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Adipic Acid Market Growth Driven by Propelled Demand for the Lightweight Vehicles
The global adipic acid market size is valued at $6.11 billion as of 2018 and is anticipated to grow with a CAGR of 3.97% throughout the forecast period 2019-2025.

BriefingWire.com, 9/13/2019 - Companies across the globe are focusing more on creating high quality, lightweight, durable, and high absorption capacity fibers that can endure harsh environmental conditions. There has been a substantial demand for long-lasting and chemically resilient fibers for the manufacturing of automotive parts. Nylon is one such material which is a predominant intermittent product of adipic acid. The lightweight feature of nylon has made it an eminent material used in the production of lightweight vehicles. According to the “International Organization of Motor Vehicle Manufacturers”, the number of lightweight vehicles produced worldwide was around 19.5 million in 2017 and it reached around 20.6 million in 2018. Increasing demand from the automobile industry for the manufacturing of lightweight vehicles spur the growth of the adipic acid market. The global Adipic Acid Market size is valued at $6.11 billion as of 2018 and is anticipated to grow with a CAGR of 3.97% throughout the forecast period 2019-2025.

Browse Adipic Acid Market Report Link: www.industryarc.com/Report/15176/adipic-acid-market.html

Adipic acid is also known as hexanedioic acid and it is an aliphatic dicarboxylic acid which is widely used in the preparation of cyclopentanone. Adipic acid undergoes ketonization process to give cyclopentanone, is a common precursor to fragrances such as jasmine. In adipic acid to cyclopentanone conversion process barium hydroxide is reacted with adipic acid at elevated temperatures. Adipic acid is used in adipic esters, polyamide 66, polyvinyl chloride (PVC) resins, and polyurethane (PU) foams applications. Adipic acid dihydrazide is a chemical and is used as a hardener and crosslinking agent for epoxy resins. It has several other applications such as paints and coatings, paper, and plastics manufacturing, which in turn, lead the growth of the adipic acid market around the globe. Di-2-Ethylhexyl Adipate (DOA) is another widely used diester of adipic acid. It is commonly used as a hydraulic acid and plasticizer.

The Major Players in the Adipic Acid Market:

The prominent players in the adipic acid market include DuPont Chemicals, Radici Group, Asahi Kasei Corporation, BASF SE, Invista, Ascend Performance Materials, Solvay, Petrochina Liaoyang Petrochemical, and Wego Chemical & Mineral Corp.

Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors. Asahi Kasei Corporation, a Japanese chemical company announced acquisition with Sage Automotive Interiors, a U.S. based manufacturer of automotive interior material, on July 19, 2018. The automotive interiors are manufactured by Lamous microfiber of Asahi Kasei which has high-end properties like durability and resilient will further demand the growth of the automotive market. Such joint ventures aid the market players to expand their geographical boundaries and accentuate their footprint into the global adipic acid market.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.

 
 
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