Adipic Acid Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Adipic acid is the most important of the dibasic acids, or adipic acids. It is the most important of the dibasic acids, or adipates. The adipic acid market is expected to grow at a steady rate from $ 6.5 billion in 2024 to $ 9.11 billion in 2032, at a compound annual growth rate of 4.32 percent during the forecast period. This growth is mainly due to the extensive use of adipic acid in the manufacture of nylon, polyurethane and other chemical intermediates. It is also due to the increasing demand for lightweight and durable materials in industry, especially in the fields of construction and automobiles, where adipic acid is particularly appreciated for its properties. Also, the market is growing due to the development of production technology, which makes it more efficient and less expensive. Furthermore, the growing demand for sustainable development is pushing manufacturers to explore the use of bio-based alternatives to adipic acid, which further stimulates the development of the industry. Among the main players in the adipic acid market are BASF, DuPont and Ascend Performance Materials. They are constantly developing their products, forming new strategic alliances and investing in research and development in order to strengthen their positions and gain a larger market share. This not only reflects the competitiveness of the market, but also reflects the industry's commitment to meeting changing customer demands and regulatory standards.

Regional Market Size

Regional Deep Dive

The adipic acid market is characterized by varying dynamics in different regions, influenced by varying industrial applications, regulatory frameworks, and economic conditions. North America is driven by the automobile and textile industries, while Europe is focusing on bio-based alternatives and green chemistry. In Asia-Pacific, rapid urbanization and industrialization are boosting demand for adipic acid in various applications. Latin America is driven by the agricultural sector, while the Middle East and Africa are gradually emerging as potential markets. Each region presents its own set of growth opportunities and challenges, depending on the local market conditions and global trends.

Europe

• Europe is at the forefront of adopting stringent regulations aimed at reducing carbon emissions, prompting companies such as BASF and Evonik to innovate in the production of adipic acid from renewable resources.
• The European Union's Green Deal is influencing market dynamics by promoting circular economy practices, which are expected to drive demand for recycled and bio-based adipic acid products.

Asia Pacific

• Adipic acid is also a popular chemical in the Asia-Pacific region, where companies like Asahi Kasei and Mitsubishi Chemical are increasing their production capacity to meet the growing demand from the automobile and textile industries.
• China's focus on industrial growth and urbanization is leading to increased consumption of adipic acid, with government initiatives supporting the development of chemical manufacturing infrastructure.

Latin America

• In Latin America, the agricultural sector is driving demand for adipic acid, particularly in the production of fertilizers and agrochemicals, with companies like Braskem exploring opportunities in this space.
• Regulatory frameworks in countries like Brazil are evolving to support sustainable practices, which may lead to increased interest in bio-based adipic acid production.

North America

• The North American market is beginning to shift towards bio-based adipic acid production, and DuPont and Genomatica are leading the way in developing sustainable alternatives which will reshape the supply chain and reduce the impact on the environment.
• Regulatory changes, particularly in California, are pushing manufacturers to adopt greener practices, which may lead to increased investment in research and development for eco-friendly adipic acid production methods.

Middle East And Africa

• The Middle East is leveraging its oil and gas resources to develop a robust chemical industry, with companies like SABIC investing in adipic acid production to diversify their product offerings.
• Emerging markets in Africa are beginning to recognize the potential of adipic acid in various applications, with local governments encouraging foreign investment to boost the chemical sector.

Did You Know?

“Adipic acid is one of the most widely produced organic acids globally, with over 2 million tons produced annually, primarily used in the manufacture of nylon and other synthetic fibers.” — International Chemical Industry Reports

Segmental Market Size

The adipic acid market is stable at present. It is an important intermediate in the manufacture of naphthalene and other synthetic fibres. Demand is mainly driven by the growing automobile and textile industries, which require high-performance materials. In addition, the growing pressure to produce sustainably is driving manufacturers to seek out bio-based alternatives, which will further increase the relevance of this market. DuPont and BASF are currently the main players in the field of bio-based adipic acid, and they are developing new, sustainable production methods. Adipic acid is also used in the manufacture of naphthalene, which is used in automobile components and textiles, and in the manufacture of polyurethane foams, which are used in furniture and as insulating materials. The development of fermentation technology, which makes it possible to produce more efficiently and more sustainably, will also support growth.

Future Outlook

The adipic acid market is expected to grow significantly between 2024 and 2032, at a compound annual growth rate (CAGR) of 4.32%. The main reason for this growth is the increasing demand for Nylon 6 & 6, a major application of adipic acid, especially in the textile and automobile industries. The use of Nylon 6 & 6 in various applications is expected to increase as manufacturers increasingly seek lightweight and durable materials. This will in turn increase the demand for adipic acid, which will have a positive effect on the market. Also, the adipic acid market will be further influenced by technological progress and government policies. As the global environment becomes increasingly stringent, the shift to sustainable production methods, including bio-adipic acid, is gaining momentum. This trend will continue to grow in the future, and it is possible that the bio-adipic acid will account for a large share of the market by 2032. Also, as the focus on carbon emissions from industrial production increases, it is expected that more and more companies will invest in the development of cleaner production methods. Therefore, the adipic acid industry must remain flexible and respond to these emerging trends in order to seize the expected opportunities.