The global adipic acid market to grow at a CAGR of 3.10% during the period 2017-2021.
The report, Global Adipic Acid Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is increasing demand for 3D printing. Adipic acid derivatives such as nylon 6 and nylon 6,6 are increasingly used in the 3D printing. The fused deposition modeling (FDM) 3D printing technique is expected to increase the demand for adipic acid in the upcoming years. Nylon filament offers good Z-axis lamination, high strength, and excellent chemical resistance.
According to the report, one driver in market is growing demand for adipic acid from automotive industry. High-performance plastics such as nylon have an important role in the automotive segment. Lightweight plastics helps in the production of fuel-efficient vehicles. Reduction in the weight of the automobile by every 10% is expected to have a 5%-7% reduction in the fuel use. The increasing fuel prices and environmental concerns about pollution have propelled the manufacturing of fuel-efficient cars in the automotive industry. Automotive air intake manifolds were made of metals, but today nylon fibers are used extensively for the production these manifolds. The substitution of metals in the manifolds with nylon reduces the weight of these parts by half and decreases the production costs by more than one-third.
Further, the report states that one challenges in market is volatility in raw material prices. Adipic acid is mainly produced from the cyclohexanone and cyclohexanol. The hydrogenation of benzene produces cyclohexanone. Benzene is the main raw material for the production of adipic acid. The oil and gas industry is one of the principal suppliers of raw materials for the global adipic acid market. The fluctuations in the crude oil prices have a severe effect on the prices of the raw material, affecting the costs of adipic acid. In 2010, the crude oil price for Brent was around $77 per barrel, but there was an increase in the price during 2012 by nearly 41%. However, in the subsequent years, the price of crude oil per barrel decreased at a rate of nearly 60% in 2016.