Adipic Acid Market – Overview
The unique qualities of adipic acid are transforming the demand that is experienced in the market. Market reports connected with the chemicals and materials industry have been made available by Market Research Future which generates reports on other business verticals that outlines the current market scenarios. The market is positioned to achieve an optimistic CAGR in the duration of the forecast period.
The market for adipic acid is powered by factors such as continual industrialization, increasing demand for high-quality plastic, and constant growth in the packaging & consumer goods industry. The use of adipic acid in the electrical & electronics sector is expected to open up new prospects for growth as the industry is flourishing.
The adipic acid market is segmented on the basis of end-use industries, applications, and regions. On the basis of the application, the adipic acid market is segmented into nylon 6,6 fiber, polyurethane, adipate esters, nylon 6,6 resin, and others. Based on the end-use industries, the market is segmented into electrical & electronics, automotive, textile, packaging & consumer goods, building & construction, and others. On the basis of the region, the adipic acid market is segmented into Latin America, Asia Pacific, Europe, North America, and the Middle East & Africa.
Detailed Regional Analysis
The regional analysis of the global adipic acid market covers regions such as Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa. Among these regions, the Asia Pacific region had accounted for the principal market share in 2016 and is estimated to grow at a substantial CAGR during the forecast period due to the constant development of numerous end-use industries such as automotive, building & construction, and electrical & electronics among others. The demand for adipic acid is anticipated to boost the market development in several countries of the Asia Pacific such as South Korea, Japan, India, Thailand, Taiwan, China, Malaysia, and Singapore due to the extensive utilization by the automobile manufacturers. Additionally, increasing demand for packaged foods such as ready-to-eat meals and frozen meals is projected to achieve flexible packaging requirements, which is expected to push the demand for adipic acid.
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The North American region follows the APAC region is estimated to witness a steady growth in the adipic acid market owing to the recovery of the industrial sector along with growing investments to refresh the electronics & consumer goods industry through the forecast period. The Latin American countries such as Colombia, Mexico, Brazil, and Venezuela are projected to observe considerable growth due to intensifying consumer spending on electrical & electronic products and increasing automobile production and sales. In Europe, France, Germany, and Italy are the main contributors to the regional market progress due to a strong base for automotive manufacturers.
The proficiency in utilizing the economies of scale is proving to be positive for the market’s complete growth. The development patterns are modified in tandem with the customer’s penchant to realize the maximum growth, and in the long run, viability. The market has prominently nullified the market trials and thus is inspiring a boost in the number of companies in the market. The diversification of the product variety in the market is raising the prospects for the advancement of the market. The organization’s inclination in the market is supporting the level of expansion that can be accomplished in the current market scenario. The market is at the topmost production level and will be able to make better value for the firms in the market and their shareholders.
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The outstanding contestants shaping the adipic acid market are PetroChina Company Limited (China), BASF SE (Germany), Asahi Kasei Corporation (Japan), INVISTA (U.S.), LANXESS (Germany), Sumitomo Chemical Co., Ltd. (Japan), Radici Partecipazioni SpA (Italy), Ascend Performance Materials (U.S.), Solvay S.A. (Belgium), BioAmber Inc (U.S.), Shandong Hongye Chemical Company, Ltd. (China) among others.
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