NEW YORK, March 23, 2017 /PRNewswire/ -- The global octadecanedioic acid (ODDA) market is anticipated to reach USD 9.4 million by 2024, according to a new report by Grand View Research, Inc. Growing demand for renewable chemicals used to derive high value intermediate & end-use products is expected to support market growth over the coming years.
Traditionally, dibasic or dicarboxylic acids were produced through chemical reactions such as multistep butadiene oxidation which used petrochemical as a raw material. Initiatives undertaken to reduce dependency on petrochemical feedstock led to the development of biotechnological production methods, namely, microbial fermentation and metathesis.
Further expansions & investments in the biotechnological field are anticipated to facilitate commercial scale production of C18 dibasic acid through microbial fermentation. Vegetable oil is used as feedstock while using the biotechnological processes.
Rising ODDA demand from soaps & detergents and organic personal care products is projected to augment market growth over the forecast period. Developing economies such as India, China, South Korea and Japan are slated to emerge as the key end-use markets. Growing application scope in personal care and plastics is expected to augment product demand over the forecast period.
Further key findings from the report suggest:
Water repellant properties of C18 dicarboxylic acid has found extensive application in cosmetics
The application of octadecanedioic acid in coatings, adhesives, sealants, and elastomers (CASE) segment is projected to gain prominence across the world
Demand in the polyester polyols segment accounted for approximately 50% of the market volume in 2015
Advantages such as improved performance, reduced carbon footprint, and renewable content enable manufacturers to charge a "green premium" on products
Commercialization of biobased methods coupled with increasing demand for renewable sources in the lubricants and cosmetics market is anticipated to augment market demand
Lubricating oil is projected to occupy the second-largest share on account of increasing use of ODDA as thickener component in grease compositions
Rising awareness of ecofriendly products and increasing government initiatives supporting measures towards sustainable environment is expected to propel market demand
Volatile price of petrochemical derived products on account of supply-demand imbalances has prompted the shift towards biobased chemicals
Elevance Renewable Sciences Inc. has developed its own patented metathesis catalyst technology, which has fortified its hold in the market
Key market players include Elevance Renewable Sciences Inc., Croda International Plc., Cathay Industrial Biotech Ltd., TCI America, and BASF SE
Read the full report: http://www.reportlinker.com/p04785504-summary/view-report.html
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