Adipic Acid Market To Grow At CAGR Above 3%

The global adipic acid market is projected to witness a huge growth at a compound annual growth rate (CAGR) of more than 3% during the estimated period. Adipic acid is widely utilized as a prerequisite component in nylon manufacturing, which has a huge application scope in the automotive market.

The growing scope for adipic acid in low-temperature lubricants, synthetic fibers, and coatings & paints will positively impact the market. Moreover, the rising demand for coatings & paints due to the growing infrastructure expenditure is also expected to spur the market growth.

However, the growing concern towards the environment is likely to hamper market growth, forcing the market players to opt for bio-based adipic acid. Bio-based manufacturing of this compound will gain popularity owing to its low prices, compared to synthetic manufacturing.

Adipic acid is used in polymer production, rendering it highly useful in the chemical industry. Its other major applications are plasticizers, coatings, and detergents. It can also be utilized in various customer-specific items like dishwashing machine tablets. This compound also finds its use in laboratory chemicals as an additive. The extensive nylon 6-6 application in the automotive market is also projected to spur the adipic acid market growth. Moreover, it is utilized in electronics and textiles industries as well; therefore, the growth of these industries is likely to fuel the market growth.

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