Global Bio-based Adipic Acid Market Trends, Growth And Industry Forecast, 2016 – 2023
Nylon 6,6 was the largest application and accounted for more than 80% of the total volume in 2015. Polyurethane (PU) application is likely to be the fastest growing at gains of over 5.2% from 2016 to 2023.
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The bio adipic acid market is still at the infancy stage as few companies have focused on research to commercialize production. Companies such as Verdezyne, DSM, BioAmeber, Ameris, Aemethis, Genomatica and Rennovia have successfully designed production technology to develop 100% bio ADA and would be commercializing the product over the coming years. Adipic acid market price trend is expected to remain stable between USD 1.6 to USD 1.9 per kilo.
Industry participants are vying to manufacture 100% bio based nylon for industrial applications owing to stringent government policies over environmental concerns. Global nylon 6,6 market was estimated at over 1.3 million tons in 2013 and is likely to grow at a CAGR of over 4% from 2016 to 2023.
Rennovia is able to manufacture both the products through its patented chemical catalytic process technology. Rennovia bio adipic acid production is through anaerobic oxidation of glucose to obtain glucaric acid which further goes hydrooxygenation.
Verdezyne is invested in research to develop bio ADA through fermentation technique using yeast microorganism which can utilize plant based oil, alkanes or sugar as feedstock. In 2013, the company announced collaboration with Malaysia’s biotechnology investment group, Biotechcorp (Malaysian Biotechnology Corporation). This would help the company to access Malaysia as the prime location to set up biotechnological production facility and is likely to procure local feedstock such as palm fatty acids and palm kernel oil distillates for manufacturing the end product.
Cyclohexane based process accounts for over 90% of the production volume. Tight supply and volatile prices of cyclohexane is likely to affect industry profitability. Companies are focusing on green alternative routes to mitigate the risks as this could prove to be more beneficial in terms of cost and also would be entitled for government incentives in the form of subsidies & loan guarantees.
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Growing preference of bio PU market in applications such as construction, electronics and automotive is likely to drive bio adipic acid market growth. It also finds applications in food and medical industries. It is used as flavor and gelling aid for food preparations.
With established companies such as Invista, BASF, Honeywell and PetroChina in the conventional space and a number of innovative start-ups developing sustainable technology, adipic acid market share may fragment over the next five years.
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