The Global Adipic Acid Market was valued at USD 5.56 billion in 2016, and is expected to grow at a CAGR of 4.5% over forecast period 2020-2026. Increasing demand for lightweight and durable products in automotive, construction and electronics industries, increased manufacturer and consumer understanding about carbon footprint reduction are the chief drivers of the market.
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Adipic acid is mainly used a gelling aid, buffer and acidifier which is highly used in analog fats, cheese and flavouring extracts. Due to low rate of moisture absorption, it is essential in production of dry products such as fruit-flavored beverages, cake powders, evaporated milk and puddings. Apart from the food industry, adipic acid is favourably used in industrial domain thanks to a high demand for artificial fibers and automotive parts.
From the market development point of view, chemical industry is witnessing immense pressure owing to a high competition particularly in the emerging economies. Hence, this has demanded for a clean and cost-effective resource. Change in approach and methods of synthesis stands crucial in determining the resources used as raw materials in the manufacture of chemicals in the manufacturing industry.
Adipic Acid Market Trends, Drivers and Opportunities:
Adipic acid market is significantly driven by rise in use of electronics market in emerging economies followed by rise in consumer approach for personal care and pharmaceuticals. In addition, the rise in demand for electrical and electronics industry is helping the market growth. Further, increase in production of SMART devices, TVs and tablets are likely to influence the market growth in the forecast period. Trends and opportunities witnessed across the global market are increased consumption for nylon 66 engineering fibers, food additives and plasticizers. However, environmental concerns due to increasing pollution levels due to excessive manufacturing and stringent government regulations are somehow limiting the market growth in the forecast period. Availability of alternate materials restrains the market growth in the forecast period.
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