New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Dioctyl Adipate Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Dioctyl Adipate Market Size:
Global dioctyl adipate market is projected to tread a lucrative growth roadmap at ~5% CAGR during 2022-2031. Chief growth propellants identified for this progressive growth journey include high adoption of dioctyl adipate (DOA) across a range of end-users as a plasticizer. DOA features such as competent thermal stability, good weathering tenacity and electrical properties besides being temperature resilient make it highly suitable in PVC plasticizers. As a plasticizer, dioctyl adipate (DOA) has gained consumer attraction in food packaging industry such as clear packaging and seals. Recent findings confirm that the PVC food packaging market was worth around USD 13 billion in 2019 and is expected to topple over approximately USD 15 billion by 2023. Besides, DOA is also used aggressively as an additive for the rubber, paint and resin industries where it helps in reducing brittleness. It is potent that the DOA market would remain lucrative in the forthcoming years with substantial consumption of rubber as well as other synthetic polymers in end-use applications such as healthcare, automotive, and electronics.
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Dioctyl adipate is highly desirable over other plasticizers owing to its features and advantages such as economic prices, besides improving the mechanical and physical attributes of the polymers, while keeping the chemical structure unchanged. These features make DOA highly suitable for paints and varnishes where a smooth surface finish is indispensable. DOA is used in combination with other plasticizers such as dioctyl phthalate and dioctyl terephthalate which are used in making PVC shoes and soles. Growing popularity of plastic footwear for benefits such as waterproof technology is favoring market expansion. In 2020, the US exported plastic and rubber footwear across the globe worth roughly USD 130 million.
Global Dioctyl Adipate Market: Key Takeaways
- North America region to grow as a lucrative growth spot
- Rubber application segment to sustain highest revenues
- Cable and wiring end-use segment to witness large scale adoption and innovation
Growing Need for Sturdy and Comfortable Medical Device to Push Global Dioctyl Adipate Market
Dioctyl adipate (DOA) is also used as a preferred raw material in the healthcare industry to improve medical device and equipment output quality. DOA has gained prominence as an apt material to manufacture various medical tubes that are inserted within the patient body. These tubes are designed to offer optimum patient comfort with zero compromise on recovery and treatment. As dioctyl adipate (DOA) is comparatively soft, it is now accepted as an ideal building material for tubing in the healthcare industry. DOA is mostly used in making soft medical grade PVC that is used to manufacture flexible tubing, medical gloves, and medical containers. As medical tubing is crucial for patient fluid management, respiratory equipment, catheters, and other applications, DOA applications is poised to grow substantially over the forecast years.
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As dioctyl adipate is highly transparent, it is used in medical tubing. According to international standards such as the US FDA guidelines, medical tubes need to be absolutely see-through. Clear tubing is required in tracking fluid mobility. Also, for the ease of transportation and storage, medical tubes need to be static and spark resistant. As DOA has high thermal stability it is accepted as a preferred material for medical tubing. Factors such as improved healthcare spending, stringent regulatory initiatives towards hygiene and improved participation of emerging economies in care delivery and overall health outlook are portrayed to ensure an optimistic adoption outlook for medical equipment such as tubes, thus aiding market expansion. Recent statistics predict the worldwide revenues for medical device industry in 2022 is likely to scale above USD 450 billion in 2022.
Moreover, the global economy is highly mobilized by the chemical industry developments. End-user applications are estimated to favor chemical industry growth in the forecast era. According to the US Dept. of Energy's Energy Efficiency and Renewable Energy data, the US is claimed to be among the top chemical producers globally, totaling to over one-fifth of the total chemical production across the world. The chemical industry in the US made for almost USD 490 billion of the total GDP in the US in 2020. The value of chemical trade in the same year was calculated over USD 29 billion. The US chemical sector provides employment to roughly 520,000 employees. These developments in the chemical industry are projected to bode well with advances in the global dioctyl adipate (DOA) market.
Global Dioctyl Adipate Market: Regional Overview
The global dioctyl adipate (DOA) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Lucrative Prospects in the Manufacturing Industry to Aid Market Expansion for Dioctyl Adipate (DOA) Market in North America
However, the dioctyl adipate (DOA) market in North America is expected to remain the most profitable, supported by a resilient chemical industry in the region. Post the Covid-19 induced lockdown and slow economic growth, the chemical industry in the US rebounded owing to significant demands in chemical intensive end-use sector. The chemical industrial production is anticipated to grow over 4.5% in 2022. Besides, the chemical industry, North America region also enjoys the advantage of having a strong medical equipment industry. Several leading market leaders also have their base in the region which are substantially helping market expansion. Additionally, the manufacturing sector is also expanding rapidly in countries such as the US and Canada. Manufacturing industry poses high demands for plasticizers which is expediting market expansion backed by massive consumption across packaging, automotive, and construction industries. The automotive industry in the USA claims for over 2.8% of the total GDP. Total plastic production in the US in 2018 according to the American Chemistry Council data equaled 35.7 million tons.
Chemical Industry Boom to Channelize Lucrative Growth Windows in Asia Pacific
Substantial developments in chemical manufacturing initiatives in countries such as India and China are influencing notable growth spurts for dioctyl adipate market growth in Asia Pacific region. Encompassing over 75,000 commercial products, the chemical industry in India is highly progressive with diversified segments comprising polymers, fertilizers, specialty chemicals among others. Excluding pharmaceuticals, the export value of India's chemicals stands at the 14th place. The SMEs sector of the chemical industry in India is anticipated to demonstrate favorable revenue growth, approximately between 15-20% for 2022. In 2020, the value of domestic chemical consumption in China was worth around USD 1.8 trillion.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Dioctyl Adipate Market, Segmentation by Application
- Polymer
- Rubber
- Paint
- Others
DOA or dioctyl adipate is a highly used material in plasticizers for the rubber industry. Owing to its functional efficiency and features such as temperature resistance, plastifying efficiency, and zero thermochromaticity, DOA is recommended for use in rubber. In recent years, to combat the challenges of natural rubber, synthetic rubber has been gaining consumer attraction owing to benefits such as longevity and high weathering capabilities, chemical inertness, and temperature resistance. As DOA is a crucial component for synthetic rubber, advances in the synthetic rubber industry is projected to lend ample growth momentum. Synthetic rubber is consumed exorbitantly in manufacturing tires and tire accessories. In 2020, US reported over 8 million production of commercial vehicles, thus improving tire manufacturing business in the region. Also, in the US, the market for replacement tires was worth over USD 40 billion in 2019.
Global Dioctyl Adipate Market, Segmentation by End-User
- Packaging
- Cable and Wiring
- Consumer Goods
- Medical Applications
- Wall Coverings & Flooring
- Others
DOA is widely accepted as a jacket material or insulation material for cables and wires requiring electric power engineering. The cable and wiring segment is projected to grow strong during the forecast years. One of the most prevalent uses of DOA is in electrical power engineering such as power plants. Flexible PVC are widely used in making wires and cables that support electrical equipment. Also, growing demands for consumer electronics such as smart devices, IT devices, personal computers and desktops are furthering dependence on PVC cables, thus supplementing dioctyl adipate market growth. Globally, consumer expenditure on consumer electronics is expected to topple higher than USD 500 billion in 2022. The sale of smartphones in the US alone equaled over USD 70 billion in 2021.
Global dioctyl adipate market is also classified based on purity type.
Global Dioctyl Adipate Market, Segmentation by Purity Type
- 98%
- 99%
- 99.5% Pure
Few of the well-known market leaders in the global dioctyl adipate market that are profiled by Research Nester are Exxon Mobil Corporation, Hallstar Innovations Corp., DuPont de Nemours, Inc., Ineos Group Ltd., Chongqing Caifchem Co., Ltd., Hanwha Solutions Corporation, LG Chem Ltd., S&P Global Inc., Daihachi Chemical Industry Co., Ltd., and Mitsubishi Chemical Holdings Corporation among several other players.
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Recent Developments: Global Dioctyl Adipate Market
- In April 2021, BASF announced the availability of new series of plasticizers obtained from organic wastes. The new series of BASF biomass balanced (BMB) plasticizers include, Palatinol N BMB, 10-P BMB and Plastomoll DOA BMB,and Hexamoll DINCH BMB,which are developed from organic wastes instead of fossil fuels.
- In August 2022, Hallstar which is best known for its chemical products targeted for industrial and beauty applications has announced its acquisition of Lanxess manufacturing facility. The development is expected to improve Hallstar's manufacturing efficiency and expand product offerings.
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