The adipic acid market is projected to grow at a CAGR of 2.86% to reach US$7,045.418 million by 2026, from US$5,783.342 million in 2019.
Adipic acid is also known as hexanedioic acid is the most important dicarboxylic acid for industrial purposes. It is essentially prepared from a mixture of cyclohexanone and cyclohexanol called KA oil, the abbreviation of ketone-alcohol oil. About 60% of adipic acid is used as a monomer for the production of nylon. Adipic acid is widely used in medicine and food. It is a crystalline fatty acid generally obtained from natural fats.
adipic acid market, US$ million, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
A major reason for the growth of this market is the rise in the electronics sector.
The global market is witnessing a growth in the demand for electronic devices. The growing electronic market in China and Japan is expected to contribute positively towards the growth of the studied market. As per certain studies, even a small quantity of adipic acid added to electronic devices helps in enhancing its electrical conductivity and mechanical properties.
The integration of adipic acid with medicines is expected to drive the demand for this market in the forecast period.
Adipic acid is widely used in many pharmaceutical companies. The acid is largely incorporated into drug tablets and helps in controlling the release of both acidic and basic drug compounds. In case of the absence of adipic acid, all of the drugs get released into the body as soon as it hits the stomach. With the rapidly growing pharmaceutical industry, the market for adipic acid is expected to bolster.
The growth in the demand for food and personal care products is anticipated to fuel the growth of this market.
Adipic acid is widely used in the food industry as both a flavoring agent and gelling aid. It is also used as an acidulant in baking powder. It is also added to the bottled drinks to give the bubbly fizz. The acid is widely used as an ingredient for cosmetics formulations. It has very low acute toxicity and hence causes no skin irritation. With the growing food and personal care industry, the demand for adipic acid is projected to increase.
The rising demand for cleaning agents is also projected to positively impact the sales of adipic acid.
The acid is widely used in cleaning processes. It's used in hard surface cleaners, bleaches, and dishwashing detergents. It helps in preventing the re-deposition of magnesium and calcium salts onto fabrics while washing them. The market growth of adipic acid is expected to rise globally with an increase in the adoption of adipic acid as a cleaning agent.
Asia Pacific region is anticipated to witness excellent growth due to its low prices, cheap labor, and abundant raw material. China is the world’s largest producer of adipic acid. The country is producing half of the global production of adipic acid. It is the world's largest producer of plastic and electronic products. Moreover, the Chinese government is also promoting and increasing investment in the textile industry. The growing automobile industry is also likely to be the major factor for the market growth. The North American region is also expected to witness an increase in demand for adipic acid, being the major supplier of engineering polymers.
Rising environmental awareness will also contribute to the growth of the adipic acid market globally.
People across the globe are focusing on quality and environment-friendly products. Bio-based adipic acid is setting trends and is widely used. Government regulations have led to the shift of demand from synthetic acid to bio-based adipic acid. The harmful effects of petroleum-based products on the environment are also expected to propel the growth of adipic acid in the global market.
The outbreak of COVID-19 has hampered the global economy. Many companies have shut down due to the coronavirus epidemic. Numerous countries across the globe have implemented foot prohibition and issued work stoppage orders. Except for the pharmaceutical industry almost all the industries have faced the wrath of pandemics and have been greatly impacted. The adipic acid industry has also witnessed sluggish growth.
|Market size value in 2019||US$5,783.342 million|
|Market size value in 2026||US$7,045.418 million|
|Growth Rate||CAGR of 2.86% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||BASF SE, Lanxess AG, Ashahi Kasei Corporation, INVISTA, RadiciGroup, Sumitomo Chemical Co., Ltd., Yangmei Fengxi, Shenma Industrial Co., Ltd., Huafon Group Co., Ltd., Sinopec Luoyang Company (LPC)|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the adipic acid market size by 2026?
A1. The adipic acid market is projected to reach a market size of US$7,045.418 million by 2026.
Q2. What are the growth prospects for the adipic acid market?
A2. The global adipic acid market is projected to grow at a CAGR of 2.86% over the forecast period.
Q3. What is the size of the global adipic acid market?
A3. Adipic Acid Market was valued at US$5,783.342 million in 2019.
Q4. What factors are anticipated to drive the adipic acid market growth?
A4. A major reason for the growth of the adipic acid market is the rise in the electronics sector.
Q5. Which region holds the maximum market share of the adipic acid market?
A5. Asia Pacific region is anticipated to witness excellent growth in the adipic acid market due to its low prices, cheap labor, and abundant raw material.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Adipic Acid Market Analysis, By Application
5.2. Adipate Esters
5.3. Polyamide 66
5.3.2. Consumer Electronics
5.4. Nylon 66 Fibers
5.5. Nylon 66 Engineering Resins
6. Adipic Acid Market Analysis, By Geography
6.2. North America
6.2.1. United States
6.3. South America
6.4.1. United Kingdom
6.5. The Middle East and Africa
6.5.1. Saudi Arabia
6.6. Asia Pacific
7. Competitive Intelligence
7.1. Competitive Benchmarking and Analysis
7.2. Recent Investment and Deals
7.3. Strategies of Key Players
8. Company Profiles
8.1. BASF SE
8.2. Lanxess AG
8.3. Asahi Kasei Corporation
8.6. Sumitomo Chemical Co., Ltd.
8.7. Yangmei Fengxi
8.8. Shenma Industrial Co., Ltd.
8.9. Huafon Group Co., Ltd.
8.10. Sinopec Luoyang Company (LPC)
Ashahi Kasei Corporation
Sumitomo Chemical Co., Ltd.
Shenma Industrial Co., Ltd.
Huafon Group Co., Ltd.
Sinopec Luoyang Company (LPC)
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