5/23/2022
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Dodecanedioic Acid Market Emerge as Attractive Pace 2031
5/16/2022
Dodecanedioic Acid Market Outlook 2031
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The global dodecanedioic acid market was valued at US$ 756.9 Mn in 2020
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It is estimated to expand at a CAGR of 7.2% from 2021 to 2031
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The global dodecanedioic acid market is expected to surpass the value of US$ 1.5 Bn by the end of 2031
Rise in Adoption of Synthetic Process for Production of Dodecanedioic Acid Drives Market
Dodecanedioic acid can also be produced using butadiene through a chemical process. Butadiene can be converted into cyclododecatriene through the cyclotrimerization process, and this cyclododecatriene is converted into dodecanedioic acid. Moreover, an innovative method of producing dodecanedioic acid by using yeast is grabbing the attention of consumers across the globe. The increasing preference for biotech production of dodecanedioic acid is creating value-grab opportunities for market players. Dodecanedioic acid is created from paraffin wax with yeast is cost effective; hence, there is a huge demand from various end-use industries.
Dodecanedioic acid is solid at room temperature with a slight odor. It can be used in the manufacturing of chemicals such as polyesters. This polyester has various applications such as it is used in the manufacturing of toothbrushes, coatings, paints, cosmetics, adhesives, lubricants, automotive parts, fragrances, pharmaceuticals, fuel line tubing, etc. Dodecanedioic acid can also be used as a raw material for synthetic musk fragrances. The growing usage of dodecanedioic acid in various synthesis processes and as a rust preventive agent in cutting oil is also driving the global market.
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Increase in Applications of Dodecanedioic Acid
This dibasic acid is a white flake solid, and majorly used in top-grade powder coatings and paints, adhesives, pulp & paper, chemical and industrial facilities, surfactants, antiseptics. The increasing use of dodecanedioic acid in the production of engineering plastics such as polyamide resins, adhesives, diester synthetic lubricants, fibers, and curatives are driving the global market in the upcoming years. Dodecanedioic acid can also be used in the production of high-performance nylon 6-12, plasticizers, polyester coatings, and epoxy resins when combined with amine. Dodecanedioic acid is effective as a ferrous corrosion inhibitor for metalworking fluids, engine coolants, metal cleaners, and aqueous hydraulic fluids when used in a mixture with other dibasic acids. Dodecanedioic acid can also be used as a complexing agent for lithium complex grease. It helps increase the dropping point and improve mechanical stability. Rise in demand for dodecanedioic acid in nylon, engineering plastic, painting materials, and other applications is propelling the dodecanedioic acid market.
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High Use of Nylon Creating Revenue Streams for Market Players
Various types of nylon resins can be manufactured using dodecanedioic acid. There is an increasing demand for nylon resins such as epoxy resins, aromatic hydrocarbon resins, phenolic resins, acrylates, lattices, unsaturated polyester resins, and other specialty resins from different end-use industries. This growing popularity of various types of nylon resins is due to the rise in demand for performance plastics in transportation and construction industries. Nylon 6 resins are extensively used as engineering plastics, owing to their high stiffness and strength even at elevated temperatures, and toughness at low temperatures. These properties of dodecanedioic acid offer high fatigue resistance and good welding behavior. Thus, increasing application of engineering plastics is more likely to create growth opportunities for manufacturers operating in the dodecanedioic acid market.
Key players operating in the global dodecanedioic acid market are focusing on research & development, merger, joint venture, collaboration, and product innovation strategies to leverage lucrative revenue opportunities in the global market.
Asia Pacific Holds Major Share of Dodecanedioic Acid Market
Asia Pacific is expected to account for a major share of the global dodecanedioic acid market during the forecast period. This is majorly due to rise in demand for dodecanedioic acid in various applications such as nylon and painting. China is a major producer of dodecanedioic acid, and holds a significant share of the dodecanedioic acid market in Asia Pacific.
In addition, Europe is also a prominent region of the global dodecanedioic acid market. Increase in demand for dodecanedioic acid in nylon, engineering plastics, and painting materials is contributing to the market growth in Germany.
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