The global market for adipic
acid 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.
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.
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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.
For the purpose of this study, Grand View Research has
segmented the global adipic acid market on the basis of application and region:
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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