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The global adipic acid market is expected to reach USD 8.99 Billion by 2027, according to a new report by Reports and Data.
NEW YORK CITY, NY, UNITED STATES, October 14, 2021 /EINPresswire.com / -- The global Adipic Acid market research report published by Reports and Data is an investigative study that provides an industry-wide analysis of the current and emerging growth trends, end-use analysis, and other key data verified and validated by industry experts and professionals. The report covers detailed analysis about market size, market share, revenue growth, and CAGR over the forecast period. Adipic acid finds substantial application in the production of nylon-66, which is deployed in the automotive industry for use in engine covers, air intake manifolds, tires, airbag containers, and headlamp covers, among various others interior and exterior automotive parts. An increasing emphasis on reduction of vehicular weight to increase fuel-efficiency is expected to drive the demand for nylon in the upcoming years. Moreover, nylon is suitable for high-performance applications in automobiles, such as mechanical strength, wear & abrasion, chemical & temperature resistance, flexibility, moldability, and ease of processing. Thus, the increasing demand for nylon-66, in turn, would drive the growth of the adipic acid market.
Rapid growth of the electronics industry is likely to spur the market demand in the forecast period. In the electrical & electronics applications, nylon-66 is used where specific tests (such as GWIT, UL94) need to be passed. Nylon-66 is flame-retardant and is commercially available as non-halogenated & halogenated FR solutions. Furthermore, the polymer finds applications in the industry where there is an escalating demand for high-temperature resistance and thin designs owing to miniaturization.
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Adipic acid is generally added as the main acid constituent in bottled drinks to impart a bubbly fizz as well as to give a tart taste to fruit juice. The organic acid finds usage in several powdered food and drink mixes to deliver a sweet flavor. Additionally, adipic acid lets jam, jelly, and gelatin to jiggle while holding their shape. The acid adds texture to certain types of cheese and serves as a leavening agent in baking powder, baked goods, and cake mixes. Food oil producers add adipic acid to their edible oils to prolong the time it takes for bottled oils to turn into rancid.
Key participants include:
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.
Further key findings from the report suggest
By raw materials, cyclohexane contributed to the largest market share in 2018 and is expected to grow at a rate of 3.7% in the forecast period. The selective oxidation of cyclohexane is a significant industrial reaction because its oxidation products cyclohexanol and cyclohexanone (KA-oil) are precursors to adipic acid.
By application, nylon-66 fibers and engineering resins held the largest market share in 2018 and is projected to grow at a rate of 4.9% in the forecast period. This is due to a high demand for nylon-66 in various applications owing to its properties such as high tensile strength, excellent abrasion resistance, and higher melting point, among others.
By industry verticals, the automotive industry dominated the market in 2018 and is likely to have a CAGR of 4.1% in the forecast period.
The market in the Asia Pacific region held the largest market share in 2018 and is estimated to have a growth rate of 5.0% in the forecast period. The market dominance of the APAC region is owing to the growth of the end-user industries such as the automotive, electrical & electronics, and textile industry, among others, in the region.
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For the purpose of this report, Reports and Data have segmented the global adipic acid market on the basis of raw materials, application, industry verticals, and region:
Raw Materials Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Cyclohexanol/Cyclohexanone (KA oil)
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Nylon 66 Fibers & Engineering Resins
Industry Verticals Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Electrical & Electronics
Food & Beverages
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Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
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