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.
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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.
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
- Petrochina Liaoyang Petrochemical
- Radici Group
- Shandong Haili Chemical Industry Company, Ltd.
- Shandong Hongye Chemical Company, Ltd.
Global 3-Oxoadipic Acid Market: Research Scope
Global 3-Oxoadipic Acid Market, by Material Type
- Engineering Plastic
Global 3-Oxoadipic Acid Market, by Application
- Polyamide 66
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.