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3-Oxoadipic Acid Market- Trends, Growth and Covid19 Analysis to 2030

 3-Oxoadipic Acid: Introduction

·         3-oxoadipic acid, also known as 3-keto-adipate, or b-oxoadipate, is an oxo dicarboxylic acid consisting of adipic acid having a single oxo group

·         The global 3-oxoadipic acid market is anticipated to expand at a high growth rate during the forecast period, as it has excellent physical properties such as durability, lightweight nature, and excellent energy absorption.

Key Drivers of 3-Oxoadipic Acid Market

·         3-oxoadipic acid is utilized as a monomer in the manufacturing of polyamide 66, which is a widely used ingredient in advanced engineering products that are utilized in automobile, construction, footwear, furniture, and electrical and electronics industries

·         Polyurethane was a rapidly expanding segment of the global 3-oxoadipic acid market in 2019, due to the high demand for polyurethane foams in several end-use industries owing to their durability, versatility, low cost, and high functionality. These foams are considered as excellent and safe filling materials for mattresses and seating cushions. They are employed in several industry verticals including construction and building, automotive, furniture and bedding, footwear, electronic appliances, and coatings, adhesives, sealants, and elastomers (CASE).

·         Europe and Asia Pacific are highly active markets in terms of strategic initiatives, owing to their emerging and mature market demands respectively. The automotive end-user industry led this rapid expansion of the polyamide 66 market, backed by the global automotive vehicle production, which is estimated to reach more than 150 million units in 2020

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Polyamide 66 Application Segment to Offer Lucrative Opportunities

·         In terms of value & volume, the polyamide 66 segment is estimated to account for a significant share of the market during the forecast period. 3-oxoadipic acid is primarily utilized in the manufacture of polyamide 66, owing to its excellent properties such as durability, lightweight nature, and excellent energy absorbing property, and also due to the rising demand for lightweight polyamide 66 from auto component manufacturers.

·         Other applications of adipic acid include polyurethanes and adipic acid esters, such as Di-2-Ethylhexyl Adipate, are utilized as plasticizers for polyvinyl chloride resins

Covid-19 Impact on 3-Oxoadipic Acid Market

·         The COVID-19 pandemic has impacted a large number of countries across the globe. Various measures introduced to deal with the pandemic, such as lockdowns, decrease in trade activities, and shutdown of various factories and workplaces in several countries, could save lives; however, these measures are having wide-ranging economic effects and inducing economic contagion. Along with the risk of slowdown of global growth, the effects of COVID-19 are adversely affecting various sectors in economies across the globe.

·         Key segments of manufacturing have led to shut down in several countries across the globe in response to the lockdown orders issued by governments of these countries and the suspension of public transport services

·         According to the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak could cause global foreign direct investment (FDI) to shrink by 5% to 15% by the end 2020, due to the contraction of the manufacturing sector coupled with factory shutdowns

·         The negative effects of COVID-19 on FDI investments are expected to be severe in various manufacturing sectors. Manufacturers of 3-Oxoadipic acid across the globe are facing concerns regarding the availability of raw materials due to the COVID-19 pandemic. This has hampered the manufacture of products. Therefore, the impact of COVID-19 pandemic is estimated to be high on the 3-oxoadipic Acid market in 2020 and 2021.

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Asia Pacific Expected to Hold Major Share of Global 3-Oxoadipic Acid Market

·         In terms of value, Asia Pacific accounted for significant share of the global 3-oxoadipic acid market in 2019. The region is estimated to continue its dominance during the forecast period, due to a rise in consumer awareness about the benefits of 3-oxoadipic Acid in plastic products. China was a leading consumer of 3-oxoadipic acid in Asia Pacific in 2019, as a large number of polyurethane manufacturing companies are located in the country.

·         Brazil is a leading consumer of 3-oxoadipic acid in Latin America. It is estimated to continue its attractiveness during the forecast period due to the expansion in the polyurethane and polyamide industry in the country.

·         Europe was also an important consumer of 3-oxoadipic acid in 2018 due to the predominant polyamide industry in the region. 3-oxoadipic acid is extensively manufactured in Germany. Various suppliers of 3-oxoadipic acid operate in Italy, Spain, and France.

Key Players in Market

Key players operating in the 3-oxoadipic acid market include:

·         Asahi Kasei Corporation

·         Ascend Performance Materials Inc.

·         BASF SE

·         Invista

·         Lanxess

·         Petrochina Liaoyang Petrochemical

·         Radici Group

·         Rhodia

·         Shandong Haili Chemical Industry Company, Ltd.

·         Shandong Hongye Chemical Company, Ltd.

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