- Nylon 66 Fibers
- Nilon 66 Engineering Resins
- Polyurethanes
- Adipate Esters
- Others
Adipic Acid Market size was valued at USD 5,498.4 million in 2022 and is anticipated to grow at a CAGR of 4.3 % over 2023-2029. Adipic acid is a dicarboxylic acid primarily used in the production of nylon, polyurethanes, and various other industrial applications. It is widely employed as a precursor in the synthesis of polymers, resins, coatings, and other materials. Nylon fiber and plastic production significantly drive the demand for adipic acid as a fundamental component in the synthesis of nylon 6,6, a versatile polymer with wide-ranging applications. Adipic acid's role as a key building block in the creation of nylon 6,6 makes it essential for industries such as textiles, automotive, packaging, and consumer goods. This relationship is driven by the exceptional properties of nylon 6,6, including strength, durability, and heat resistance, making it suitable for products like clothing, automotive components, packaging materials, and more.
Moreover, the surge in industrialization within emerging markets acts as a robust driver for escalating revenues in the adipic acid market by generating heightened demand for products hinging on nylon-based materials, intricately linked to adipic acid. The burgeoning automotive sector within these markets, coupled with urbanization and infrastructure development, accentuates the requirement for materials derived from adipic acid. The conventional manufacturing process for adipic acid involves using nitric acid, which produces nitrous oxide (N2O), a potent greenhouse gas. This environmental concern could potentially limit the adipic acid market. Meanwhile, the trend toward sustainability and reduced environmental impact is pushing industries to explore bio-based alternatives to traditional chemicals, which in turn creates further opportunities for the growth of the adipic acid market. Adipic acid manufacturers are working on developing innovative solutions to cater to various end-use industries. For instance, in August 2022, Toray Industries, Inc., developed the world’s first 100% bio-based adipic acid, a raw material for nylon 66 (polyamide 66), from sugars derived from inedible biomass.
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Increase in the demand from automotive industry is a key factor drive the growth of global adipic acid market over the forecast years. Majority of nylon-6,6 is synthesized from adipic acid. Polyurethanes and adipic acid esters, such as DiEthylhexyl Adipate (DOA) which are exploited as plasticizers for polyvinyl chloride (PVC) resins are the other major applications of adipic acids. Stringent environmental conditions like release of harmful fumes in the surrounding environment makes it necessary for the consumers to switch over to products with natural and safer attribute. Initiatives undertaken by government to curb harmful emission which can cause certain implications regarding health. These factors accelerates the growth of market.
The adipic acid market size was valued at USD 5,498.4 million in 2022
The development of bio-based adipic acid is one of the major trends in the adipic acid market.
Growing industrialization and rising government investments are some of the key opportunities for companies to enhance their revenue over the forecast years.