Adipic Acid Market to Register Unwavering Growth During 2022
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The escalating demand for adipic acid from automotive, electrical & electronics, consumer goods and appliances industry is one of the chief drivers for the adipic acid market. The extensive research and development in the textile production technology is also one of the key factors influencing the adipic acid market. The companies are focusing on developing high quality, durable, lightweight and high absorption capacity fibers which are capable of enduring extreme conditions such as high temperatures and are chemically inert as well. The adipic acid market has witnessed a significant growth in the recent decade and the trend is anticipated to continue for the forecast period. However, the presence of stringent environmental regulations in different regions and the rise of hybrid fibers is expected to restrain the adipic acid market.
The adipic acid market can be segmented on the basis of the regions as North America, Latin America, Asia Pacific, Europe and Middle East & Africa. In terms of production and consumption Asia Pacific is the biggest market for the adipic acid. The chief markets in Asia Pacific region include India and China, which are forecasted to exhibit double digit CAGR owing to relatively relaxed regulation and high demand from the automotive manufacturers markets Followed by Asia Pacific the next most promising region is Middle East and Africa, which will be a chief participant in the adipic acid market in the coming years.
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Although North America is one of the largest market for adipic acid in terms of consumption. However, the demand in this regions is modest and is anticipated to exhibit modest growth over the forecast period. Europe is anticipated to exhibit a modest growth in imminent years for adipic acid owing to its high demand in the automotive industry, but the market in this region is limited due to the presence of strict regulations.
Some of the key players include in the adipic acid market report include DSM, Ascend Performance Materials Inc., BASF SE , Verdezyne, PetroChina Liaoyang Petrochemical ,Rennovia, Sumitomo Chemical Co., Ltd, Asahi Kasei Corporation, Invista, Lanxess Ag and Rhodia
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