Significant Capital Investment In Comparison To Bio Based Adipic Acid, Which Is Expected To Impede The Growth Of The Synthetic Based Adipic Acid Market

 

Adipic Acid

Adipic acid, also known as hexanedioic acid, is an organic compound with the molecular formula (CH2)4(COOH)2. Adipic acids are commercially produced through the reaction of cyclohexanone and cyclohexanol. Adipic acids of high purity are used in the production of polyurethane. These are commonly used in home furnishings such as bedding foam, furniture, and carpet underlays. These are widely used in cushioning materials to improve the comfort and durability of furniture. Increasing adipic acid applications in various end-use industries, such as paints and coatings, automobiles, textiles, industrial appliances, consumer goods, electrical & electronics, wires & cables, and food & packaging, are expected to drive market growth during the forecast period (2017-2025).

 

The key challenge for market growth during the forecast period is expected to be raw material price fluctuations combined with high production costs of synthetic based adipic acid. Because of the use of petroleum-based raw materials, the production of harmful CO2 and toxic waste from adipic acid manufacturing units has forced the industry to shift its focus from synthetic to bio-based adipic acid. Glucose, for example, is frequently used to produce bio-based adipic acid. Whereas raw materials required to manufacture synthetic based adipic acid are petroleum and its derivatives, which require significant capital investment in comparison to bio based adipic acid, which is expected to impede the growth of the synthetic based Adipic Acid Market.

 

Europe, followed by Asia Pacific and North America, accounted for the majority of the global adipic acid market in terms of revenue and volume in 2016, and this trend is expected to continue over the forecast period. The growing demand for nylon 6,6 fibres in the application segments in Asia Pacific as a result of rising population and urbanisation as a result of increased construction activity is expected to drive growth in the global adipic acid market during the forecast period. According to Coherent Market Insights, the global Adipate ester market is expected to grow at a CAGR of 6.2 percent between 2017 and 2025, fueling the global adipic acid market.

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