Adipic Acid Market Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025 - By Application, End Use Industry, and Geography

The production of bio based and synthetic-based adipic acid follows a two-step process. The first step involves production of cyclohexane or cyclohexanone, commonly known as ketone alcohol oil, while the second step is the conversion of ketone alcohol oil into adipic acid using nitrogen acid reactions. This reaction leads to production of a large amount of nitrous oxide (N2O) and NOX.

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Key end-use industries in the global adipic acid market, such as textile and automotive, have gained significant traction in the recent past, and the trend is expected to continue in the near future, in turn augmenting growth of the market. According to the stats provided by Coherent Market Insights, the automotive industry was dominating the market for adipic acid in 2016 and the trend is expected to continue in the following years. Adipic acid is mainly used in the production of nylon 6,6, which finds wide application across various industries ranging from automotive to textile. This is mainly attributed its high durability, lightweight, high elasticity and tensile strength. The clothing industry has witnessed rapid growth in the recent past, especially in emerging economies of India and China, due to increasing discretionary income.

Asia Pacific is expected to be the fastest growing region during the forecast period. Growing economy of China, Japan and India is in turn propelling the demand for improved residential and commercial complex to accommodate the rapidly growing population. This increases demand for synthetic fibers, paints & coatings and electrical wires & cables applications in various infrastructural projects. Europe was the largest market for adipic acids in 2016 and the region is expected to retain its dominance in the market through 2025.

Market Dynamics

Synthetic adipic acid is manufactured from petroleum products such as phenol and benzene. Fluctuation in crude oil prices and adverse environmental impact of manufacturing of adipic acid inhibits growth of the adipic acid market. The production of adipic acid involves significant generation of CO2 and also toxic industrial waste. This has led to increasing focus of players in the market towards development of bio-based adipic acid, which is more economically viable and involves a relatively clean production process. For instance, on November 30, 2011, Verdezyne, Inc.—a biotechnology company—announced plans to develop renewable chemicals and fuels from non-petroleum sources, with the commencement of its first pilot plant to produce adipic acid. Increasing merger & acquisition between multinational players and product development is expected to boost the market for adipic acid. For instance, on March 20, 2014, Rennovia Inc. and Johnson Matthey Davy Technologies Ltd. collaborated to develop and commercialize the production technology for bio-based glucaric acid and adipic acid. Also, on February 27, 2015, Rennovia Inc. and Johnson Matthey Davy Technologies Ltd. to co-develop commercial catalysts for bio-based adipic acid process are the key drivers for the growth of global adipic acid market during the forecast period.

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The increasing preference of auto manufacturers towards the use of nylon 6, 6 due to the considerable lightweight, low cost, and excellent performance, resulting in high fuel efficiency and adherence to regulatory guidelines, is fueling growth of the adipic acid market. Changing food habits and increasing disposable income coupled with population expansion is propelling growth of the food & beverages industry and subsequently, increasing demand for nylon 6, 6 fiber in production of packaging products.

Market Taxonomy

This report segments the global Adipic Acid market on the basis of application. On the basis of application, the market is segmented as Nylon 6, 6 Fiber, Nylon 6, 6 Resin, Polyurethanes, Adipate Esters, and Others. On the basis of end-use industry, the global adipic acid market is segmented into Automotive, Electrical & Electronics, Home Appliances, Textiles, FMC and others.

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