Newark, Sept. 14, 2023 (GLOBE NEWSWIRE) — 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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Adipic Acid Market Size by Raw Material (Cyclohexane, Cyclohexanol/Cyclohexanone), Application (Nylon 66 Fiber, Nylon 66 Resins, Polyurethanes, Adipate Esters), End-User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
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.
Report Scope & Segmentation
|Market size value in 2020||USD 5.29 billion|
|Revenue forecast in 2028||USD 9.43 billion|
|Segments Covered||raw material, application, end-user and regions|
|Regions Covered||Asia Pacific, Europe, South America, North America, and Middle East & Africa.|
|Number of Companies Covered||Asahi Kasei Corporation,Ascend Performance Materials,Invista,BASF SE,Petro China Company Limited,Radici,Lanxess AG,Rhodia,Sumitomo Chemical Co. Ltd.,Dow Chemical Company,Shenma Industrial Co. Ltd,Tian Li High & New Tech Co. Ltd|
|Report Coverage||Market growth drivers, restraints, opportunities, regional segmentation analysis, Location Type Segment Analysis, Offering Segment Analysis, Vertical Segment Analysis|
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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.
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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About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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