Adipic Acid Market Size, Share & Trends Analysis Report By Application (Nylon 6, 6 Fiber, Nylon 6, 6 Resin, Polyurethane, Adipate Esters), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

Report Overview

The global adipic acid market size was valued at USD 4,887.59 million in 2022 and is expected to expand at a CAGR of 3.8% from 2023 to 2030 forecast period. The rising utilization of nylon 6, 6 for producing durable and lightweight plastic to be used in rapidly growing automotive and electrical & electronics industry across the globe is driving the demand for adipic acid. Adipic acid is extensively used in various end-use industries such as electrical & electronics, automotive, building & construction, packaging & consumer goods, textile, and others. Growing demand for nylon 6, 6 fiber and polyurethane in a wide range of industries is likely to have a positive impact on the growth of the market over the coming years.

Nylon 6, 6 is a vital element for the automotive industry. It is a lightweight material that is used as a replacement for metals in automobiles. Worldwide, the vehicle manufacturers are incorporating advanced plastics in their automobiles to reduce their weight and enhance their fuel economy while maintaining their performance and safety. The demand for automobiles surged during the COVID-19 owing to the safety concerns related to usage of public transportation. Shutdown of public transportation networks owing to the prolonged lockdowns during 2020-21 led the people to consider purchasing passenger cars for commuting to ensure their safety against the COVID-19 infection. An increase in demand for automobiles worldwide is anticipated to fuel the consumption of nylon 6, 6, thereby having a positive impact on the demand for adipic acid.

Nylon 6, 6 resin is also used in the electronics industry for developing mobile phone connectors, computer motherboards, terminal blocks for electronic devices, power tool housing, circuit breakers, etc. owing to its electrical and mechanical properties such as high dielectric strength, flame retardancy, and insulation resistance. The electronics industry offers a variety of products ranging from consumer electronics to aerospace. The ongoing digitalization and the increasing adoption of electronic devices such as smartphones, computers, and television sets are anticipated to contribute to the growth of the electrical & electronics industry worldwide in the coming years. This is expected to surge the consumption of nylon 6, 6, thereby positively impacting the demand for adipic acid, which is used as a feedstock to nylon 6, 6 production.

Adipic acid poses serious threats to the environment due to its toxicity. According to the New Jersey Department of Health and Senior Services, the direct exposure of humans to adipic acid can cause various health issues such as skin and eye irritation in them. Continuous contact of humans with this acid can also lead to severe health conditions such as reproduction disorders and cancer. In addition, releasing adipic acid into natural water sources such as rivers, lakes, and ponds can be fatal to marine life comprising fish, invertebrates, and aquatic plants. Therefore, the concerned government bodies of different countries have imposed several regulations regarding the production, sales, distribution, and usage of adipic acid. This is anticipated to restrain the growth of adipic acid market over the forecast period.

The after effects of coronavirus is expected to fuel the growth of the global pharmaceuticals industry. This, in turn, is anticipated to have a positive impact on the market growth due to rising demand for adipic acid from pharmaceutical industry. In addition, the surging adoption of electric vehicles across the globe is expected to fuel the growth of automotive industry thereby contributing to the demand for adipic acid for manufacturing nylon 6, 6. According to the International Energy Agency, the sales of electric cars doubled in 2021 to 6.6 million as compared to 2020.

Application Insights

Nylon 6, 6 fiber application segment dominated the market with the highest revenue share of 53.1% in 2022. Its high share is driven by growing application of nylon 6, 6 as a substitute to metal in automotive, electrical & electronic products, and others. Nylon 6,6 fiber is also widely used in engineering components such as gears, nuts, bolts, bearings, powder tool casings, rivets & wheels, and rocker box covers. Properties of nylon 6,6 fiber, such as moisture & mildew resistance, high-melting temperature, excellent durability, and increased strength, are expected to drive its use in various application in the coming years.

Polyurethane also hold a stable growth potential due to its application in various end-use industries. As polyurethane is lightweight with high abrasion resistance, it is used for developing hardwearing shoe soles. Sports and trekking shoes and boots are the largest application of polyurethane in footwear sector. Polyurethane is also used in sports shoe soles, as well as in high-quality safety shoes. It is widely used in building & construction industry as an insulating material. The increased use of polyurethane in a wide range of application is expected to fuel its global demand in the coming years.

Regional Insights

North America dominated the adipic acid market with the highest revenue share of 32.9% in 2022. The high demand in North America is propelled by rising utilization of nylon 6, 6 fiber from the automotive industry in the U.S. and Canada. Majority of North American population in the U.S. and Canada use their own vehicles to commute instead of using public transportation. In addition, strong economic stability in the U.S., Canada, and Mexico has elevated the individual purchasing power of the population in these countries. High individual disposable income is augmenting the demand for automobiles thereby propelling the growth for adipic acid in North America.

Asia Pacific is expected to present lucrative growth opportunities due to the growing consumption of polyurethane in industries including automotive, construction, and electronics in the region. Increasing construction spending owing to the developing sustainable infrastructure is expected to drive the market growth. According to the Oxford Economics, the U.S., India, and China account for around 58% of the total growth in construction industry worldwide with China accounting for around 26.1% of the global growth in 2020. Additionally, India is estimated to witness the highest growth rate of around 9.8% in infrastructure construction from 2020 to 2030.

Key Adipic Acid Company Insights

The key players in the acetone market include BASF SE, INVISTA, Lanxess AG, Solvay and others. Companies are engaged in adoption of strategic initiatives such as business expansion and mergers & acquisitions to broaden their geographical reach.Some prominent players in the global adipic acid market include:

• Ascend Performance Materials

• Asahi Kasei Corporation

• BASF SE

• INVISTA

• LANXESS

• Liaoyang Tianhua Chemical Co., Ltd

• Radici Partecipazioni S.p.A.

• Solvay

• Sumitomo Chemical Co., Ltd.

• DOMO Chemicals

View a comprehensive list of companies in the Adipic Acid Market

Adipic Acid Market Report Scope

Global Adipic Acid Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global adipic acid market report based on application, and region:

• Application Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

  • Nylon 6, 6 Fiber

  • Nylon 6, 6 Resin

  • Polyurethane

  • Adipate Esters

  • Other Application

• Regional Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa