Global Adipic Acid Market to Surpass US 7107.6 million by 2026


Adipic acid, also known as hexanedioic acid, is an organic compound. It is a significant monomer used in the polymer industry. Adipic acid is commercially produced by oxidising cyclohexanone and cyclohexanol, also known as ketone-alcohol oil (KA oil), with nitric acid. Adipic acid is the primary raw material used in the production of nylon 66 and other polymeric fibres. It is widely used in the food and beverage and pharmaceutical industries. Furthermore, it is in high demand in the manufacture of polyurethanes and plasticizers.

The global adipic acid market volume is expected to grow from nearly 3,920.6 kilotons in 2018 to 4,535.9 kilotons by 2023, with a compound annual growth rate (CAGR) of 3.0 per cent from 2018 to 2023. -

The rapid industrialization and increasing applications of artificial polymers in various industries have resulted in the global expansion of the adipic acid market. A large portion of the total adipic acid produced worldwide is used to make nylon. Nylon is produced industrially by reacting adipic acid with hexamethylene diamine. The growing number of nylon applications in various industries is expected to drive up demand for adipic acid in the near future. Today, major corporations are focusing on producing high-quality, strong, and long-lasting fibres that can withstand harsh conditions. Adipic acid is also used as a flavouring agent and a gelling agent in the food and beverage industries. It is also used in several pharmaceutical tablets to maintain the controlled release of acidic or basic drug compounds. However, fluctuating raw material prices and stringent regulations on environmental impacts caused by adipic acid production, particularly the emission of nitrous oxide, may act as market restraints.


Adipic acid Market by Region 


With high consumption of adipic acid in the manufacture of composite materials and nylons, applied in industries such as textile, electronics, and others in emerging economies such as India and China, the Asia-Pacific region holds a significant share of the global adipic acid market.




Analysis of the COVID-19 scenario of Adipic Acid Market :

The COVID-19 pandemic has affected every aspect of the global market, including the adipic acid market.

Because of the economic slowdown caused by the pandemic, the use of nylon and nylon-based products, particularly in the automobile industry, has declined significantly. As a result, demand for adipic acid in the market for the manufacture of nylon decreased.

The nationwide lockdowns and restrictions on export-import activities have had a significant impact on the global adipic acid market's supply chains and operations.

On the other hand, due to the high demand for drugs during the pandemic, the use of adipic acid in the pharmaceutical industry increased. This has resulted in an increase in market demand for adipic acid.

Some major key players Shandong Haili Chemical Industry Company Ltd., Ascend Performance Materials, BASF SE, INVISTA, Radici Partecipazioni SpA, Solvay, Asahi Kasei Corporation, Lanxess, PetroChina Liaoyang Petrochemical, and Shandong Hongye Chemical Company Ltd.

 

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