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3-Oxoadipic Acid market Size to Reach US$ 440 million, Globally, By 2030 at CAGR of 3.6%- IndustryARC

May 13, 2024 7:00 PM ET

3-Oxoadipic Acid market Size to Reach US$ 440 million, Globally, By 2030 at CAGR of 3.6%- IndustryARC

3-Oxoadipic Acid market size is forecasted to reach US$440 million by 2030, after growing at a CAGR of 3.6% during the forecast period 2024-2030. This is attributed to the growing textile and automotive industries. 3-Oxoadipic acid is also known as 3-ketoadipate, 3-Oxohexanedioic acid, or beta-oxoadipate, and belongs to the class of organic compounds known as medium-chain keto acids. 3-Oxoadipic acid has excellent physical properties such as durability, lightweight nature, and excellent energy absorption. So, it is used in polyamide 66, polyvinyl chloride (PVC) resins, and polyurethane. It is also used in the chemical industry to create coatings, plasticizers, and resins. Polyamides such as nylon polymers and polyester polyols are used in the production of hot-melt adhesives mainly for shoe soles and other applications, and this is anticipated to grow swiftly. Nylon 66 industrial filament is one of the rapidly growing application areas for 3-oxoadipic acid during the forecast period. It is used increasingly to manufacture lightweight components in the automotive industry and thus driving the market growth.

The booming global construction sector is expected to fuel the demand for adipic acid, particularly in building materials like exterior panels, insulation, and electronic housing. Additionally, the growth in automotive and packaging industries is further bolstering market expansion. Consequently, the surge in construction and automotive sectors is anticipated to propel the adipic acid market, leading to significant growth prospects in the forecasted period.

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3-Oxoadipic Acid market Current and Future Trends:

Increasing Demand in Polymer Production: 3-Oxoadipic Acid is a key intermediate in the production of nylon 6,6, a versatile polymer used in various industries such as automotive, textiles, and packaging. The growing demand for nylon 6,6 in these sectors is driving the demand for 3-Oxoadipic Acid.

Shift Towards Bio-based Production: With increasing concerns over environmental sustainability and volatile crude oil prices, there’s a trend towards bio-based production of 3-Oxoadipic Acid. Bio-based routes utilize renewable feedstocks such as sugars or fatty acids, offering a more sustainable alternative to traditional petrochemical-based processes.

Technological Advancements in Production Processes: Continuous advancements in process technologies are enhancing the efficiency and cost-effectiveness of 3-Oxoadipic Acid production. Innovations such as catalytic processes and novel reactor designs are reducing production costs and improving product quality.

Regulatory Environment: Regulatory standards and environmental policies regarding emissions and waste management are influencing the production processes of 3-Oxoadipic Acid. Manufacturers are increasingly focusing on compliance with stringent regulations and adopting cleaner production methods to minimize environmental impact.

Rising Demand for Sustainable Materials: Consumer awareness regarding sustainability is driving demand for eco-friendly materials. 3-Oxoadipic Acid, being a key component in the production of sustainable polymers like bio-based nylon, is witnessing increased demand from industries aiming to reduce their carbon footprint and meet sustainability goals.

Market Consolidation and Partnerships: The 3-Oxoadipic Acid market is witnessing consolidation through mergers, acquisitions, and strategic partnerships. Companies are forming alliances to leverage complementary strengths, expand their product portfolios, and strengthen their market presence globally.

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3-Oxoadipic Acid market Report – Scope:

The 3-Oxoadipic Acid market has been segmented By Application, By End-Use Industry, By Geography . The report provides insights into the market dynamics, including market drivers and challenges.

3-Oxoadipic Acid market with top country data and analysis. The report also highlights the market potential, growth rates, and alternative relevant statistics.

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The top 10 players in the 3-Oxoadipic Acid industry are:

  1. Invista
  2. BASF SE
  3. Asahi Kasei Corporation
  4. DSM
  5. Lanxess AG
  6. Toray Industries Inc.
  7. Ascend Performance Materials
  8. Radici Group
  9. Ascend Performance Materials
  10. Solvay S.A.

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