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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