Adipic acid or hexanedioic acid are organic compounds with molecular formula (CH2)4(COOH)2. Adipic acids are commercially formed by the reaction between cyclohexanone and cyclohexanol. High purity adipic acids are used in the manufacture of polyurethane. These are widely used in home furnishing applications such as bedding foam, furniture, and carpet underlays. These are widely used in cushioning materials to make furniture more comfortable and durable.
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Increasing applications of adipic acid in various end-use industries, namely paints & coatings, automobiles, textiles, industrial appliances, consumer goods, electrical & electronics, wires & cables and food & packaging industry is expected to boost growth of the adipic acid market during the forecast period .
Raw material price fluctuation coupled with high production cost of synthetic based adipic acid is expected to be the key challenge for market growth during the forecast period. Generation of harmful CO2 and toxic waste from adipic acid manufacturing unit, due to the use of petroleum based raw materials, has compelled the industry to shift in focus from synthetic towards bio based adipic acid. For instance, glucose is commonly used to produce bio based adipic acid. Whereas raw materials required to manufacture synthetic based adipic acid are petroleum and its derivatives, which require huge capital investment as compared to bio based adipic acid which in turn is expected to hinder the growth of synthetic based adipic acid market.
Nylon 6,6 Fibers has emerged as the fastest growing application area for Adipic Acid
Nylon 6,6 fibers have been the major application segment of adipic acid in 2015. Increasing, demand for nylon 6,6 fibers in automotive industry is expected to be the key factor propelling growth of the market for adipic acid. Increasing automotive industry coupled with the growing population in emerging economies such as China, India, and Brazil is projected to augment market growth during the forecast period.
Europe, followed by Asia Pacific and North America, respectively, accounted for major share in the global adipic acid market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 25.3% in terms of volume, followed by Europe (37.8%). The growing demand for nylon 6,6, fibers in the application segments in Asia Pacific due to increasing population, growing urbanization owing to surge in construction activities is expected to drive growth of the global adipic acid market during the forecast period.
Multinational players need to shift towards environment friendly and green technology
Major players in the global Adipic Acid market include Asahi Kasei Corporation, Ascend Performance Materials Inc., BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company Ltd., and Shandong Hongye Chemical Company, Ltd., Rennovia Inc.
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