The global adipic acid market is
expected to reach USD 7,240.8 million by 2020, according to a new study by
Grand View Research, Inc. Growing demand for nylon resins and fiber from major
end use industries such as automotive and electronics mainly in BRIC nations is
expected to remain a key driving factor for the market over the next six years.
However, volatility in raw material prices coupled with stringent regulations
in Europe and North America on account of growing environmental concerns is
expected to hinder the market growth over the forecast period.
Development of bio-based adipic acid
emerged as a new driving force for the global Adipic Acid market. Bio-based
adipic acid is an environment friendly solution, and provides cost advantage
over its synthetic counterpart. Rennovia has been one of the pioneers for
bio-based adipic acid development, using glucose as feedstock via its
proprietary chemical catalytic process technology.
 |
North
America Adipic Acid market revenue by product, 2012-2020, (USD Million)
|
Nylon 6,6 both in its fiber and resin
forms emerged as the leading application segment for adipic acid and accounted
for over 83.3% of total market volume in 2013. Nylon 6,6 is widely used in
fiber application including carpets, textiles, technical fibers and tire-cord.
Growing demand for light weight high performance materials from automobile
industry in order to reduce the overall weight of automobiles is expected to
drive the demand for nylon resin and fiber. Nylon 6,6 was followed by
polyurethane as the second largest application market for adipic acid in 2013.
Polyurethane is also expected to be the fastest growing market for adipic acid
at an estimated CAGR of 5.4% from 2014 to 2020.
In depth research report
on Adipic Acid Market
Further key findings from the study
suggest:
·
The global adipic acid
market volume was 2,610 kilo tons in 2012 and is expected to reach 3,747.2 kilo
tons by 2020, growing at a CAGR of 4.7% from 2014 to 2020.
·
Asia Pacific emerged as
the leading market for adipic acid and accounted for 35% of total market volume
in 2012. Along with being the largest market, Asia Pacific is also expected to
be the fastest growing market for adipic acid at an estimated CAGR of 5.3% from
2014 to 2020. Growth of automobile industry in China and India is expected to
drive the regional demand for adipic acid over the forecast period. Asia
Pacific was followed by Europe which accounted for 27% of total market volume
in 2012. The North American market for adipic acid is expected to reach USD
1.79 billion by 2020 at an estimated CAGR of 6.1% from 2014 to 2020.
·
North America and Europe
are highly regulated markets for adipic acid and are largely driven by the
development of environmental friendly sustainable technologies.
·
The market is highly
concentrated, and the top four companies including INVISTA, Rhodia, Ascend
Performance Materials and BASF accounted for over 60% of total adipic acid
production in 2012. Key companies operating in the global market also include
Shangdong Haili (Bohui), Liyoyang Petrochemical, Radici and Asahi Kasei among
others.
Grand View Research has segmented the
global adipic acid market on the basis of application and region:
Global Adipic Acid Application Outlook
·
Nylon 6,6 Fiber
·
Nylon 6,6 Resin
·
Polyurethane
·
Adipate Esters
·
Others
Adipic Acid Regional Outlook
·
North America
·
Europe
·
Asia Pacific
·
Rest of the World
Browse more research
reports of this category:
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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