The global adipic acid market size is expected to reach USD 8.10 billion by 2030, according to a new study by Polaris Market Research. The report “Adipic Acid Market Share, Size, Trends, Industry Analysis Report, By End Product (Nylon 6,6 Fibers, Nylon 6,6 Engineering Resins, Polyurethanes, Adipate Esters); By Raw Material; By Application; By Industry Verticals; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The use of the bio-based products in various industries to reduce detrimental environmental consequences has aided the expansion of the worldwide market. Bio-based product is commonly used to manufacture nylon, polyurethanes, and plasticizers. It’s made from renewable sources like plant-based oils.
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Bio-based polyurethane, made from bio-based products, is becoming a more popular alternative to conventional polyurethane, damaging the environment in electronics, automobiles, and construction industries. Furthermore, the product is environmentally friendly, making it an excellent and preferred alternative to the synthetic products derived from petroleum-based feedstocks, including phenol, benzene, and cyclohexane.
Nylon 6,6 made from the product, is used in a range of industries, including electronics, textiles, automobiles, and others, because of its exceptional mechanical strength and electrical and thermal insulation. The government encouraged the use of the bio-based product over synthetic products. As a result, rising demand will propel bio-based acid growth forward over the forecast period.
The product’s increasing use in numerous end-use sectors, such as paints and coatings, automotive, electrical and electronics, textiles, food & beverage, personal care, pharmaceuticals, and others, is likely to drive demand growth. The product is also used as a flavoring and gelling agent in the food and beverage sector. It’s also used in several medicine tablets to ensure that acidic or basic medicinal components are released in a controlled manner.
Adipic Acid Market Report Highlights
- The nylon 6,6 fiber segment is anticipated to grow significantly over the forecast period owing to its use in the automotive sector. Nylon 66, made from the product, is mainly employed for its outstanding mechanical, temperature resistant, and lightweight qualities for automobiles
- Automotive Industry accounted for a major share in the global industry, which is accelerated by the rising demand for these products from this industry due to their lightweight and other benefits
- North America is expected to grow at a CAGR of 4.7% over the projected period. North America is a potential location for the product because it is one of the primary supply hubs for synthetic polymers
- The industry is highly competitive owing to prominent players with a worldwide presence, including Asahi Kasei Corporation, BASF SE, Domo Chemicals, PetroChina Liaoyang Petrochemical, Radici Partecipazioni SpA, Sumitomo Chemical Co. Ltd.
Polaris Market Research has segmented the adipic acid market report based on raw material, end product, application, industry verticals, and region:
Adipic Acid, Raw Material Outlook (Revenue – USD Billion, 2018 – 2030)
Adipic Acid, End Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Nylon 66 Fibers
- Nylon 66 Engineering Resins
- Adipate Esters
- Other End Products
Adipic Acid, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Unsaturated Polyester Resins
- Wet Paper Resins
- Synthetic Lubricants
- Food Additives
- Other Applications
Adipic Acid, Industry Verticals Outlook (Revenue – USD Billion, 2018 – 2030)
- Electrical and Electronics
- Food and Beverage
- Personal Care
- Other End-user Industries
Adipic Acid, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa