Global increase in preference for industrial chemical manufacturing through sustainable means is expected to remain a key driving factor for bio-based adipic acid market growth over the next six years. The global market is still at infancy stage as key industry participants are focusing on research for developing manufacturing facilities to launch the product on a commercial scale. Key industry participants include Verdezyne, Rennovia, Genomatica and Bio Amber.
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Stringent government regulations over environmental impact coupled with volatile petrochemical based raw material prices is expected to augment bio-based adipic acid market demand. Adipic acid manufactured from bio-based feedstock would reduce carbon footprints and green house gases (GNG) into the atmosphere. Adipic acid is a precursor for polyurethane (PU) and nylon production. Increasing nylon demand for applications such as textiles and automotive components is expected to significantly augment bio-based adipic acid market growth over the next six years. Shift in preference by industry participants for using bio-based PU over traditional products, in industrial applications such as infrastructure, electronics and automobile is expected to fuel adipic acid market growth over the forecast period.
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Other applications include food and medical industry. Adipic acid is used as a flavor ant and gelling aid ingredient in food processing industry. Medical industry uses adipic acid as polymeric coating in hydrophilic drugs and other controlled release mechanisms. Stringent FDA regulations owing to nitrogen dioxide (NO2) emissions from traditional adipic acid are expected to positively rule in favor of bio-based adipic acid. High initial R&D and production costs associated with bio-based adipic acid are expected to hamper industry participant’s growth Government incentives in the form of price subsidies and loan assistance are expected to provide key opportunities for bio-based adipic acid industry participant’s growth.
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