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Impact of COVID-19 on Adipic Acid Market To Grow With Increased Use Of Hazardous In The Building & Construction Sector

Market Overview

The reaction between cyclohexanol and cyclohexanone synthesize adipic acid. It is one of the prominent types of aliphatic dicarboxylic acids, due to their significant usage as a feedstock in the manufacturing of industrial fibers. They possess excellent properties such as superior durability, extreme weather performance, and chemical resistant which make them suitable for the utilization in numerous ends use industries such as automotive, textile, packaging & consumer goods, electrical & electronics, building & construction, and others.

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Some of the prominent factors that positively influence the growth of the adipic acid market are growing demand for domestic appliances, increasing per capita disposable income, and increasing consumption of adipic acid in packaging & consumer goods. Additionally, booming building & construction industry and increasing usage of plastic products in commercial, as well as residential sector, are estimated to drive the demand for adipic acid over the forecast period. Furthermore, increasing demand for lightweight automobile parts along with rising automotive production and sales in developing countries is estimated to drive the demand for adipic acid over the forecast period. However, fluctuating crude oil price has a strong influence on the synthetically raw material price, which is likely to hinder the growth of the market.

Segmental Analysis

The Global Adipic Acid Market is classified on the basis of application, end-use industries, and region. On the basis of the application, the market is classified into polyurethane, nylon 6,6 fiber, nylon 6,6 resin, adipate esters, and others. Among these, the nylon 6,6 fiber accounted for the largest market share in 2015 and is predicted to retain their dominance over the forecast period due to increasing usage in the automotive industry. Moreover, it is used as a flavoring and gelling agent in food industry. Continuous growth of the food & beverage industry on account of changing food habits combined with expanding population is estimated to rise the market growth over the assessment period.

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On the basis of the end-user industries, the market is categorized into automotive, electrical & electronics, packaging & consumer goods, building & construction, textile, and others. Others end-use industries include food, medical, and furniture. Among the end use industries segment, the automotive is expected to witness significant growth due to increasing automotive production and sales in developed and developing countries. Packaging and consumer goods segment are predicted to witness a healthy growth due to increasing demand for household appliances along with increasing disposable income.

Competitive analysis

Key Players

  • PetroChina Company Limited
  • Asahi Kasei Corporation
  • Ascend Performance Materials
  • Radici Partecipazioni SpA
  • Solvay S.A.
  • Sumitomo Chemical Co.Ltd.
  • BioAmber Inc
  • Shandong Hongye Chemical Company Ltd.

Regional Analysis

The Asia Pacific is predicted to dominate the adipic market followed by Europe and North America due to increasing demand from automotive, electrical & electronics, and consumer goods. Various countries of the Asia Pacific such as Japan, Thailand, India, China, Vietnam, Malaysia, and South Korea are the fastest growing adipic acid market across the globe and is expected to grow at the same pace over the forecast period. Some of the factors that are attributed to the growth of the market in the Asia Pacific are increasing middle-class population, rising number of working professionals, competitive production costs, and ease in availability of raw material.

European adipic acid market is estimated to witness a steady growth on account of significant demand from the automobile manufacturers. North America adipic acid market is predicted to witness a steady growth since the U.S, and Canada is the major contributors on account of growing textile and healthcare sector along with increasing maintenance of building & construction activities.