Size Forecast: Examine the adipic acid market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the adipic acid market for a structured understanding.
•Key Players Overview: Analyze major players in the adipic acid market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the adipic acid market.
•Segment Contributions: Evaluate how different segments drive overall growth in the adipic acid market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the adipic acid market.
•Industry Challenges: Identify potential risks and obstacles affecting the adipic acid market.
•Competitive Landscape: Review strategic developments in the adipic acid market, including expansions, agreements, and new product launches.
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Report Description
This report analyzes the global adipic acid market by application (polyurethane, nylon 6,6 fiber, nylon 6,6 resin, adipate esters, and others), end-use industries (automotive, electrical & electronics, packaging & consumer goods, building & construction, textile, and others) region; it also studies the top manufacturers in the market.
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The major players in global adipic acid market include:
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