The global dodecanedioic acid market is estimated to be valued at US$ 539.1 million in 2021, according to Global Dodecanedioic Acid Market Report, by Application (Resins, Powder Coatings, Adhesives, Lubricants, and Others (Pharmaceutical, Fragrance, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
- The global dodecanedioic acid market is expected to surpass US$ 1,074.0 million by 2030, exhibiting a CAGR of 7.7% during the forecast period (2022-2030). Rapid industrialization in emerging economies (such as India, Mexico, Russia, etc.) is expected to drive the demand for adhesives, lubricants, and nylons. The increased need for paints and coatings, particularly powder coatings, is likely to boost DDDA demand. Construction activity is on the rise all around the world, which is impacting the DDDA demand at the same time.
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Key Trends and Analysis of the Global Dodecanedioic Acid Market:
- Among region, North America accounted for the share of 21.2% in 2021 in the global dodecanedioic acid market. The North America dodecanedioic acid market is expected to grow at a significant rate during the forecast period, owing to increasing demand for luxury vehicles by consumers on a global scale, which is expected to drive DDDA demand in the region. The key elements contributing to the regional market share are increasing remodeling techniques in residential projects in the U.S. and a large consumer automotive base. The regional industry for powder coatings is expected to grow on the account of the presence of major automotive and nylon manufacturers.
Key Takeaways of the global Dodecanedioic Acid Market:
- Among applications, others segment (Pharmaceutical, Fragrance, etc.) is accounted for the market revenue share of 11% in 2021, in the global dodecanedioic acid market. DDDA is a dicarboxylic acid mainly used as antiseptics in pharmaceutical industry. DDDA is used as a raw material for synthetic musk fragrances and in a variety of organic fragrances synthesis processes. It is also used as a rust preventive in cutting oil. DDDA acid is derived from natural resources such as crude oil & natural gas. Volatility and limited availability of the raw material have been driven demand for alternative sources such as crude vegetable oils, which is a bio-based alternative for producing DDDA. Major companies are aiming to switch to bio-based production, which will have a significant impact on the global dodecanedioic acid market during the forecast period.
- DDDA act as an important ingredient for refined lubricant and low-temperature grease. For a variety of corrosion inhibition applications, dibasic acid mixtures ranging in length from C10 to C12 (Sebacic Acid, DDDA, and Undecanedioic Acid) can be synthesized as an amine salt concentration. For metalworking fluids, cleansers, hydraulic fluids, die cast release agents, and cooling applications, the dibasic acid mixtures generates a strong protective layer of inhibition on a metal surface.
- Major players operating in the global dodecanedioic acid market include BEYO Chemical Co., Ltd., Cathay Biotech Inc., Chemceed, Evonik Industries AG, Haihang Industry, Selleck Chemicals, Serena Chemicals, TCI Chemicals (India) Pvt. Ltd., Thermo Fisher Scientific Inc., and UBE Industries, Ltd.
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global dodecanedioic acid market. For instance, in April 2019, Evonik Industries AG, a German specialty chemicals company and Brenntag Asia Pacific Pte Ltd., a chemical distribution company signed an agreement of partnership, which appoints Brenntag Asia Pacific Pte Ltd. as the distribution partner for Evonik Industries AG in eleven countries in the Asia Pacific region. This partnership helped to grow Evonik’s chemical business in the Asia Pacific region.
Global Dodecanedioic Acid Market - Impact of Coronavirus (Covid-19) Pandemic
- Dodecanedioic acid is also majorly used in the paints and coatings industry. The COVID-19 pandemic disrupted the paints and coatings industry worldwide – particularly in low- and middle-income countries. However, the efficiency in terms of the paints and coatings industry of some countries started propelling in the mid of 2021. For instance, according to data published by the British Coatings Federation, the sole U.K. Trade Association, on March 23, 2022, sales of industrial coatings dropped by 35% in April and 37% in May of 2020, but improved in June 2020. According to the same source, U.K. paints and coatings sales were up over 45% in June 2021 and grew by 4% in January 2022.