Adipic acid is a white crystalline organic acid that is typically produced by oxidizing a combination of cyclohexanol and cyclohexanone with nitric acid. It is made of cyclohexane and has a wide range of commercial applications. One of its primary use is as a raw material in the manufacturing of Nylon 6,6, a critical polyamide in industrial settings. It has traditionally been produced using petroleum-derived chemicals such as benzene, phenol, and cyclohexane.
According to SPER market research, ‘Adipic Acid Market Size- By Raw Material, By End Product, By Application, By End User Industry- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Adipic Acid Market is predicted to surge USD 7.43 billion by 2033 with a CAGR of 4.10%.
Drivers:
Growing Demand: One of the product categories for which adipic acid is primarily utilized is nylon 6,6, which is driving the growth of the adipic acid market. The expanding automotive, textile, and electrical industries are feeding this demand.
Change to bio-based adipic acid: As environmental concerns and the need for sustainable manufacturing increase, opportunities for bio-based adipic acid have appeared. A significant window of opportunity for industry growth is provided by the development of bio-based replacements using renewable feedstocks.
Request For Free Sample Report @ https://www.sperresearch.com/report-store/Global-Adipic-Acid-Market-Analysis.aspx?sample=1
Challenges:
Raw material price volatility is a concern for market participants because it affects the cost of raw materials like benzene and cyclohexane, which are required to make adipic acid. These price fluctuations have an effect on all manufacturing expenses and earnings.
Environmental concerns: Making adipic acid requires a lot of energy and emits greenhouse gases. Environmental regulations and increasing demand to reduce carbon footprints have made it difficult for the sector to innovate new ecologically friendly production methods.
Impact of COVID-19 on Global Adipic Acid Market
The COVID-19 pandemic caused a drop in the adipic acid market, which had an adverse effect on a number of industries including FMCG, construction, automotive, and textile. The market for adipic acid was directly impacted by the decline in demand in these sectors. Due to the pandemic, the adipic acid market experienced considerable difficulties throughout the first and second quarters of 2020. However, there was a minor improvement in the demand for adipic acid globally as limits were loosened and the situation got better.
Adipic Acid Market Key Players
Furthermore, In 2022, North America held a 32.9% revenue share, dominating the global adipic acid market. The growing use of nylon 6, 6 fiber in the U.S. and Canadian automobile industries is what is driving the increasing demand in North America. The majority of people in North America live in the United States and Canada and commute using their own cars rather than taking public transportation. The population's per-person purchasing power in the US, Canada, and Mexico has also increased due to these nations' excellent economic stability. Individuals with high disposable incomes are buying more cars, which is boosting the demand for adipic acid in North America. Additionally, some of the market key players are Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, DOMO Chemicals, INVISTA, LANXESS, Liaoyang Tianhua Chemical Co., Ltd, Radici Partecipazioni S.p.A., Solvay, Sumitomo Chemical Co., Ltd., Others.
Global Adipic Acid Market Segmentation:
By Raw Material: Based on the Raw Material, Global Adipic Acid Market is segmented as; Cyclohexanol, Cyclohexanone.
By End Product: Based on the End Product, Global Adipic Acid Market is segmented as; Adipate Esters, Nylon 66 Engineering Resins, Nylon 66 Fibers, Polyurethanes, Other End Products.
By Application: Based on the Application, Global Adipic Acid Market is segmented as; Coatings, Food Additives, Plasticizers, Synthetic Lubricants, Unsaturated Polyester Resins, Wet Paper Resins, Other Applications.
By End User Industry: Based on the End User Industry, Global Adipic Acid Market is segmented as; Automotive, Electrical and Electronics, Food and Beverage, Personal Care, Pharmaceuticals, Textiles, Other End-user Industries.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: -
Related Reports:
Follow Us –
LinkedIn | Instagram | Facebook | Twitter
Contact Us:
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
+1-347-460-2899
Allied Market Research published a new report, titled, " Adipic Acid Market: Global Opportunity Analysis and Industry Forecast, 2020–2027".
At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.The adipic acid market is expected to grow significantly in terms of volume during the forecast period.
The increased demand from the ceramic industry, development of the nuclear power plants, and upsurge in the use of surface coating are expected to drive the market in the upcoming years.
Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.The report presents in-depth insights into each of the leading adipic acid end user verticals along with annual forecasts to 2027.
The forecasts are also provided with respect to the product, application, and regional segments of the market.
The forecasts are issued to understand the future outlook and prospects of the industry.Request For Purchase Enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/10937The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering provinces such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).Top 10 leading companies in the global adipic acid market are analyzed in the report along with their business overview, operations, financial analysis, SWOT profile and adipic acid products and services.
The global “Adipic Acid Market” research report addresses the need for an industry- and economy-wide database beneficial for the business management that could potentially offer development and profitability in the market.
It also draws focus on technologies, volume, materials & markets, and in-depth market analysis of the Adipic Acid sector.
To request a sample or speak to an expert before you buy the report, click on the link below: https://www.reportsanddata.com/sample-enquiry-form/2328The Adipic Acid market intelligence study includes a separate section dedicated to crucial parameters like the pricing structure of vital feedstock and value chain analysis, along with the study of major suppliers of the raw materials.
It also offers other pivotal information about the Adipic Acid market as part of a wide-ranging analysis of the supply chain, along with other aspects like prominent distributors and the consumer base.In market segmentation by manufacturers, the report covers the following companies-Asahi Kasei Corporation, Ascend Performance Materials, Invista, BASF SE, Petro China Company Limited, Radici, Lanxess AG, Rhodia, Sumitomo Chemical Co. Ltd., and Dow Chemical Company, among others.Furthermore, the research report projects the changes in the supply-demand dynamics, market value, market competition, leading market players, and market estimations from 2019 to 2027.
Click here to know more @ https://www.reportsanddata.com/discount-enquiry-form/2328Scope of the Research:The report offers an in-depth assessment of the competitive scenario, taking into consideration the market shares held by leading companies.
The market drivers and restraints have also been evaluated in a thorough examination to help the readers comprehend their impact on the industry in the forecast duration.SOME OF THE KEY GEOGRAPHIES MENTIONED IN THIS REPORT INCLUDE:North AmericaEuropeAsia-PacificLatin AmericaMiddle East & AfricaKEY QUERIES ADDRESSED IN THE REPORT:What is the estimated market size and CAGR for the forecast duration by the end of 2027?Which market segments are expected to deliver the highest market segments in terms of product types, applications, components, implementation, end-user industries, and leading regions?What is the predicted growth rates for the overall market, along with the segments and sub-segments included in the report?Which market segments are anticipated to deliver positive revenue growth in the forecast period, and what factors will play a role in this growth?What are the technologies that are currently in use in the Adipic Acid market?
