The Europe Adipic Acid Market would witness market growth of 3.7% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 374.4 Kilo Tonnes, showcasing a growth of 3.5% (2019-2022).
The electronic industry provides various products, from consumer electronics to aerospace. In the future, the continued digitalization, and the growing utilization of electronic devices such as smartphones, computers, and televisions are expected to contribute to the expansion of the electrical & electronics industry. This is expected to increase the market, which is used as a feedstock in the production of nylon 6, 6, thereby positively affecting the demand for adipic acid.
The aftermath of coronavirus is expected to encourage the expansion of the pharmaceuticals industry. This is expected to positively affect market growth due to the pharmaceutical industry's rising demand for adipic acid. In addition, the increasing international adoption of electric vehicles is expected to expand the automotive sector, thereby increasing the demand for adipic acid in producing nylon 6, 6.
The rising disposable income of customers, coupled with their easy access to finances in the form of loans from banks, has contributed to the growth of the global automotive industry. In addition, electric vehicles and automatic cars, which offer accessible and less effort-driving experiences to customers, are also witnessing surged demand globally. Thus, the increasing demand for automobiles worldwide is expected to fuel the consumption of nylon 6, 6, positively impacting the demand for adipic acid.
According to the German Trade and Administration, high innovation levels and low barriers to new product entry have helped create a EUR 12.7 billion confectionery and snack production industry in 2020. The leading segments in terms of market value are cocoa and chocolate products (EUR 5.5 billion). Adipic acid is used as a food additive in the confectionery industry. It is an acidity regulator and pH control agent in various products, including candies, chocolates, and chewing gum. Expanding the confectionery industry in Germany and its focus on quality, innovation, and sustainability can create opportunities to use adipic acid in various applications.
According to the government of the UK, there were 2.3 million vehicles registered for the first time in the UK in 2021, a rise of 5% compared to 2020. As vehicle registration in the UK rises, there is a corresponding increase in automobile demand. This leads to greater production of vehicles, which in turn requires the use of nylon 6,6 produced with adipic acid for components such as air intake manifolds, engine covers, and radiator end tanks. The aspects mentioned above will boost the market growth in this region.
The Germany market dominated the Europe Adipic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $355.2 million by 2030. The UK market is experiencing a CAGR of 2.9% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 4.5% during (2023 - 2030).
Based on Application, the market is segmented into Nylon 6, 6 Fiber, Nylon 6, 6 Resin, Polyurethane, Adipate Esters, and Others. Based on End-use, the market is segmented into Automotive, Packaging & Consumer Goods, Electrical & Electronics, Textile, Building & Construction, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Adipic Acid Market will Hit $6.2 Billion by 2030, at a CAGR of 3.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ascend Performance Materials LLC, Asahi Kasei Corporation, BASF SE, Koch Industries, Inc. (Invista BV), Liaoyang Tianhua Chemical Co., Ltd, Radici Partecipazioni S.p.A., Solvay SA, Sumitomo Chemical Co., Ltd., DOMO Chemicals GmbH, and LANXESS AG.
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By End-use (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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