Description
According to the report published by Zion Market Research, the global Bio Adipic Acid Market size was valued at USD 100.50 Billion in 2022 and is predicted to reach USD 154.59 Billion by the end of 2030. The market is expected to grow with a CAGR of 5.53% during the forecast period. The report analyzes the global Bio Adipic Acid Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Bio Adipic Acid Market industry.
Global Bio Adipic Acid Market: Overview
Adipic acid is a chemical platform and one of the most important commercial aliphatic dicarboxylic acids. This monomer is used in the manufacture of polyurethanes and nylon 6,6, and also a chemical used as cosmetic and food additives. Traditionally, adipic acid has been produced from several petroleum-based feedstocks such as cyclohexane, phenol, and benzene. However, there is interest in the production of bio-based adipic acid that is been derived from lignocellulosic biomass as a supplement or alternative to the petrochemical process.
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Global Bio Adipic Acid Market: Growth Factors
The global bio adipic acid market currently is in emerging stages and is expected to grow significantly. Factors such as an increase in concerns regarding environmental issues, growing prices of feedstocks for petroleum-based products, and growing research on the production of bio adipic acid from glucose as raw material are propelling the growth of the global bio adipic acid market. Adipic acid is majorly produced for the manufacture of nylon. Nylon has a wide range of applications across several industries. It is been widely used to make plastic machine parts, in electronic industries due to its heat resistance & non-conductivity, for cookware products, and fabrics. The rise in demand for nylon ultimately leads to the demand for adipic acid.
In addition to this, adipic acid is also widely used in the production of plasticizers, resins, polyurethanes, lubricants, adhesives as well as in the pharmaceutical and food industries. Mostly, the commercially available adipic acid is produced by catalytic oxidation of cyclohexane and cyclohexane mixture which are obtained from benzene. This reaction along with adipic acid produces nitrous oxide. Nitrous oxide is a massive environmental concern as it has a global warming potential much higher than CO2. Thus, there is a massive shift of the key players towards the production of bio-based adipic acid which in turn is driving the growth of the global market.
In addition to this, the rise in government initiatives towards eco-friendly products and growing R&D activities for the development of methods for the production of bio a dipic acid are also the key aspects that are augmenting the growth of the market. Furthermore, growing technological advancements supporting the catalytic processes will offer huge opportunities for the growth of the global bio adipic acid market during the forecast period. However, the high initial cost required in the production of bio adipic acid may hinder the growth of the global bio adipic acid market.
The Covid-19 pandemic has severely hit the global bio adipic acid market. The disruption in the supply chain during the pandemic due to lockdown and constraint on transport led to the scarcity of biomass. This affected the production of bio adipic acid. In addition to this, the manufacturers were enforced to cease all their production units and R&D activities were also been stopped during the first and second quarter of the year 2020. All these factors impacted the market growth during the pandemic situation.
Global Bio Adipic Acid Market: Segmentation
The global bio adipic acid market is categorized based on application and region. Based on the application, the global bio adipic acid market is bifurcated into adipate esters, polyurethanes, nylon 6,6 resin, and others. Among these, the nylon 6,6 resin segment is expected to account for the maximum share due to its wide applications across several business sectors including electronic, clothing, and cookware.
Global Bio Adipic Acid Market: Regional Analysis
Among the regions, Asia Pacific is expected to dominate the global bio adipic acid market during the forecast period. The rise in consumption of adipic acid, growing awareness regarding environmental benefits of bio adipic acid, and high cost associated with petroleum-based products are the key factors that are spurring the growth of the market in this region. North America is anticipated to grow at a faster rate due to heavy investments in R&D activities for the development of technology for the production of bio adipic acid to commercialize in upcoming years and emerging startups entering the market. Europe is also expected to contribute a significant share to the growth of the market.
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Global Bio Adipic Acid Market: Competitive Players
The global bio adipic acid market is in the initial stages with well-established manufacturers of adipic acid including:
- Bio-Amber
- DSM
- Genomatica
In addition to these key players, several startups such as Rennovia and Verdezyne are focusing on the production of bio adipic acid.
The Global Bio Adipic Acid Market is segmented as follows:
By Application
- adipate esters
- polyurethanes
- nylon 6,6 resin
- and others
Global Bio Adipic Acid Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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