The global Adipic Acid Market is projected to witness a huge growth at a compound annual growth rate (CAGR) of more than 3% during the estimated period. Adipic acid is widely utilized as a prerequisite component in nylon manufacturing, which has a huge application scope in the automotive market.
The growing scope for adipic acid in low-temperature lubricants, synthetic fibers, and coatings & paints will positively impact the market. Moreover, the rising demand for coatings & paints due to the growing infrastructure expenditure is also expected to spur the market growth.
However, the growing concern towards the environment is likely to hamper market growth, forcing the market players to opt for bio-based adipic acid. Bio-based manufacturing of this compound will gain popularity owing to its low prices, compared to synthetic manufacturing.
Adipic acid is used in polymer production, rendering it highly useful in the chemical industry. Its other major applications are plasticizers, coatings, and detergents. It can also be utilized in various customer-specific items like dishwashing machine tablets. This compound also finds its use in laboratory chemicals as an additive. The extensive nylon 6-6 application in the automotive market is also projected to spur the adipic acid market growth. Moreover, it is utilized in electronics and textiles industries as well; therefore, the growth of these industries is likely to fuel the market growth.
Geographically, the Asia-Pacific region is expected to maintain its dominance over the forecast period. Increasing end-use industries (such as electronics, footwear, and automotive) in countries such as India and China are projected to act as a driving factor for the global market.
The European region is likely to witness a rapid growth in the near future. However, the rising ecological concerns along with stringent government policies are likely to limit the industry growth in this region. The North America region is expected to exhibit a sluggish growth rate due to saturation in several end-use markets. Other regions projected to have successful regional markets for adipic acid are Russia and Latin America.
Some of the major companies operating in the global adipic acid market are Shandong Haili Chemical Industry Co. Ltd., Solvay SA., Asahi Kasei Corporation, and Ascend Performance Materials LLC.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/bulk-chemicals-industry