[URL=https://www.industryarc.com/Report/19682/3-oxoadipic-acid-market.html?utm_source=freeprnow&utm_medium=pressrelease&utm_campaign=paidpressrelease]3-Oxoadipic Acid market[/URL] is forecasted to grow at a CAGR of 3.6% during 2021-2026. 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.Key Takeaways
Asia-Pacific dominates the 3-oxoadipic acid market, owing to the growing textile industry in the region. According to Invest India, the domestic technical textile market in India for synthetic polymers is projected to reach $11.6 billion by 2027.
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.
The major opportunity for this market is high research spending and growing awareness in society.
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3-Oxoadipic Acid Market Segment Analysis – By Geography
The Asia-Pacific region held the largest share of 42% in the 3-Oxoadipic Acid market in 2020. owing to the growing end-use industries in the region. There are a large number of polyurethane manufacturing companies located in China, owing to the high demand for polyurethane foams in several end-use industries because of their durability, versatility, low cost, and high functionality. These foams are considered excellent and safe filling materials for mattresses and seating cushions. They are employed in several industries including construction and building, automotive, furniture and bedding, footwear, electronic appliances, and coatings. 3-Oxoadipic acid is also used in plasticizers. Plasticizers are among the most widely used additives in the plastic industry. They are also usually cheaper than other additives used in polymer processing. Plasticizers make plastics elastic, extensible, and flexible.
3-Oxoadipic Acid Market Drivers
Increasing Automotive Production
Asian Textile Industry
3-Oxoadipic Acid Market Landscape
3-Oxoadipic Acid market top companies are Finetech Industry Limited, Aosen New Material Technology Co. Ltd., Hairui Chemical Co. Ltd., Henan Tianfu Chemical Co. Ltd., Shandong Haili Chemical Industry Company Ltd.
6. Shandong Hongye Chemical Company, Ltd.
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