Global Adipic Acid Market - Segmented by Raw Materials, End Product, Application, End User Industry and Region - Growth, Trends and Forecast (2018 - 2023)
The adipic acid market is expected to witness a CAGR of approximately 3.25% during the forecast period, 2018-2023. The market is driven by increasing demand for nylon 6,6 in the automotive industry, along with rising demand from consumer goods, electrical, & appliances industries, and growth of the electronics market in Asia-Pacific.
Increasing Demand from Automotive Sector
The demand in the automobile industry exists for lighter vehicles with strict regulations on carbon dioxide emissions. Nylon 6,6 offers the biggest advantage of reducing the overall weight of the vehicle without sacrificing performance. In addition, nylon offers better solutions in electric vehicles as they prevent hazardous electrical surges in the event of collisions, by breaking the connection. Therefore, this demand for nylon in the automotive industry is expected to drive the market during the forecast period.
Nylon 6,6, the Dominant Sector
The market is segmented on the basis of raw materials, end product, application, and end-user industry. On the basis of end product, nylon products occupy the major share of around 90% and this segment is expected to grow at a good rate because of increasing demand from the automotive sector. In the automotive sector, nylon 6,6 fiber is used in the manufacture of airbags and nylon 6,6 resin is used in emission-reducing parts, like carbon canisters. Also, their environment-friendly nature has increased their usage in the paints & coatings industry.
Growing Capacities Driving the Asia-Pacific Region
Asia-Pacific is the largest market in terms of consumption, accounting to approximately 45 % and is expected to grow at a rate of 4.5% during the forecast period. China is the major market in Asia-Pacific, and it accounts for approximately 30% of the global market share. China also has a strong export network with many North American and European economies. Growing capacity additions in China is expected to drive the market during the forecast period. Chongqing Huafon Chemical is planning to start an adipic acid plant with a capacity 180,000 metric ton/year.
Major Players: Asahi Kasei, BASF, INVISTA, LANXESS, and Solvay, amongst others.
Reason to Purchase the Report
To understand the impact of end-user industries on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating end product type and application in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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