Growing adipic acid applications in various end-use sectors, including as paints and coatings, vehicles, textiles, industrial appliances, consumer goods, electrical & electronics, wires & cables, and food & packaging, are likely to drive market expansion during the forecast period. Rising population expansion necessitates more infrastructure construction activity, particularly in nations such as India, China, and Brazil. This increases demand for paints and coatings, as well as wiring and cables. Adipic acid is used in paints and coatings as a difunctional crosslinking agent for certain water-based acrylic emulsions. As a result, the fast growing population is likely to drive up demand for adipic acid throughout the projection period. The primary barrier for market expansion during the projection period is likely to be raw material price fluctuations along with high manufacturing costs of synthetic-based adipic acid.
According to Coherent Market Insights, the Adipic Acid Market was valued at US$ 8.1 Billion in 2021 in terms of revenue, exhibiting a CAGR of 4.9% during the forecast period (2022 to 2030).
Key Leaders in the Adipic Acid Industry:
1. Asahi Kasei Corporation
Asahi Kasei Corporation manufactures, processes, and sells chemical products in Japan and internationally. The company operates through three segments: Material, Homes, and Health Care. Asahi Kasei Corporation was founded in 1922 and is headquartered in Tokyo, Japan. In May 2021, Asahi Kasei had established a group-wide data management platform called “DEEP” (Data Exploration and Exchange Pipeline) to accelerate Digital Transformation (DX) throughout the Asahi Kasei Group, and started its operation in April 2022. DEEP has established to manage and explore data of all businesses of Asahi Kasei, and is expected to make further contribution to the enhancement of management and businesses.
2. Ascend Performance Materials
Ascend Performance Materials manufactures chemicals, fibers, and plastics products. It is the world’s largest fully integrated producer of nylon 6, 6 resin. The company is driven by a mission to provide primary products and services that inspire the success of the company, its team members, customers, and communities. Ascend Performance Materials was founded in 2009 and is headquartered in Houston, Texas. On Nov 8, 2022 Ascend Performance Materials acquired Circular Polymers. On Mar 29, 2022 Ascend Performance Materials acquired Formulated Polymers-Compounding Division. In December 2021, Ascend Performance Materials had announced plans to purchase a compounding facility in San Jose Iturbide, Mexico, growing its global footprint and expanding production capacity for high-performance engineered materials. The purchase agreement includes the assets of DM Color Mexicana, a joint venture between Dainichiseika and Mitsubishi Corp.
3. BASF SE
BASF SE operates as a chemical company worldwide. It operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. BASF SE was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany.
4. Invista
Invista S.A. operates as an investment company in Poland. The company has a portfolio of investments, which consist of shares, receivables, and real estate. It also invests in other business entities. The company was formerly known as Euro Consulting & Management SA. Invista S.A. was founded in 2000 and is based in Warsaw, Poland.
5. Lanxess Ag
LANXESS Aktiengesellschaft, together with its subsidiaries, operates as a specialty chemicals company that engages in the development, manufacture, and marketing of chemical intermediates, additives, specialty chemicals, and plastics worldwide. It operates through three segments: Consumer Protection, Specialty Additives, and Advanced Intermediates. The segment serves agrochemical, automotive, construction, aromas and flavors, semiconductors and photovoltaic, and color pigments industries. The company was founded in 1863 and is headquartered in Cologne, Germany. In May 2022, Lanxess and Advent to acquire Engineering Materials business from DSM for a purchase price of around EUR 3.7 billion. Lanxess to transfer High Performance Materials business into joint venture. Lanxess to receive a payment of at least US$ 1.8 billion and a stake of up to 40 percent in the joint venture. Lanxess will use proceeds to reduce debt and plans to buy back shares. New joint venture with pioneering product portfolio and integrated value chain.
6. PetroChina Liaoyang Petrochemical
PetroChina Company Limited (“PetroChina”) is the largest oil and gas producer and distributor, playing a dominant role in the oil and gas PetroChina was established as a joint stock company with limited liabilities by China National Petroleum Corporation under the Company Law and the Special Regulations on the Overseas Offering and Listing of Shares by Joint Stock Limited Companies on November 5th, 1999. The company is headquartered in Beijing, China.
7. Radici Group
Radici Group deals with the production and manufacturing of specialty chemicals, performance polymers, synthetic fibers and nonwovens. The company was founded in 1970, headquartered in Italy.
8. Rhodia
Rhodia was a group specialized in fine chemistry, synthetic fibers and polymers which was acquired by the Solvay group after a successful tender offer completed in September 2011. The company served the consumer goods, automotive, energy, manufacturing and processes and electronics markets. The company was founded in 1998, headquartered in France. The company was acquired by Unipar Indupa do Brasil S/A.
*Definition-Adipic acid, also known as hexanedioic acid, is a kind of organic molecule having the chemical formula (CH2)4(COOH) 2. Adipic acid is produced commercially via the reaction of cyclohexanone with cyclohexanol. Adipic acid of high purity is used in the production of polyurethane.
