Global Adipic Acid Market Overview
Adipic Acid is an essential dicarboxylic acid used extensively in various end-user industries. It is found to be rare in nature and is widely used in production of nylons. It is used in gelatins and jellos as gelling agents or additives. Adipic acid is water soluble, crystalline white organic compounds that can be used as flavorant and gelling aid in foods as well as in obtaining weakly basic and weakly acidic drugs. The drugs are obtained by incorporating adipic acid in controlled-release formulation matrix tablets that results in pH-independent release of drugs. The major application of adipic acid involves formation of nylon by polycondensation reaction. Adipic acids are monomers for the production of polyurethane and it has chief application as a polymer. The esters of adipic acids are applied as plasticizers particularly in PVC. Adipic acid is a dibasic acid that can be produced by carbonylation of butadiene and KA oil oxidization with nitric acid. Adipic acids are also known as hexanedioic acid that are used as adhesives and sealants by industrial manufacturers. These acids are used in footwear, furniture and bedding as well as building and construction industries which are expected to expand the industrial application range of adipic acids.
Market Size & Forecast
Adipic Acid Market is anticipated to record a CAGR of 5.8% over the forecast period. The adipic acid market is expected to value at USD 5.91 billion at the end of the forecast period. Many multi-national companies are concentrating towards new product advances using adipic acid. Moreover, the many advantageous properties of adipic acid are exploited in the field of food and pharmacy. New uses for adipic acid derivatives are discovered on regular basis which is expected to drive the adipic acid market rapidly.
Currently the global adipic acid market is observing vibrant growth owing to increasing demand of plasticizers in the market. Advance in various processing and engineering industries in the past few years and growing technological explorations is projected to drive adipic acid market besides the wide range of functions of adipic acid in an immense range of products such as medicines, adhesives, garments, household moldings, food additives during the forecast period.
On the basis of regional platform, global Adipic Acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a precursor to nylon production in fiber industry, North America is panned to observe substantial Adipic Acid market growth due to rising Adipic Acid usage in polymer production. Further, increasing demand for adipic acids in polymer industries is expected to drive the market sturdily. North America is predicted to be followed by Asia Pacific in terms of consumption due to expanding adipic acid requirements in pharmaceutical and automotive industries. On account of multiplying adipic acid uses in growing end-use industries such as polymer, pharmaceutical, industrial, construction as well as in food industry, Asia Pacific is budding as a regional adipic acid and its derivatives consumption market. Europe is expected to drive demand at a modest rate and positively impact adipic acid market growth over the forecast period owing to increasing adipic acid application in fiber and plasticizers production across the region. However, due to weak economic conditions countries such as Russia and Spain, the market is anticipated to propel scantily.
Our-in depth analysis of the global Adipic Acid market includes the following segments:
By End-User Industries
Global Adipic Acid Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The rising demand for adipic acid and its by-products for various processes in pharmaceutical, automotive, food, electrical, construction and building industries are expected to drive the market promptly over the forecast period. The growing R&D activities associated with adipic acid are further expected to increase the market growth on the back of discovery of new applications across various end-user industries. Application of adipic acid in as excellent polyurethane foams for seating cushions and mattresses, where in the density of the foams can be altered according to requirement to be used for low cost, durable, and versatile furniture. Moreover, the use of adipic acid in developing products such as elastomers, footwear, insulators, sealants and more is predicted to expand its market applications which will ultimately impact the demand during the forecast period. Rapid economic development with thriving manufacturing sector is expected to boost the adipic acid market across the developed as well as developing regions across the globe.
However, adipic acid production has been proven to result in emission of nitrous oxide, a greenhouse gas that is responsible for causing ozone layer depletion. Such factors are anticipated to serve as significant factor in the adipic acid usage limitation.
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