Global adipic acid market is expected to experience significant growth over the next six years on account of increasing industrial applications. Adipic acid is generally used in production of nylon for composite material which finds application in automotive industry. Growing automotive industry is likely to propel global adipic acid market over the forecast period. Adipic acid also finds application in plastic additives, paints and coatings, polyurethane resins, food additives, low temperature lubricants, and synthetic fibers. Growing paints industry on account of increasing infrastructure is expected to drive the global adipic acid market over the forecast period.
Adipic acid is also used as flavorant and gelling aid in food industry. Growing food industry owing to increasing population is likely to propel the market over the foreseeable period. Nylon fibers and nylon resins have been the major application segment of adipic acid over the recent past. Growing Nylon fibers demand in automotive industry is expected to be the major factor driving adipic acid market over the next six years.
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Nylon resin being the important product of adipic acid finds application in footwear industry. Growing automotive and footwear industry in emerging nation including Russia, China, India, and Brazil is anticipated to have positive impact on adipic acid market over the next six years. Polyurethane is the second major application of adipic acid. Polyurethane is expected to be the rapid growing application segment over the forecast period owing to increasing application in thermal insulation and footwear.
Stringent government regulation in U.S. and Europe coupled with fluctuating raw material prices is expected to be the major factor restraining market growth over the forecast period. Increasing concern regarding environmental impact of synthetic adipic acid has led to shift in focus toward producing bio-based adipic acid. Bio-based adipic acid is procured using glucose is eco-friendly in nature. In addition, synthetic adipic acid is produced from petroleum which required high capital investment whereas bio-based adipic acid required low capital investment.
Increasing consumer awareness coupled with government support in form of subsidiaries and tax benefits to promote bio-based product is expected to be the major factor driving the bio-based adipic market over the next six years. Low Utilization cost and manufacturing cost of bio-based product is further expected to influence the major companies to invest in bio-based adipic acid market over the next six years. Asia Pacific market was the leading regional market over the recent past, and is projected to be fastest growing market over the next six years. Growing automotive and footwear market in emerging nations such as India and China is expected to drive the adipic acid market in this region over the foreseeable periods.
Growth of electronics market in China is further likely to propel the market growth in Asia Pacific. Europe is the second largest market for adipic acid. However, increasing environmental concern regarding use of synthetic product in Europe is likely to have negative impact on adipic acid market in this region. North America adipic acid market is expected experience stagnant growth over the next six years on account of stringent government regulation over the use of synthetic products. Growing automobile market in Brazil and Argentina is likely to create an opportunity for the market players in this region over the next six years.
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Global adipic acid market is highly consolidated by top players. Some key players operating in the global market include Ascend Performance materials, Rhodia, INVISTA, BASF, Shandong Haili, Asahi Kasei and Radici. Bio-based products are getting popularity across the globe owing to its environmental advantages over the synthetic adipic acid. Major companies is expected to indulged in producing bio-based adipic acid over the next six years include DSM, Bio Amber and Genomatica.
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