The adipic acid market is growing with the growth of end user industries including footwear, electronics and automotive in India and China and it is assumed to remain a remarkable factor driving the Asia-Pacific adipic acid market.
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The global adipic acid market can be categorized on the basis of end users as nylon 6,6 fiber; nylon 6,6 resin; polyurethane; adipate esters and among some other applications.
Increasing commercial use of bio-adipic acid is a major trend being witnessed in this market owing to increased manufacturer and consumer understanding about carbon footprint reduction. Adoption of bio-adipic acid by various industries has increased due to increased demand for environment-friendly processes of chemical manufacturing owing to the harmful effects of petroleum-based processes on the environment.
Volatility in the price of raw materials, especially benzene and the rising prices of crude oil are a major restraint to the synthetic adipic acid market. Also, stringent environmental regulations considering adipic acid usage are acting as a restraint in the global adipic acid market.
The opportunity lies in the market with bio-based adipic acid which has shown feasibility and is presently in its progress stage. Bio-based adipic acid is assumed to be useful for nearly all applications for which synthetic adipic acid is used currently. Bio-based adipic acid producers have an opportunity to replace the synthetic adipic acid market.
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Some of the key players in the industry include Ascend Performance Materials, Shandong Haili Chemical Industry Company Ltd., BASF SE, INVISTA, Radici Partecipazioni SpA, Solvay, Asahi Kasei Corporation, Lanxess, PetroChina Liaoyang Petrochemical and Shandong Hongye Chemical Company, Ltd among others.
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