According to a report,”Dodecanedioic Acid Market Size, Share & Trends Analysis Report By Application (Resin, Powder Coatings, Adhesives, Lubricants), By Region, Competitive Landscape, And Segment Forecasts, 2019 – 2025″, published by Grand View Research, Inc., The global dodecanedioic acid market size is expected to reach USD 678.4 million by 2025, registering a 5.9% CAGR during the forecast period. Increasing use of dodecanedioic acid (DDDA) for the manufacturing of nylon and growing demand for nylon from the paints and coatings industry is expected to boost the market during the forecast period.
Asia Pacific accounted for a significant share in the market over the past years and is expected to witness steady growth in future owing to potential demand from the automotive industry in emerging economies like Malaysia, Japan, and India. Moreover, increasing government initiatives aimed at reducing carbon footprint by using eco-friendly products is expected to increase the demand for powder coatings.
Increasing use of nylon for the production of high-performance thermoplastics due to heating abilities of nylon is an emerging trend in the market. High demand for bio adhesives is predicted to fuel demand for bio-DDDA during the forecast period.
Inclination for using eco-friendly bio-based DDDA powder coatings in the automobile industry in Germany is expected to have a positive impact on the regional market. Moreover, rise in demand for nylon-based fabrics is will boost market growth in Europe.
Key Takeaways from the report:
Asia Pacific led the dodecanedioic acid market over the past years and is expected to register a revenue-based CAGR of 6.1% during the forecast period. This can be attributed to strong manufacturing base of nylon in countries such as Japan, India, and China
Emerging automotive manufacturing hub in Mexico, along with growing domestic consumption, is expected to drive the North America market in the forthcoming years
The resin application segment accounted for just under 64.0% in 2018 and is expected to grow in future due to surging demand for nylon in China, U.S., and India. This is driven by favorable properties such as flexibility, heat stability, and high scratch resistance, preferred in the in automotive domain
The powder coating segment is expected to exhibit a revenue-based CAGR of 6.4% over the forecast period owing to growing focus on preventive coatings in developing economies of Asia Pacific, such as China and India
Renewable feedstock is an opportunity for players in North America and Europe since it is economical in nature. There has also been growing use of nylon in manufacturing high-performance thermoplastics owing to its heating abilities.
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Asia Pacific accounted for just under 35.0% of the global market in terms of revenue and is expected to expand at a CAGR of 6.1% over the forecast period due to increasing domestic consumption by economies such as China, Malaysia, and Japan. Furthermore, supportive regulations to attract more investments is expected to have a positive impact on the market.
North America also holds a significant share in the market and is expected to expand at a CAGR of 6.1% through 2025 due to the emergence of Mexico as an automotive manufacturing hub. Moreover, increasing demand for luxury vehicles by consumers on a global scale is expected to drive DDDA demand in the region.
Europe is expected to grow significantly over the course of the forecast period owing to growing powder coatings production in economies like Germany. Moreover, players are eyeing product developments as a key opportunity in the market.
Growing demand for bio-adhesives is predicted offer lucrative opportunities for bio-dodecanedioic acid in future. Renewable feedstock has offered DDDA producers with cost reduction opportunities and enhanced penetration in heavily regulated markets like North America and Europe. Increasing use of nylon in the manufacture of high-performance thermoplastics due to its heating abilities is trending in the market.
Dodecanedioic Acid Market Share Insights
Major players operating in the market include Invista, Verdezyne, BASF SE, Cathay Industrial Biotech, UBE Industries, Santa Cruz Biotechnology, Cathay, Evonik, Ube, and Invista. The industry has been witnessing an increase in production capacities and easing supply in concurrence to rise in demand in various application sectors. One such example would be of California-based manufacturer Verdazyne, which in 2017, began construction of a new 6,000 ton per year plant in Iskandar, Malaysia.
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