New York, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global dodecanedioic acid market size is expected to expand at ~ 6% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 1419 Million by the end of 2033, up from a revenue of ~USD 601 Million in the year 2022. Dodecanedioic acid (DDDA) is an alpha, omega-dicarboxylic acid that is dodecane in which the methyl groups have been oxidized to the corresponding carboxylic acids. Its extensive application in the production of engineering plastics, paint and coatings, corrosion inhibitors, nylons, adhesives, lubricants, and surfactants is responsible for propelling its speedy demand in many end-use industries. Hence, with expanding industrial production worldwide, the demand for DDDA is also expected to rise. It was found that the industrial production rate in China increased at a rate of 4% from July 2020 to July 2022.
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Global Dodecanedioic Acid Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Resin segment to garner the highest growth
- Market in Europe to grow at the highest rate
Growing Manufacturing Base to Boost Market Growth
The global dodecanedioic acid market growth can be majorly attributed to the ongoing boom in the manufacturing industry. As per recent data, the manufacturing industry in the United States neared reach a value of approximately USD 6 trillion in 2022. This rise in the manufacturing base is the result of the burgeoning global population, increasing disposable income of the middle class, and rapidly rising urbanization across the world. Dodecanedioic acid application in manufacturing resins, paints, powder coatings, adhesives, lubricants, nylon, cosmetics, lubricants, fragrances, toothbrushes, and pharmaceuticals, among others, is anticipated to positively influence market growth over the forecast period. It was found that the total number of businesses in the manufacturing industry of the United States in 2022 would be around 638,590.
Global Dodecanedioic Acid Market: Regional Overview
The global dodecanedioic acid market is segmented into five major regions including Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa region.
Rapidly Emerging Chemical & Pharmaceutical Companies to Drive Growth in the Asia-Pacific Region
The dodecanedioic acid market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The primary factor attributed to the augmenting regional market growth is the rising government initiatives in emerging economies such as India, China, Japan, Singapore, and others to expand the chemical industry in the region. For instance, the Indian government allocated nearly USD 26 million to the Department of Chemicals and Petrochemicals under the Union Budget 2022–23. Moreover, the escalating growth of the plastic industry as well as the elevating textile and automotive industries in the region, which are major consumers of resins and nylons, and the burgeoning number of pharma companies that utilize DDDA acid in top-grade antiseptics, surfactants, and antiseptics are anticipated to boost the demand for dodecanedioic acid, resulting in market growth in the region over the forecast period.
Increasing Demand for Electric Vehicles to Drive Growth in the Europe Region
The dodecanedioic acid market in Europe is estimated to garner the highest CAGR by the end of 2033. The growth of the market in the region over the forecast period can be attributed to the increasing spending on research and development in the automotive sector as well as the tremendously growing demand for lightweight, fuel-efficient automobiles, besides the increasing production of electric vehicles in the region. It was found that in EU markets, fully battery electric vehicles accounted for ~12% of the nearly 9 million units sold in 2022. Moreover, the flourishment in the construction industry has led to an augmenting demand for paints, powder coating, nylon, resins, and plastics, which is anticipated to further act as a growth driver for the market in the region over the forecast period. It has been stated that the construction sector in May 2022 rose by over 8% in Germany.
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Global Dodecanedioic Acid, Segmentation by Application
- Resin
- Powder Coatings
- Adhesives
- Lubricants
The resin segment is anticipated to hold the largest revenue by the end of 2033. The growing production of plastics globally as well as the increasing demand for resins, including plastic resins, epoxy resins, aromatic hydrocarbon resins, and others, in the making of furniture, appliances, consumer products, computers, military electronics, buildings and constructions, medical products, and food items is anticipated to skyrocket the demand for resins. The total production volume of plastics in the United States reached ~123 billion pounds in 2021, rising by nearly 0.7% from 2020. Moreover, the powder coating segment is forecast to garner the highest share owing to its widespread use in various industrial sectors, including the chemical, construction, and automobile industries. According to the projections, India’s automotive industry will garner USD 200 billion by 2031, becoming the 3rd largest automotive industry in the world.
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Global Dodecanedioic Acid, Segmentation by Raw Materials
- Butadiene
- Paraffin Wax
- Others
The butadiene segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rapidly augmenting demand for butadiene rubber in the automotive industries to produce tires, as well as the rising demand for butadiene to produce resins, plastics, and other chemicals. According to research, every year the worldwide consumption of butadiene rubber amounts to ~3.44 million metric tons. Moreover, the paraffin wax segment is expected to garner the highest share owing to its widening use in the manufacturing of electrical insulators, candles, wax paper, polishes, and cosmetics. Paraffin wax is also widely used in perfume making, and medical ointments, besides its application as a waterproof coating for wood. This, as a result, is anticipated to escalate segment growth over the forecast period.
Global Dodecanedioic Acid, Segmentation by Purity
- 99%
- 98%
- Others
Global Dodecanedioic Acid, Segmentation by Process
- Chemical Process
- Biological Process
A few of the well-known market leaders in the global dodecanedioic acid are profiled by Research Nester are Cathay Biotech Inc., Evonik Industries AG, Koch Industries, Inc., Santa Cruz Biotechnology, Inc., UBE Corporation, Zibo Guangcheng Chemical Co., Ltd., Merck Group, Chemceed, BASF SE, The Dow Chemical Company, and other key market players.
Recent Development in the Global Dodecanedioic Acid Market
- Koch Industries, Inc. an American privately held multinational conglomerate corporation acquired LIONEX technology from Chemionex Inc. Lionex technology is a German biotech company and its acquisition will help the former company in launching the new proprietary Li-PRO process for direct lithium extraction (DLE) for lithium battery-powered devices.
- Cathay Biotech Inc., a company that engages in the research, development, production, and sales of new bio-based materials is all set to produce bio-based monomers and polymers.
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