Adipic Acid Market

The article analyzes the global market for adipic acid, its salts and esters, forecasting a steady increase in consumption and value over the next eight years. Key points include the anticipated CAGR of +2.3% in consumption and +4.0% in value from 2022 to 2030, bringing the market volume to 6.8M tons and value to $15.6B by 2030. China leads in consumption and production, while Italy, the Netherlands, and Turkey are major importers. The market is expected to see steady growth in exports as well, with China as the largest exporter.

Market Forecast

Driven by increasing demand for adipic acid, its salts and esters worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 6.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $15.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Adipic Acid, Its Salts And Esters

In 2022, the amount of adipic acid, its salts and esters consumed worldwide totaled 5.6M tons, remaining stable against the previous year's figure. In general, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 8.8% against the previous year. Global consumption peaked at 6M tons in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

The global adipic acid market revenue declined modestly to $11.4B in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the market value increased by 8.5% against the previous year. Over the period under review, the global market attained the peak level at $11.6B in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Consumption By Country

The country with the largest volume of adipic acid consumption was China (1.5M tons), accounting for 26% of total volume. Moreover, adipic acid consumption in China exceeded the figures recorded by the second-largest consumer, the United States (664K tons), twofold. India (609K tons) ranked third in terms of total consumption with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.8%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+0.5% per year) and India (+2.3% per year).

In value terms, the largest adipic acid markets worldwide were China ($2.1B), India ($1.6B) and the United States ($1.1B), together comprising 42% of the global market. The UK, Japan, Ethiopia, Germany, Brazil, Thailand, Spain, Italy, France and Turkey lagged somewhat behind, together comprising a further 34%.

The UK, with a CAGR of +5.2%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of adipic acid per capita consumption in 2022 were the UK (2.6 kg per person), Spain (2.5 kg per person) and Italy (2.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +2.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Adipic Acid, Its Salts And Esters

In 2022, the amount of adipic acid, its salts and esters produced worldwide reached 5.7M tons, remaining constant against 2021 figures. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 7.3%. Global production peaked at 5.9M tons in 2017; however, from 2018 to 2022, production remained at a lower figure.

In value terms, adipic acid production contracted modestly to $11B in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 17%. As a result, production attained the peak level of $11.6B, and then declined slightly in the following year.

Production By Country

The country with the largest volume of adipic acid production was China (1.9M tons), comprising approx. 33% of total volume. Moreover, adipic acid production in China exceeded the figures recorded by the second-largest producer, the United States (764K tons), twofold. India (556K tons) ranked third in terms of total production with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +5.1%. In the other countries, the average annual rates were as follows: the United States (-1.3% per year) and India (+1.8% per year).

Imports

World Imports of Adipic Acid, Its Salts And Esters

In 2022, global adipic acid imports shrank to 949K tons, with a decrease of -7.1% compared with the previous year. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 18%. As a result, imports reached the peak of 1M tons, and then fell in the following year.

In value terms, adipic acid imports rose remarkably to $2B in 2022. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.7% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 74%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, Italy (132K tons), the Netherlands (88K tons), Turkey (85K tons), Canada (81K tons), Taiwan (Chinese) (58K tons), Singapore (57K tons), India (54K tons), Germany (49K tons), Spain (45K tons), Japan (35K tons), South Korea (29K tons) and France (28K tons) was the major importer of adipic acid, its salts and esters in the world, committing 78% of total import. The United States (25K tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by India (with a CAGR of +11.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($307M), the Netherlands ($199M) and Turkey ($174M) constituted the countries with the highest levels of imports in 2022, together accounting for 34% of global imports. Canada, Germany, India, Taiwan (Chinese), Singapore, Spain, Japan, France, the United States and South Korea lagged somewhat behind, together accounting for a further 46%.

India, with a CAGR of +12.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average adipic acid import price stood at $2,126 per ton in 2022, jumping by 22% against the previous year. In general, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, adipic acid import price increased by +79.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 47% against the previous year. Global import price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the United States ($2,434 per ton) and France ($2,341 per ton), while Taiwan (Chinese) ($1,687 per ton) and Singapore ($1,708 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Adipic Acid, Its Salts And Esters

In 2022, global adipic acid exports fell to 986K tons, with a decrease of -9.2% compared with 2021 figures. Overall, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +31.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 45% against the previous year. As a result, the exports reached the peak of 1.1M tons, and then shrank in the following year.

In value terms, adipic acid exports expanded markedly to $2B in 2022. In general, exports, however, enjoyed tangible growth. The growth pace was the most rapid in 2021 when exports increased by 109% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (402K tons) represented the largest exporter of adipic acid, its salts and esters, creating 41% of total exports. It was distantly followed by Germany (162K tons), the United States (124K tons), France (118K tons) and South Korea (71K tons), together mixing up a 48% share of total exports. The following exporters - Italy (22K tons) and the Netherlands (22K tons) - each amounted to a 4.4% share of total exports.

China was also the fastest-growing in terms of the adipic acid, its salts and esters exports, with a CAGR of +24.3% from 2012 to 2022. At the same time, Italy (+3.0%) displayed positive paces of growth. By contrast, Germany (-1.7%), South Korea (-1.9%), the United States (-6.8%), the Netherlands (-7.6%) and France (-21.1%) illustrated a downward trend over the same period. While the share of China (+34 p.p.) and France (+12 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the Netherlands (-4.6 p.p.), South Korea (-5 p.p.), Germany (-11 p.p.) and the United States (-23.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest adipic acid supplying countries worldwide were China ($649M), Germany ($405M) and the United States ($279M), together comprising 67% of global exports.

China, with a CAGR of +23.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average adipic acid export price amounted to $2,031 per ton, rising by 19% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 44%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($2,740 per ton), while China ($1,615 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+33.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform