Dodecanedioic Acid Market to Rise at CAGR of 7.2% During Forecast Period, Observes TMR Study
- Demand for dodecanedioic acid is increasing in painting materials, nylon, engineering plastics, and other uses, which is likely to boost the global dodecanedioic acid market
- Growing demand for dodecanedioic acid as a raw ingredient for synthetic musk perfumes and number of organic synthesis methods is expected to propel the market
ALBANY, N.Y., March 22, 2022 /PRNewswire/ -- The global dodecanedioic acid market was worth more than US$ 756.9 Mn in 2020. It is likely to develop at a CAGR of 7.2% during the forecast period, from 2021 to 2031. The global dodecanedioic acid market is anticipated to cross the valuation of US$ 1.5 Bn by 2031. The utilization of dodecanedioic acid has increased significantly as the demand for painting materials and nylon has grown globally. In addition, the global dodecanedioic acid market is predicted to be driven by increasing production as well as demand for engineering plastics, nylon, and painting materials.
Consumers all around the world are interested in a novel way of generating dodecanedioic acid utilizing yeast. Market participants are expected to profit from the growing demand for biotech dodecanedioic acid production. Since dodecanedioic acid is made from yeast and paraffin wax at a low cost, it is in high demand from a variety of industries.
At ambient temperature, dodecanedioic acid stays in solid form and has a faint odor. It can be utilized in the production of compounds such as polyesters. This polyester is utilized in the making of lubricants, toothbrushes, adhesives, paints, coatings, automobile components, cosmetics, perfumes, medicines, and fuel line tubing, among many other things. Synthetic musk perfumes can also be made with dodecanedioic acid as a basic ingredient. The global dodecanedioic acid market is also being driven by the increasing use of dodecanedioic acid in different production processes and in the form of a rust preventative agent in cutting oil.
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Key Findings of Market Report
- Nylon 6 resins are widely utilized as engineering polymers due to their excellent strength and rigidity at high temperatures, as well as their hardness at low temperatures. Dodecanedioic acid has great fatigue resistance and outstanding welding characteristics, owing to these features. As a result, companies in the global dodecanedioic acid market are more likely to witness growth as engineering plastics become more widely used.
- In 2020, the synthetic production segment led the global dodecanedioic acid market in terms of production process. This is due to rise in demand for synthetic dodecanedioic acid in a variety of applications, such as engineering plastics, nylon, and painting materials.
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- Dodecanedioic acid is utilized in the making of lattices, epoxy resins, phenolic resins, unsaturated polyester resins, aromatic hydrocarbon resins, acrylates, specialty resins, as well as other specialized intermediates, among many other nylon resins. These resins are utilized in a variety of industrial settings.
- Asia Pacific accounts for a significant portion of the global dodecanedioic acid market. The regional market is expected to grow at a CAGR of more than 9.7% during the forecast period. The Asia Pacific market is being driven by growing demand for the acid in different applications such as painting materials and nylon. In this market, China is a major player. It had considerable proportion of the regional market in 2020.
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Dodecanedioic Acid Market: Growth Drivers
- Dodecanedioic acid is produced from yeast (Candida Tropicalis) and paraffin wax utilizing biotechnology, which makes it a cost-effective product. As such, the biotech production segment is projected to increase at a steady rate during the forecast period.
- Transportation and construction industries have seen an increase in demand for performance polymers, resulting in growing utilization of nylon resins, which is likely to propel the global market
Global Dodecanedioic Acid Market: Key Players
Some of the key market players are
- Evonik Industries AG
- Shandong Guangtong New Materials Co., Ltd.
- Cathay Biotech Inc.
- Shijiazhuang Dongao Chemical Technology Co., Ltd.
- Tokyo Chemical Industry Co., Ltd.
- Santa Cruz Biotechnology, Inc.
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Global Dodecanedioic Acid Market: Segmentation
Production Process
- Synthetic Production
- Biotech Production
Application
- Antiseptics
- Nylon
- Adhesives
- Painting Materials
- Corrosion Inhibitors
- Automotive Lubricants
- Surfactants
- Engineering Plastics
- Others
End Use
- Food Manufacturers
- Foodservice
- Retail/Household
Extraction Method
- Air Drying
- Spray Drying
- Freeze Drying
- Drum Drying
- Vacuum Drying
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