The adipic acid market is estimated to be valued at USD 6.45 Bn in 2024 and is expected to reach USD 8.60 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
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The market is primarily driven by increasing demand from the nylon production industry along with demand from polyurethanes and other end-use industries. The increasing usage of nylon 66 in end-use applications like engineering plastics and fibers will drive the demand for adipic acid. Additionally, the rising consumption of polyurethanes in industries like furniture, insulation, automotive, and footwear is also expected to support the market growth during the forecast years.
Expanding Applications of Adipic Acid
The growth of end-use industries, such as nylon production, polyurethanes, and plasticizers, is presenting significant opportunities for the adipic acid market. Adipic acid finds wide usage as a precursor in the production of nylon 6,6 fibers, resins, and engineered plastics. Nylon polymers have become the material of choice for a variety of applications including brushes, gears, conveyor belts, carpet fibers, clothing, and upholstery due to their impressive strength, flexibility, and resistance to wear and tear. The burgeoning demand from the textile and automotive industries for nylon is expected to drive volumes in the adipic acid market.
The development of lightweight and high-performance nylon formulations is gaining traction. Nylon polymers blended with glass fibers are being increasingly adopted in manufacturing equipment and electrical components on account of their self-lubricating properties, fatigue resistance, and dimensional stability. This is presenting promising prospects for adipic acid manufacturers. In addition, nylon is also witnessing incremental usage in 3D printing applications such as prototyping, tooling and functional parts production owing to benefits such as high strength, low friction, and UV resistance. The emerging avenues in additive manufacturing are likely to supplement the sales of adipic acid.
Green Adipic Acid Production
While adipic acid has prospered as a key industrial chemical intermediary, its traditional production route via oxidation of cyclohexanol/cyclohexanone with nitric acid is energy-intensive and leads to the generation of Nitrogen oxides (NOx). Stringent environmental regulations curbing NOx emissions have led adipic acid producers to invest in alternative bio-based and low-carbon production pathways. Several companies are engaged in developing yeast and enzymatic fermentation based technologies to manufacture adipic acid from renewable feedstocks such as glucose, sucrose, and lignocellulosic biomass. These novel production methods can help reduce dependence on non-renewable petroleum sources and lower greenhouse gas emissions substantially.
Governments across regions are offering incentives for the adoption of green technologies and encouraging the application of industrial biotechnology towards sustainable chemical production. The availability of policy support is convincing more players in the adipic acid market to fund R&D activities in biocatalytic routes. Additionally, the certainty of crude oil supply and fluctuating prices make renewable adipic acid an attractive option for end-use industries.
Adipic Acid Market Report Snapshots
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