New York, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global dioctyl adipate market size is predicted to expand at ~6% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 4 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.Market growth is majorly attributed to the increasing use of dioctyl adipate, or DOA, as a plasticizer in various end-use industries. In addition, it is often used as an additive in rubbers, resins, and paints to increase flexibility and reduce brittleness. Moreover, the market is expected to grow owing to the increasing consumption of rubber and other synthetic polymers in various industries such as electronics, automotive, and healthcare.
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According to International Trade Center data, the total export value of synthetic rubber in the year 2019 was USD 22,764,524. DOA-spiked rubber is widely used in the healthcare sector to manufacture medical devices. For instance, tubes inserted into the body must be as soft as possible to ensure optimal patient treatment and comfort, and DOA is used to increase the softness of rubber. Such applications of dioctyl adipate are expected to drive the market growth.
Dioctyl Adipate Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The rubber segment to garner the highest growth
- Market in North America to grow at a highest rate
Constantly Growing Pharmaceutical Industry across the Globe to Boost the Growth of the Market
There is a great need for dioctyl adipate in the pharmaceutical industry. Common examples of these products include capsules, tablets, and powders. Based on the continuous expansion and growing revenue of the pharmaceutical industry across the globe, the dioctyl adipate market is estimated to grow significantly over the forecast period. By the year 2021, the global pharmaceutical industry is estimated to generate a total turnover of nearly USD 1.5 trillion. The pharmaceutical industry is characterized by constant change and continued development. Currently, the main drivers of change include the relocation of manufacturing to the West, price pressures, supply chain challenges, and talent shortages. Successful contract development and manufacturing organizations (CDMOs) such as Seqens drive growth by adopting flexible business models and adding new technologies and manufacturing processes to meet different needs. Dioctyl adipate (DOA) is an organic compound with the chemical formula CH2CH2CO2C8H17. DOA's high molecular weight, high boiling point, and low vapor pressure make it suitable for use as a plasticizer. It is a colorless liquid that dissolves in fats and oils.
Dioctyl Adipate Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Healthcare Expenditure to Propel Market Growth in the Asia Pacific Region
The dioctyl adipate market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the increasing chemical manufacturing activity in developing countries such as China and India. The market growth is further attributed to rising per capita healthcare spending as well as rising population and disposable income in the region. For instance, each region’s total per capita medical expenses (in USD) in the year 2019 reached about 500 in China, 60,000 in India, 100 in Indonesia, and 4,000 in Japan. Therefore, such factors are expected to boost the growth of the market during the forecast period. The rapid increase in the number of patients in the region and the developing infrastructure of healthcare are expected to boost the demand for dioctyl adipate from the healthcare industry in the region.
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Availability of Regulatory Support Guidelines in the Healthcare Industry to Drive Market Growth in North America
The dioctyl adipate market for healthcare in the North American region is estimated to garner the highest CAGR by the end of 2035. Market growth in the region is primarily owed to the presence of strong healthcare networks in the region, and the availability of regulatory support guidelines has contributed to the development of efficient treatment and manufacturing options for healthcare products. Furthermore, it encourages market participants to decide to invest more in research and development. In addition, North American healthcare insurers offer efficient reimbursement policies for patients undergoing medical procedures, encouraging patients to choose more advanced medical facilities. Therefore, it is estimated that this will also contribute significantly to the growth of the market. Rising healthcare costs in the region are also expected to contribute to regional market growth. According to the Centers for Medicare & Medical Services (CMS), U.S. national health care spending increased 9.7% in the year 2020 to reach USD 4.1 trillion, i.e., USD 12,350 per capita.
Dioctyl Adipate, Segmentation by Application
- Polymer
- Rubber
- Paint
- Others
Amongst these four segments, the rubber segment in dioctyl adipate market is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the fact that the use of rubber is increasing in various end-use industries. Additionally, rubber is commonly used in sheets, wires, and cables where flexibility is required. Hence, the use of DOA is increasing in the rubber industry. Synthetic rubber has gained acceptance and popularity mainly due to the unstable supply of natural rubber and its high price. It is becoming even more popular. The demand for synthetic rubber is increasing owing to the increasing number of vehicles and increasing applications in fields other than tires. Commonly used in the construction industry, shoes, plastics, and medical applications. In the year 2020, natural rubber production was approximately 14 million tons. This is the largest increase since the year 2000, when the world produced a total of about 6.8 million tons of natural rubber. Hence, this increased production of rubber is estimated to add to segment growth significantly over the forecast period.
Dioctyl Adipate, Segmentation by End User
- Packaging
- Cable and Wiring
- Consumer Goods
- Medical Applications
- Wall Coverings & Flooring
- Others
Amongst these six segments, the medical applications segment is anticipated to hold a significant share over the forecast period. The growth of the segment can be accredited to the rapidly spiking pharmaceutical industry around the globe. The industry is also expanding at a notable rate, backed by the increasing expenditure on medicines. It was noted that about USD 1.5 trillion was spent on medicines worldwide by the year 2021, up from about USD 850 billion in 2010. The pharmaceutical industry discovers, develops, manufactures, and markets medicines or medicinal products that are used as medicines to be administered to patients for the purpose of treatment, vaccination, or alleviation of symptoms. Pharmaceutical companies may deal in generic or branded drugs and medical devices. Pharmaceutical companies contribute to improving the health and well-being of society. There are many different types of pharmaceutical companies, but they all help discover, develop and manufacture medicines. Different types of pharmaceutical companies are working in different ways to develop their own treatments and medicines.
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Dioctyl Adipate, Segmentation by Purity Type
- 98%
- 99%
- 99.5% Pure
Few of the well-known industry leaders in the dioctyl adipate market that are profiled by Research Nester are Hallstar Innovations Corp., DuPont de Nemours, Inc., Ineos Group Ltd., Chongqing Caifchem Co., Ltd., Hanwha Solutions Corporation, LG Chem Ltd., and S&P Global Inc., and other key market players.
Recent Development in the Dioctyl Adipate Market
- Exxon Mobil Corporation has announced increased production of raw materials needed to manufacture masks, gowns and hand sanitizers.
- DuPont de Nemours, Inc. announced that it would exhibit a new leading pharmaceutical polymer portfolio at the CPhI Worldwide event.
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