The changing dynamics in Adipic Acid Market with covid-19 impact assessment
June 04, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Adipic Acid Market.
It was estimated prior to this unanticipated outbreak that the Adipic Acid Market was expected to grow at a CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Adipic Acid, better known as Hexanedioic acid has a white crystalline structure. Carbon, oxygen, and hydrogen together result in Adipic acid that has the chemical formula C6H10O4. Talking about the properties of the acid, it is corrosive in nature and also flammable. Also, the substance is biodegradable and can cause irritation in the lungs when inhaled.
Adipic acid is used mostly in nylon preparation along with other products such as polyurethanes and more. It is mostly used in manufacturing blood bags and food wraps. Also, it is highly used in the pharmaceutical as well as in the automotive industry. Adipic acid can be produced from a number of options such as waste agricultural products, acetylene, and benzene.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the material type, the market is segmented as engineering plastics & fibers. The engineering plastics segment is further sub-segmented into automotive, packaging films & coatings, industrial/machinery, electrical & electronics, consumer goods, appliances, wire & cable, and others. About 13.7% of the total demand was registered from the automotive sub-segment in 2012, followed by the consumer goods application sub-segment as the most speedily developing segment in the global adipic acid market.
Based on the application type, the market is segmented as polyamide/nylon 66, polyurethanes, adipic/adipate esters, and others. The polyamide 66 application segment is estimated to be the largest-application owing to its specific properties and also on account of the growing demand for lightweight polyamide 66 majorly from the auto component manufacturers.
In terms of regions, presently, the Asia-Pacific region is the largest consumer of adipic acid. China and Japan are the growth engines of the region with the largest share in the regional volumetric consumption of adipic acid in 2012. The market volume of the acid is relatively low in the European region, and is expected to flourish with a low growth of 1.8% during the forecast period.
Key Players:
Some of the major players in the adipic acid market are Asahi Kasei Corporation, Ascend Performance Materials Inc., BASF SE, Invista, Lanxess Aktiengesellschaft, Petrochina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company, Ltd. (BOHUI), and Shandong Hongye Chemical Company, Ltd.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Adipic Acid Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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