The global octadecanedioic acid (ODDA) market is anticipated to reach USD 9.4 million by 2024, according to a new report by Grand View Research, Inc. Growing demand for renewable chemicals used to derive high value intermediate & end-use products is expected to support market growth over the coming years.
Traditionally, dibasic or dicarboxylic acids were produced through chemical reactions such as multistep butadiene oxidation which used petrochemical as a raw material. Initiatives undertaken to reduce dependency on petrochemical feedstock led to the development of biotechnological production methods, namely, microbial fermentation and metathesis.
Further expansions & investments in the biotechnological field are anticipated to facilitate commercial scale production of C18 dibasic acid through microbial fermentation. Vegetable oil is used as feedstock while using the biotechnological processes.
Rising ODDA demand from soaps & detergents and organic personal care products is projected to augment market growth over the forecast period. Developing economies such as India, China, South Korea and Japan are slated to emerge as the key end-use markets. Growing application scope in personal care and plastics is expected to augment product demand over the forecast period.
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U.S. octadecanedioic acid market revenue by application, 2014-2024 (USD Thousand)
Further key findings from the report suggest:
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Water repellant properties of C18 dicarboxylic acid has found extensive application in cosmetics
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The application of octadecanedioic acid in coatings, adhesives, sealants, and elastomers (CASE) segment is projected to gain prominence across the world
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Demand in the polyester polyols segment accounted for approximately 50% of the market volume in 2015
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Advantages such as improved performance, reduced carbon footprint, and renewable content enable manufacturers to charge a “green premium” on products
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Commercialization of biobased methods coupled with increasing demand for renewable sources in the lubricants and cosmetics market is anticipated to augment market demand
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Lubricating oil is projected to occupy the second-largest share on account of increasing use of ODDA as thickener component in grease compositions
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Rising awareness of ecofriendly products and increasing government initiatives supporting measures towards sustainable environment is expected to propel market demand
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Volatile price of petrochemical derived products on account of supply-demand imbalances has prompted the shift towards biobased chemicals
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Elevance Renewable Sciences Inc. has developed its own patented metathesis catalyst technology, which has fortified its hold in the market
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Key market players include Elevance Renewable Sciences Inc., Croda International Plc., Cathay Industrial Biotech Ltd., TCI America, and BASF SE
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U.S. octadecanedioic acid market revenue by application, 2014-2024 (USD Thousand)
Grand View Research has segmented the octadecanedioic acid market on the basis of application and region:
OctadecanedioicAcid Application Outlook (Volume, Kilo Grams; Revenue, USD Thousand, 2014 – 2024)
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Polyester polyols
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Cosmetics
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Powder coatings
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Lubricating oil
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Others
OctadecanedioicAcid Regional Outlook (Volume, Kilo Grams; Revenue, USD Thousand, 2014 – 2024)
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North America
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U.S.
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Europe
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Germany
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France
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Asia Pacific
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Japan
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Middle East and Africa
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Latin America
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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