Global Dodecanedioic Acid Market to Reach US$ 1,074.0 Million by 2030 - Coherent Market Insights
SEATTLE, May 9, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global dodecanedioic acid market is estimated to be valued at US$ 539.1 million in 2021 and is expected to exhibit a CAGR of 7.7% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Dodecanedioic Acid Market:
Dodecanedioic acid can be produced using butadiene through a chemical process. Butadiene can be converted into cyclododecatriene through the cyclotrimerization process, and this cyclododecatriene is converted into dodecanedioic acid. Moreover, an innovative method of producing dodecanedioic acid by using yeast is grabbing the attention of consumers across the globe. Dodecanedioic acid created from paraffin wax with yeast is cost effective. Furthermore, increasing preference for biotech production of dodecanedioic acid is creating value-grab opportunities for market players.
All these manufacturing methods of dodecanedioic acid are adopted by key players across the globe. Moreover, rise in manufacturing bases, in terms of target market in emerging countries such as India has drive the market growth. For instance, according to data published by the Scholarly Commons, the Miami University's digital repository, in May 2018, the robust manufacturing base for dodecanedioic acid in India and China has driven the dodecanedioic acid market growth. Also, the emergence of industrial manufacturing hubs in China and India, and rapid growth in demand for industrial paints and powder coatings are expected to drive the market growth.
According to the Philippine Statistics Authority, the central statistical authority of the Philippine government, the Indian chemical industry is highly heterogeneous in structure with diversified manufacturing bases and markets.
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Key Market Takeaways:
The global dodecanedioic acid market is expected to exhibit a CAGR of 7.7% over the forecast period (2022-2030). The global dodecanedioic acid market is expected to witness tremendous growth in the upcoming years. Demand for dodecanedioic acid (DDDA) can be attributed to extensive usage in the production of paints, engineering plastics, corrosion inhibitors, coatings, adhesives, lubricants, and surfactants. Moreover, the presence of a robust manufacturing base in emerging economies is driving the market growth.
Among Application, powder coatings segment accounted for the 9.4% revenue share in 2021. The growing demand for paints and powder coatings around the world, as a result of rising construction and automotive industries is a major factor driving the dodecanedioic acid market growth. When compared to traditional materials, use of dodecanedioic acid in paints and powder coatings provides superior corrosion resistance, high-quality finish, abrasion protection, and resistance to moisture, heat, and chemicals.
The powder coatings segment is expected to witness growth at a significant rate during the forecast period due to features such as offering flexibility to polyesters and excellent heat resistance. Moreover, they are solvent-free and produce negligible emissions of volatile organic compounds (VOC), which makes it eco-friendly in nature. Powder coatings are hydrolytic resistant due to the presence of DDDA.
Major players operating in the global dodecanedioic acid market include BEYO Chemical Co., Ltd., Cathay Biotech Inc., Chemceed, Evonik Industries AG, Haihang Industry, Selleck Chemicals, Serena Chemicals, TCI Chemicals (India) Pvt. Ltd., Thermo Fisher Scientific Inc., and UBE Industries, Ltd.
Mergers and acquisitions, strategic collaborations, new product launch, and business expansions are the key strategies adopted by key players to retain their market share. For instance, in February 2022, Thermo Fisher Scientific Inc., an American supplier of scientific instrumentation, reagents and consumables, and software services invested US$ 40 million to expand its single-use technology (SUT) manufacturing facility in Millersburg, Pennsylvania. The single-use technology is used for developing new vaccines & cancer treatments in biopharma industry.
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Detailed Segmentation:
Global Dodecanedioic Acid Market, By Application:
- Resins
- Powder Coatings
- Adhesives
- Lubricants
- Others (Pharmaceutical, Fragrance, etc.)
Global Dodecanedioic Acid Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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