Global Adipic Acid Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global adipic acid market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global adipic acid market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global adipic acid market for 2017-2021. The market is segmented based on application (nylon 6,6 fibers, nylon 6,6 resins, polyurethanes, and adipic-adipate esters), and geography (APAC, the North America, Europe, and ROW).

The increasing demand for nylon 6,6 fibers and resins from various end-users like the automotive, electrical and electronics, and packaging industries is expected to augment the demand for adipic acid. Nylon application accounted for 85.4% of the overall adipic acid market in 2016. In the geographical side, Asia-Pacific (APAC) accounted for 36.5% of the overall the global adipic acid market. In APAC, the rise in investments in the automotive, textile, and consumer goods end-user industries will also drive the demand for global adipic acid market during the forecast period.

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Technavio chemicals and materials research analysts highlight the following three factors that are contributing to the growth of the global adipic acid market:

  • Growing demand for adipic acid from automotive industry
  • Growth of electronics and electrical market
  • High demand for bio-based adipic acid

Growing demand for adipic acid from automotive industry

Nylon is a high-performance plastic that plays an important role in the automotive segment. Lightweight plastics helps in reducing the weight of the vehicle. Reduction in the weight of the automobile by every 10% is expected to have a 5%-7% reduction in the fuel use. The increasing fuel prices and environmental concerns about pollution have propelled the manufacturing of fuel-efficient cars in the automotive industry.

Hitesh Bhatia, a lead specialty chemicals research analyst at Technavio, says, “Nylon fibers are used in the production of automotive parts such as engine covers, air intake manifolds, airbag containers, glass-reinforced plastics based structural parts, rocker valve covers, and various interior and exterior automotive parts.”

Growth of electronics and electrical market

According to the Semiconductor Industry Association, the global semiconductor industry sales reached more than USD 338.9 billion in 2016 and is expected to grow in the upcoming years. The properties like non-conductivity and heat resistance have made nylon 6,6 to be used extensively in the electronic component manufacturing. It is used in the production of circuit board hardware, screws, bolts, and washers.

“In semiconductor chips, nylon filled with electrically conductive materials will provide electrostatic discharge and electromagnetic shielding for electronic equipment, conveyors, and trays. The increase in the use of nylon 6,6 in the electronics and electrical industry is anticipated to increase the market size of adipic acid in the coming years,” says Hitesh.

High demand for bio-based adipic acid

Bio-based adipic acid has emerged as an alternative to petroleum-based adipic acid. It is produced from renewable feedstocks such as plant-based oils and sugars, based on fermentation, ultrafiltration, and crystallization techniques. Adipic acid is produced through the fermentation of sucrose, which is eco-friendly. The sucrose is hydrolyzed into products like fructose and glucose, which are the compounds consumed during fermentation to produce bio-adipic acid.

The use of eco-friendly adipic acid helps in reducing volatile organic compounds (VOCs) and toxicity of gases from nearby industries. It also maintains the environmental balance of the atmosphere in the vicinity. There is a strong preference in developed economies like Canada, the US, and Germany to develop bio-based eco-friendly adipic acid.

Top vendors:

  • Asahi Kasei
  • BASF
  • INVISTA
  • LANXESS
  • Solvay

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global adipic acid market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com