Posted On: 2019-03-06
India adipic acid market is at a growing stage. Several upcoming projects for strengthening of the construction sector such as $2.0 billion Bharatmala Project, $7.5 billion Setu Bharatam project and $1.7 billion Chardham-Highway project would help to raise the demand for construction equipment over the coming years. As adipic acid is utilized in the manufacturing of such equipment, this would drive adipic acid market during the forecast period. Further, growing furniture & interiors, footwear, electronic appliances, coatings, adhesives, sealants and elastomers market across the country would raise the demand for polyurethane foams over the coming years. As polyurethane foam is a derivative of adipic acid, this would further boost India's adipic acid market in the near future.
According to 6Wresearch, India Adipic Acid Market revenues are projected to grow at a CAGR of 6.6% during 2019-24. Increasing awareness regarding environmental pollution has resulted in consumers opting for lightweight vehicles with lower fuel consumption and emissions. This has encouraged automotive manufacturers to replace metal components with nylon products and helped nylon consumption to rapidly increase across the country. The automotive sector is expected to witness significant development over the next few years, with projects such as the $866.8 million JSW Energy New Unit and $236.8 million Hero MotoCorp New Unit. The aforementioned factors are anticipated to spur the adipic acid market across the country during the forecast period.
According to Ravi Bhandari, Senior Research Manager, Research and Consulting, 6Wresearch, "The Nylon 66 and polyurethane applications were the key revenue generating segments in 2018 in the overall India adipic acid market on account of significant deployment of nylon 66 and polyurethanes in the manufacturing of construction equipment and packaging products in the country."
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By regions, the western India held the highest revenue share in the overall India Adipic Acid Market in 2018. The region is projected to maintain its dominance during the forecast period owing to the presence of large number of nylon industries along with significant number of other facilities such as automotive, polyester, plastic industries, food and beverage and chemical across the region, which make use of adipic acids or their derivatives."
Some of the major companies in India adipic acid market include - Asahi Kasei, Ascend Performance Materials, BASF, E.I. DuPont, LANXESS and Radici Plastics.
"India Adipic Acid Market (2019-2024)" provides in-depth analysis with 63 figures and 6 tables covered in more than 120 pages. The report estimates and forecast the overall India Adipic Acid market by revenue, volume, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.