The Brainy Insights Launched a Study titled Adipic Acid Market by Raw Material (Cyclohexane, Cyclohexanol/Cyclohexanone), Application (Nylon 66 Fiber, Nylon 66 Resins, Polyurethanes, Adipate Esters), End-User, Regions, and Global Forecast 2021-2028
The global adipic acid market is anticipated to grow from USD 5.29 billion in 2020 to USD 9.43 billion by 2028, at a CAGR of 7.70% during the forecast period 2021-2028. The global adipic acid market is witnessing a considerable growth owing to increasing demand for adipic acid from end-user industries such as automotive and electronics industry. Rapidly growing consumer electronics industry, especially in the Asia Pacific region, driving the growth of the market. As the consumer electronics market is in expansion mode, the scope of expansion widens for adipic acid.
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Cyclohexane accounted for the major market share and valued at USD 3.22 billion in 2020
The raw material segment is divided into cyclohexane, cyclohexanol/cyclohexanone (KA oil), and others. Cyclohexane accounted for the major market share and valued at USD 3.22 billion in 2020. All the commercial adipic acid is produced from cyclohexane. Cyclohexane is generally used as an intermediate chemical where about 54 per cent of its production is used in the production of adipic acid for nylon-66.
The nylon 66 fiber held the largest market share and valued at USD 3.76 billion in 2020
The application segment includes nylon 66 fiber, nylon 66 resins, polyurethanes, adipate esters, and others. The nylon 66 fiber held the major market share and valued at USD 3.76 billion in 2020, due to increasing demand for nylon 66 fiber in various end-use industries such as automotive and electronics. It is one of the largest segment in the adipic acid market, and total adipic acid produced globally, 90 per cent of adipic acid is used in the production of nylon 66.
Automotive end-use industry accounted for the largest market share of 35.69% in the year 2020
The end-user segment includes automotive, electrical and electronics, textiles, food and beverages, personal care, pharmaceutical, and others. Automotive segment accounted for a major market share of 35.69% in the year 2020. Increasing usage of adipic acid in the manufacturing of nylon 66, which is further used in the applications such as automobile tire cord, lubricants, tire reinforcements and lightweight auto parts production, driving the growth of this segment.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the adipic acid market, with a 42.5% share of the market revenue in 2020. It is the biggest market for the adipic market in terms of production and consumption, with China is a leading producer in the region. The North America region is anticipated to hold the prominent market share in the global adipic acid market. This is mainly due to rising demand for adipic acid for the automotive sector.
Competitive Analysis:
Major players in the global adipic acid market are Ascend Performance Materials, Invista, Dow Chemical Company, BASF SE, Asahi Kasei Corporation,, Rhodia, Sumitomo Chemical Co. Ltd., Radici, Lanxess AG, Petro China Company Limited, Shenma Industrial Co. Ltd, and Tian Li High & New Tech Co. Ltd among others.
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