The global adipic acid market is expected to
reach USD 7,240.8 million by 2020, according to a new study by Grand View
Research, Inc. Growing demand for nylon resins and fiber from major end use
industries such as automotive and electronics mainly in BRIC nations is
expected to remain a key driving factor for the market over the next six years.
However, volatility in raw material prices coupled with stringent regulations
in Europe and North America on account of growing environmental concerns is
expected to hinder the market growth over the forecast period.
Development of bio-based adipic
acid emerged as a new driving force for the global Adipic Acid market.
Bio-based adipic acid is an environment friendly solution, and provides cost
advantage over its synthetic counterpart. Rennovia has been one of the pioneers
for bio-based adipic acid development, using glucose as feedstock via its
proprietary chemical catalytic process technology.
Nylon 6,6 both in its fiber and
resin forms emerged as the leading application segment for adipic acid and
accounted for over 83.3% of total market volume in 2013. Nylon 6,6 is widely
used in fiber application including carpets, textiles, technical fibers and
tire-cord. Growing demand for light weight high performance materials from automobile
industry in order to reduce the overall weight of automobiles is expected to
drive the demand for nylon resin and fiber. Nylon 6,6 was followed by
polyurethane as the second largest application market for adipic acid in 2013.
Polyurethane is also expected to be the fastest growing market for adipic acid
at an estimated CAGR of 5.4% from 2014 to 2020.
Browse full research report on Adipic Acid Market: http://www.grandviewresearch.com/industry-analysis/adipic-acid-market
Further key findings from the study suggest:
- The global adipic acid market volume was 2,610 kilo
tons in 2012 and is expected to reach 3,747.2 kilo tons by 2020, growing
at a CAGR of 4.7% from 2014 to 2020.
- Asia Pacific emerged as the leading market for adipic
acid and accounted for 35% of total market volume in 2012. Along with
being the largest market, Asia Pacific is also expected to be the fastest
growing market for adipic acid at an estimated CAGR of 5.3% from 2014 to
2020. Growth of automobile industry in China and India is expected to
drive the regional demand for adipic acid over the forecast period. Asia
Pacific was followed by Europe which accounted for 27% of total market
volume in 2012. The North American market for adipic acid is expected to
reach USD 1.79 billion by 2020 at an estimated CAGR of 6.1% from 2014 to
2020.
- North America and Europe are highly regulated markets
for adipic acid and are largely driven by the development of environmental
friendly sustainable technologies.
- The market is highly concentrated, and the top four
companies including INVISTA, Rhodia, Ascend Performance Materials and BASF
accounted for over 60% of total adipic acid production in 2012. Key
companies operating in the global market also include Shangdong Haili
(Bohui), Liyoyang Petrochemical, Radici and Asahi Kasei among others.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/bulk-chemicals
Grand View Research has segmented the global adipic acid
market on the basis of application and region:
Global Adipic Acid Application Outlook
- Nylon
6,6 Fiber
- Nylon
6,6 Resin
- Polyurethane
- Adipate
Esters
- Others
Adipic Acid Regional Outlook
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-adipic-acid-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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