NEW YORK, Jan. 11, 2017 /PRNewswire/ -- The global long chain dicarboxylic acid market is expected to reach USD 300.3 million by 2025, according to a new report by Grand View Research, Inc. Rising product use as LCDA applications such as nylon & other polyamide, powder coatings and lubricants will augment market growth over the next nine years.
The increasing use of long chain dicarboxylic acid as precursor in manufacturing of nylon & other polyamides, powder coatings, lubricants, adhesives, and corrosion inhibitors, applications will fuel the long chain dicarboxylic acid demand. Rising application scope of nylon & other polyamides in automotive and building construction is expected to propel long chain dicarboxylic acid growth over the forecast period.
Long chain dicarboxylic acid is employed as a key bio-based product for manufacturing in various applications. LCDA is an environmentally degradable product which makes its suitable for compliance with various regulatory norms laid by REACH and EPA in Europe and North America respectively.
High performance nylon & other polyamide used possess properties like high strength & stiffness, fatigue resistance, and broad temperature toleration. High performance nylon is widely used in infrastructure projects across various geographies of the world. The growth of above stated application segment is expected to fuel long chain dicarboxylic acid demand over the forecast period.
Further key findings from the report suggest:
Long chain dicarboxylic acid market is expected to witness the growth at a CAGR of 7.0% from 2016 to 2025 due to its biodegradability, which also offers environmental advantage
Pharmaceuticals as an application of LCDA will witness the fastest growth in terms of revenue at a CAGR of 8.7% from 2016 to 2024 owing to its superior bio-based properties
North America market is expected to witness significant growth and was estimated at over USD 43 million in 2015 on account of rising infrastructure development and growing automotive industry
Key participants include Cathay Industrial Biotech Ltd., Shandong Hilead Biotechnology Co., Ltd, Invista B.V, Zibo Guangtong Chemical Co., Ltd., and Evonik Industries AG
Key companies in the market are focused on increasing their global presence through mergers & acquisitions and plant expansions.
In June 2016, Cathay Industrial Biotech Ltd. announced capacity expansion for bio-based products that include long chain dibasic acids, bio-pentane diamine (DN5), and bio-polyamide (bio-PA)
In October 2016, Invista opened a new 2,15,000-ton capacity hexamethylene diamine (HMD) plant and a 1,50,000-ton capacity polymer plant in China
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