The Latin America, Middle East and Africa Adipic Acid Market would witness market growth of 5.6% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 314.4 Kilo Tonnes, showcasing a growth of 5.5% (2023-2030).
Adipic acid is hazardous to the environment, and its release to natural water sources such as rivers and ponds leads to their contamination. Manufacturers of this acid have to ensure its minimum release to the environment. The complications associated with using the product in terms of its hazardous impact on humans and the environment might influence end users of this acid to opt for alternative products such as green adipic acid. This is expected to restrain the demand for the acidic acid market in the forecast period.
Changes in consumer preferences and trends can impact the demand for products made with adipic acid. For example, the shift towards sustainable and eco-friendly products can influence the market. International trade agreements, tariffs, and trade policies can impact the import and export of adipic acid, affecting market dynamics. The number and competitiveness of producers in the market can influence pricing and supply. A more competitive market may lead to lower prices and greater innovation. The growth of emerging nations can significantly impact the market. Increased industrialization and consumption in these regions can drive demand.
The International Trade Administration estimates that in 2020, Saudi Arabia accounted for nearly 52% of all vehicles sold in the Gulf Cooperation Council (GCC) and 35% in the MENA region. In 2019 and 2020, Saudi Arabia sold 556 thousand and 436 thousand vehicles, respectively. Sales are expected to reach 543,000 units by 2025, with only 32,000 being electric vehicles (EVs). Adipic acid is used to produce components for lithium-ion batteries, which are crucial for electric vehicles. These components include separators and insulating materials that help enhance battery performance and safety. The expansion of the EV industry in Saudi Arabia, driven by environmental concerns, government initiatives, and economic diversification, presents an opportunity to use materials produced with adipic acid in various EV components and infrastructure.
According to the National Library of Medicine, packaging industries in South Africa used 52 percent of domestic and imported plastic raw materials in 2021. South Africa produces 1,492,000 tonnes of plastic locally. South Africa may aim to compete in the global packaging industry. Adopting advanced materials, including those produced with adipic acid, can contribute to the quality and sustainability of packaging materials. The aforementioned factors will significantly expand the market growth across the region.
The Brazil market dominated the LAMEA Adipic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $141.5 million by 2030. The Argentina market is showcasing a CAGR of 6.2% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 5.3% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Adipic Acid Market is Projected to reach USD 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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