H1 2023: The major players in the global Adipic Acid market were BASF SE, Chongqing Huafon Chemical Co., Ltd, and INVISTA in H1 2023. In February 2023, BASF SE announced its plan to shut down its Caprolactam production line and reduce its Adipic Acid production capacity at its facility in Ludwigshafen, Germany. In March 2023, BASF’s Monomers division located at Yeosu and Onsan, Korea, producing MDI & TDI, as well as adipic acid & Polyamide 6,6 got ISCC+ certified. To meet the demands of the continuously expanding Asian market, the division strives to offer more environmentally friendly solutions with a significantly reduction of carbon footprint. During H1 2023, Asia Pacific was the region with the highest adipic acid consumption. Due to the mediocre demand from the downstream sectors, the adipic acid market in Asia experienced an upward trend during the first three months of 2023. China's upstream benzene prices soared, which affected downstream commodities like the market for adipic acid. On the other hand, during March 2023, low-cost imports from the importing nations resulted in the pricing of the product in India move in a downward trajectory. There was ample of supply from the suppliers to meet the demand of downstream sectors like automotive and electronics sectors in India.
H1 2022: During H1 2022, the key players in the global Adipic Acid market were BASF SE, INVISTA, and Chongqing Huafon Chemical Co., Ltd. Although, BASF SE stood as the largest producer of Adipic Acid in H1 2022. Based on region, Asia Pacific held the position of the largest consumer of Adipic Acid during H1 2022. In the Chinese adipic acid market, prices spiked greatly in January 2022, as raw material prices were high and demand from importing countries and the polyamide industry were strong. However, the adipic acid price stable in February 2022 – March 2022 due to stable demand and sufficient supply in the market. Similarly, in the Indian market, prices increased continuously in January 2022 due to limited supply from China due to port congestion. But soon, the prices stabilized at the end of February 2022. In March 2022, adipic acid demand was strong in India from the downstream textile industry. Although, adipic acid prices fell in the Asian market in May 2022. China witnessed a drop in demand from importing Asian countries. A sharp drop in downstream adipic acid by end-user industries, mainly, Nylon 6,6 had weighed on market sentiment, and led to increased inventories in Asia.
H2 2022: Radici, one of the leading Italy-based adipic acid producer, announced a force majeure on 14 September 2022, for its adipic acid plants in Novara, Italy. The major cause behind the sudden force majeure was due to the high price of natural gas and raw material in the region. The company also revealed that it will stop manufacturing polyamide 6,6 at the same plant. However, in H2 2022, Asia Pacific displayed bearish Adipic Acid market behavior in terms prices. During H2 2022, the prices of imported goods fell in the Indian market. The downstream demand for polyamide derivatives had led to the drop in the price of adipic acid. In terms of inventory levels, the port's inventory was at an acceptable level and the volume of foreign cargo arriving at the port was average in the Asian market. Several Adipic acid factories had to close in beginning of September 2022 for short term, due to the natural disasters that hit South Korea, China, and Japan. However, the prices began to decline in the Asian nations from October 2022. The leading cause behind this decline of prices of feedstock (benzene and cyclohexanone). In addition, the market stock of adipic acid was high and the operating rate of the Polyamide 6,6 textile yarn production facilities at some Chinese factories had decreased during the last three months of H2 2022.
The global Adipic Acid market experienced a demand of approximately 2700 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 3.65% during the forecast period until 2035. Adipic Acid is vastly employed as a feedstock to produce Nylon 6,6. With increased focus on various types and applications, the durability, quality, and lightweight properties of nylon 6,6, and upcoming innovative procedures for its use will be the key driving factors for the global market of Adipic Acid.
Adipic Acid is a dicarboxylic acid with chemical formula as (CH2)4(COOH)2. It appears as a white crystalline powder. Industrial synthesis of Adipic Acid involves oxidation of cyclohexanone and cyclohexanol with Adipic Acid in a multistep pathway. As a byproduct of this reaction, dinitrogen oxide (N2O), a greenhouse gas, is produced. Adipic acid is a vital raw chemical for a broad range of applications in the textile and plastics industries. Although, application of adipic acid as a comonomer along with hexamethylenediamine to produce nylon 6-6 is the largest application of adipic acid. Nylon 66 is utilized to produce apparel, leisure equipment, consumer items, electronics, household goods, and other items. Furthermore, other applications of Adipic Acid include Polyurethanes, Adipic Esters, Plasticizers and Food additives. Additionally, Adipic Acid is employed as a difunctional cross - linking component in certain water-based acrylic emulsion paints and coatings.
The growing demand for nylon 6,6 for production of commodities is driving the global Adipic Acid market. The automotive sector predominantly uses nylon 66, which is made from adipic acid, for its exceptional mechanical, thermal-resistance, and lightweight qualities. In 2022, the Automotive Industry The constant urge to develop light-weight vehicles by replacing conventional metal parts in automotives with their light-weight components to reduce carbon footprint is driving the demand of Nylon 6,6. Nylon 6,6 is used to make a variety of vehicle components, including air intake pipes, engine coverings, rocker valve encompass, airbag containers, and structural individual pieces of glass-reinforced polymers. The rise in demand for lightweight engineering polymers along with paints and coating will probably fuel the market's expansion for Adipic Acid. Thus, these applications are anticipated to swell up the global Adipic Acid demand in the forecast period to reach approximately 4300 thousand tonnes by 2035.
Based on region, the Asia Pacific dominates the Adipic Acid market as a consumer. In 2022, this region consumed about 40% of the market with major consumption from countries like India, China, and Japan. The consumption of Adipic Acid as a raw material for production of nylon 6,6, which is utilized for making light-weight vehicles coupled with its application to produce plastics is anticipated to swell the Adipic Acid demand by 2035. Europe is the second largest consumer of Adipic Acid. Owing to the manufacture of electric vehicles is anticipated to further push the demand of Adipic Acid. Based on production, Asia Pacific is also taking the lead among all the other areas, with China being the top producer. In 2022, China produced approximately 50% of the global Adipic Acid.
Based on the end-user industry, the global Adipic Acid market is segregated into Automotive, Electrical & Electronics, Industrial Application, Building & Construction, and Others. The Automotive Industry is the leading consumer of the Adipic Acid. Furthermore, The Electrical & Electronics industry is also a prominent consumer of the global Adipic Acid market.
Major players in the production of Global Adipic Acid are BASF SE, Chongqing Huafon Chemical Co., Ltd., Shandong Haili Chemical Industry Co., Ltd, INVISTA, Shandong Hualu Hengsheng Chemical Co., Ltd., Shenma Industrial Co., Ltd., China National Petroleum Corporation, Zhejiang Shuyang Chemical Co.,Ltd, Tangshan Zhonghao Chemical Co., Ltd., LANXESS, and Radici Partecipazioni SpA.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Adipic Acid which covers production, demand and supply of Adipic Acid market in the globe.
• To analyze and forecast the market size of Adipic Acid
• To classify and forecast Global Adipic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Adipic Acid market in the globe.
To extract data for Global Adipic Acid market, primary research surveys were conducted with Adipic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Adipic Acid market over the coming years.
ChemAnalyst calculated Adipic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Adipic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Adipic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Adipic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Adipic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Adipic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
2700 thousand tonnes
Market size Volume by 2035
4300 thousand tonnes
Growth Rate
CAGR of 3.65% from 2023 to 2035
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2035
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2035
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Automotive, Electrical & Electronics, Industrial Application, Building & Construction, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
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Which region is leading as a producer of Adipic Acid?
Ans:
Asia Pacific region is the leading producer of Adipic Acid on the global level, with China as the key player.
Q2.
What are the major end-use industries of Adipic Acid?
Ans:
Adipic Acid is used majorly employed in chemical industries like Automotive, Electrical & Electronics, Industrial Application, Building & Construction, and Other end-use industries.
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