Adipic Acid Industry | Trends, Key Vendors, Drivers, Profits & Analysis, Forecast to 2030
Adipic Acid Market – Overview
The unique qualities of adipic acid are
transforming the demand that is experienced in the market. Market reports
connected with the chemicals and materials industry have been made available by
Market Research Future which generates reports on other business verticals that
outlines the current market scenarios. The market is positioned to achieve an
optimistic CAGR in the duration of the forecast period.
The market for adipic acid is powered by factors
such as continual industrialization, increasing demand for high-quality
plastic, and constant growth in the packaging & consumer goods industry.
The use of adipic acid in the electrical & electronics sector is expected
to open up new prospects for growth as the industry is flourishing.
Segmental Analysis
The Adipic Acid Industry is
segmented on the basis of end-use industries, application, and region. On the
basis of the application, the adipic acid market is segmented into nylon 6,6
fiber, polyurethane, adipate esters, nylon 6,6 resin, and others. Based on the
end-use industries, the market is segmented into electrical & electronics,
automotive, textile, packaging & consumer goods, building &
construction, and others. On the basis of the region, the adipic acid market is
segmented into Latin America, Asia Pacific, Europe, North America, and the
Middle East & Africa.
Detailed Regional Analysis
The regional analysis of the global adipic acid
Industry covers regions such as Asia Pacific, Latin America, Europe, North
America, and the Middle East & Africa. Among these regions, the Asia Pacific
region had accounted for the principal market share in 2016 and is estimated to
grow at a substantial CAGR during the forecast period due to the constant
development of numerous end-use industries such as automotive, building &
construction, and electrical & electronics among others. The demand for
adipic acid is anticipated to boost the market development in several countries
of the Asia Pacific such as South Korea, Japan, India, Thailand, Taiwan, China,
Malaysia, and Singapore due to the extensive utilization by the automobile
manufacturers. Additionally, increasing demand for packaged foods such as
ready-to-eat meals and frozen meals is projected to achieve flexible packaging
requirements, which is expected to push the demand for adipic acid.
The North American region follows the APAC region
is estimated to witness a steady growth in the adipic acid market owing to the
recovery of industrial sector along with growing investments to refresh
electronics & consumer goods industry through the forecast period. The
Latin American countries such as Colombia, Mexico, Brazil, and Venezuela are
projected to observe considerable growth due to intensifying consumer spending
on electrical & electronic products and increasing automobile production
and sales. In Europe, France, Germany, and Italy are the main contributors to
the regional market progress due to a strong base for automotive manufacturers.
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Competitive Analysis
The proficiency in utilizing the economies of scale
is proving to be positive for the market’s complete growth. The development
patterns are modified in tandem to the customer penchant to realize the maximum
growth, and in the long run, viability. The market has prominently nullified
the market trials and thus is inspiring a boost in the number of companies in
the market. The diversification of the product variety in the market is raising
the prospects for the advancement of the market. The organization inclination
in the market is supporting the level of expansion that can be accomplished in
the current market scenario. The market is at the topmost production
level and will be able to make better value for the firms in the market and its
shareholders.
The outstanding contestants shaping the adipic acid
market are PetroChina Company Limited (China), BASF SE (Germany), Asahi Kasei
Corporation (Japan), INVISTA (U.S.), LANXESS (Germany), Sumitomo Chemical Co.,
Ltd. (Japan), Radici Partecipazioni SpA (Italy), Ascend Performance Materials
(U.S.), Solvay S.A. (Belgium), BioAmber Inc (U.S.), Shandong Hongye Chemical
Company, Ltd. (China) among others.
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