Austin, July 24, 2024 (GLOBE NEWSWIRE) -- The Long Chain Dicarboxylic Acid Market Size is projected to reach USD 422.05 Million by 2032 and grow at a CAGR of 7.34% over the forecast period of 2024-2032.
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The increasing focus on sustainability is driving the global long chain dicarboxylic acid market.
The need for bio-based long chain dicarboxylic acids is being driven by the growing attention being paid to environmental issues. Customers are actively looking for environmentally friendly substitutes since they are acutely aware of how items affect the environment. All industries are being pressured by this change in consumer behavior to incorporate sustainable materials into their production processes.
Furthermore, stringent regulations are pushing industries to adopt more sustainable practices to minimize their environmental impact. This regulatory landscape creates a fertile ground for bio-based long chain dicarboxylic acid, as they offer a practical solution to meet compliance requirements while ensuring product performance is not compromised. In essence, the escalating consumer and regulatory emphasis on environmental responsibility is a key substance for the burgeoning bio-based long chain dicarboxylic acid market.
For example, dodecanedioic acid is a pioneer in the manufacture of polyamide 612 syntheses. The high-growth specialty chemicals business Elevance Renewable Sciences created octadecane dioic acid by utilizing a microbial fermentation pathway and another approach that used natural plant oils.
Additionally, there is a use for long chain dicarboxylic acid in the manufacture of transparent powder coatings. Businesses want powder coatings because they offer a premium, long-lasting finish that maximizes output, boosts efficiency, and complies with environmental regulations. Hence all factors drive the market growth.
Long Chain Dicarboxylic Acid Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 241.52 million |
| Market Size by 2032 | USD 422.05 million |
| CAGR | 7.34% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Major players listed in the Long Chain Dicarboxylic Acid Market report are Nantong Senos Biotechnology Co. Ltd, Cathay Biotech Inc., Evonik Industries AG, Shandong Hilead Biotechnology, Henan Junheng Industrial Group Biotechnology Co., Ltd, Capot Chemical Co., Ltd., DAYANG CHEM, INVISTA, AECOCHEM, Shandong Guangtong New Materials Co., Ltd., Corvay, and Others.
Segmentation Analysis
By Application
- Nylon& Other Polyamides
- Powder Coatings
- Lubricants
- Adhesives
- Pharmaceuticals
- Corrosion Inhibitors
- Others
Nylon & Other Polyamides held the largest market share around 35.12% in the application segment in 2023. It is used in molding compounds, as well as films and fibers made from nylon. It can be created in a variety of ways. One method of producing nylon is by the interaction of adipic acid with diamine acid. Due to its many advantageous qualities, including its high strength, resilience to heat and chemicals, durability, and impact resistance, nylon is a desirable material choice for a variety of applications, including packaging films, tire cords, carpets, and textiles. The usage of this drive the market growth.
Regional Landscape:
Asia Pacific dominated the market and held the largest market share around 32.7% and is projected to grow at the quickest CAGR of 7.01% throughout the forecast period. Boasting exceptional properties, nylon is increasingly being incorporated into various exterior building products, including glazing systems, expansion joints, seals, window setting blocks, and door bulb seals. This surge in demand for high-performance nylon in China's construction sector, coupled with the growing needs of other industries like automotive and industrial equipment manufacturing, is a key factor propelling the long-chain dicarboxylic acid market. And it increases the Asia Pacific regional growth in the long chain dicarboxylic acid market.
Recent Developments
- In June 2023, Cathay Biotech Inc. secured fresh funding and a strategic alliance with China Merchants Group. This partnership positions both companies as major players in the bio-based materials market. CMG's commitment to purchase at least 10,000 tons of Cathay's bio-based polyamides in 2023 signifies the substantial potential of this collaboration.
- In May 2023, DuPont, acquired Spectrum Plastics Group from AEA Investors. This strategic acquisition serves as a knockout punch, significantly bolstering The expanded footprint positioning DuPont as a heavyweight contender within the dependable healthcare sector.
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Key Takeaways:
- The Long Chain Dicarboxylic Acid Market will increase due to an increase in its usage in different application.
- The automotive, industrial, and chemical sectors are major consumers of the long chain dicarboxylic acid market due to their versatile applications.
- Asia Pacific held the largest market share in the long chain dicarboxylic acid market.
- Improvements in production processes and product development are enhancing market competitiveness.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Long Chain Dicarboxylic Acid Market Segmentation, By Application
8. Regional Analysis
9. Company Profiles
10. Competitive Landscape
11. Use Case and Best Practices
12. Conclusion
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