Bio-Based Adipic Acid Market - Global Industry Growth, Size, Share, Analysis And Forecast To 2020: New Report By Grand View Research, Inc.
San Francisco, California (PRWEB) January 16, 2015 -- The increase in preference for industrial chemical manufacturing through sustainable means will remain a key driving factor for the bio-based adipic acid market growth over the next six years. The global market is still at an infancy stage as key industry participants are focusing on research to develop manufacturing facilities and launch the product on a commercial-scale. Key industry participants include Verdezyne, Rennovia, Genomatica and Bio Amber.
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Stringent government regulations over environmental impact coupled with volatile petrochemical based raw material prices will augment bio-based adipic acid market demand. Adipic Acids manufactured from bio-based feedstock would reduce carbon footprints and Green House Gases (GNG) into the atmosphere. Adipic acid is a precursor for polyurethane (PU) and nylon production. Increasing nylon demand for applications such as textiles and automotive components will significantly augment bio-based adipic acid market growth over the next six years. Shift in preference by industry participants for using bio-based PU over traditional products, in industrial applications such as infrastructure, electronics and automobile will fuel adipic acid market growth over the forecast period.
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Other applications include the food and medical industries. Adipic acid is used as a flavorant and gelling aid ingredient in the food processing industry. The medical industry uses Adipic Acid as Polymeric Coating for hydrophilic drugs and other controlled release mechanisms. Stringent FDA regulations owing to nitrogen dioxide (NO2) emissions from traditional adipic acid will positively rule in favor of bio-based adipic acid. High initial R&D and production costs associated with bio-based adipic acid will hamper industry participant’s growth. Government incentives in the form of price subsidies and loan assistance will provide key opportunities for bio-based adipic acid industry participant’s growth.
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