The global market for adipic acid is expected to reach $7.7 billion by 2020.
(PRWEB) October 05, 2015
Wellesley, Mass., October 05, 2015 – Rapidly growing economies, mainly in China and India, have significantly increased the global demand for adipic acid over the past 10 years. BCC Research reveals in its new report that the production of adipic acid is rising in the Asia-Pacific region due to start-up and small companies entering the market.
Adipic acid can be divided into two types: bio-based and synthetic. Bio-based adipic acid, which is used marginally, is produced using glucose. The vast majority of adipic acid used is synthetically produced, derived mostly from cyclohexane although a small portion also is made from phenol and benzene.
The global market for adipic acid should reach $6.6 billion and $7.7 billion in 2015 and 2020, respectively, reflecting a five-year (2015-2020) compound annual growth rate (CAGR) of 3.2%. The global adipic acid market for the automotive industry, the largest and fastest growing end-user application, is expected to reach nearly $2.6 billion by 2020, up from $2.1 billion in 2015, with a five-year CAGR of 4.2%. The market for the second largest end-user application, the electrical and electronics industry, should register a five-year CAGR of 2.7%, leading to a total market value of $1.1 billion in 2020.
The global market for adipic acid has been growing for the past 10 years at a significant rate, in pace with development of the wide range of applications in the automotive, electrical and electronics, sporting-goods, synthetic-leather, shoe-sole, food and beverages, pharmaceuticals and packaging films and coatings sectors, among others. This growth is partly driven by the North America and European regions. But the Asia-Pacific region remains the dominant player in the market.
“In Asia-Pacific, the market is expected to be driven by growth in the automotive and footwear industries in China and India,” says BCC Research analyst Aneesh Kumar. “China is manufacturing mainly car parts, accessories and components for vehicles and electric motors. China’s accession to the World Trade Organization also helped the country to facilitate the development of automobile parts and accessories market. India is one of the largest footwear producers and produces approximately 3 billion pairs every year. China and India each have a large footwear industry in which polyurethane is mostly used. This is expected to drive the market in the next five years. “
Global Markets for Adipic Acid (CHM055A) examines global adipic acid use by region, by intermediate applications, and by end-user applications. The report identifies market dynamics, growth drivers, inhibitors, opportunities, and forecasts trends and revenue through 2020.
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