Growing construction industry in Asia Pacific is expected to drive the regional dimer acid market
The global dimer acid market is spanned across five regions namely Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America.
Asia Pacific is leading the global dimer acid market due to high demand from the construction, oilfield and cosmetics industries. Growing construction activities to support growing population mainly in China and India is also expected to drive the demand for adhesives & sealants, surface coating, paints & ink, polyester resin, which is likely to affect the growth of the global dimer acid market, positively.
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Additionally, the demand for oil and gas is increasing in Asia Pacific due to rapid industrialization and urbanization. This has exerted pressure on key market players as well as the new entrants to explore newer reserves in difficult geological conditions sometimes even at great depths. China accounted for the largest market share in the Asia Pacific oilfield services market. Furthermore, growing trends towards the use of bio-based cosmetics over chemical-based products are expected to show rising demand for dimer acid from the cosmetics industry.
The Middle East is expected to experience rising demand for dimer acid over the forecast period 2017-2023 due to ongoing infrastructural projects to flourish tourism industry by the government. Additionally, Dubai’s Expo, 2020 in the UAE and FIFA World Cup, 2022 in Qatar are projected to boost the construction industry to a large extent. Furthermore, the demand for oilfield chemicals is expected to show a steady growth over the forecast period due to the high concentration of oilfield reserves in the region.
North American and European market is relatively mature and is expected to show a steady growth during the forecast period owing to growing renovation and construction industries in the region. Furthermore, high consumer awareness regarding bio-based cosmetics is expected to boost the demand for dimer acid-based cosmetics during the forecast period.
Latin America is expected to show a moderate demand for dimer acid, mostly from Mexico and Brazil due to ongoing construction activities.
Market Segmentation
The global dimer acid market is segmented based on product type, application, and region.
On the basis of the product type, the global dimer acid market is segmented into standard, distilled, and distilled & hydrogenated.
On the basis of the application, the global dimer acid market is segmented into reactive polyamide, non-reactive polyamide, oilfield chemical, cosmetics & personal care products, and others.
On the basis of the end-user industry, the global dimer acid market is segmented into construction, oilfield industry, cosmetics, and others.
On the basis of the region, the global dimer acid market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Competitive Analysis:
The key players in the global dimer acid market are Shandong Huijin Chemical Co. Ltd (China), Croda International Plc (U.K.), Oleon Corporate M&S (Europe), Anqing Hongyu Chemical Co., Ltd(China), Florachem Corporation. (U.S.), Emery Oleochemicals (Malaysia), Jinan tongfa resin Co. Ltd. (China), Krayton Corporations (U.S.), Aturex Group (China), and Fujian Liancheng Baixin Science and Technology Co.,Ltd. (China).
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