Dodecanedioic Acid Market: Introduction
Transparency Market Research delivers key insights on the global dodecanedioic acid market. In terms of revenue, the global dodecanedioic acid market is estimated to expand at a CAGR of 7.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global dodecanedioic acid market.
The global dodecanedioic acid market is broadly affected by several factors, including increase in usage of dodecanedioic acid in various applications such as nylon and painting materials. Rise in global demand for nylon and painting materials has led to significant growth in usage of dodecanedioic acid. In addition, increase in production and demand for nylon, engineering plastics, and painting materials is expected to be the primary driver for the global dodecanedioic acid market.
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Dodecanedioic Acid Market: Dynamics
Dodecanedioic acid is an alpha, omega-dicarboxylic acid that is dodecane, wherein the methyl groups have been oxidized to the corresponding carboxylic acids.
Dodecanedioic acid is used as a raw material for polyurethane resins, polyester resins, and polyamide resins. It is also employed as a curing agent for acrylic powder paints. When dodecanedioic acid reacts with various alcohols and diamines, it produces polyester and polyamide resins with superior properties, particularly with hydrolytic resistance, flexibility, and heat stability.
Dodecanedioic acid is employed in the production of polyamide 6,12, which is used in the production of nylon products. Increase in R&D funding for product innovation by nylon manufacturers is expected to have a positive impact on the market during the forecast period. The high demand for screws, gears, and fabrics is driving the demand for nylon. This, in turn, is boosting the dodecanedioic market.
The global nylon segment is expected to expand considerably during the forecast period. Thus, rise in production of nylon, engineering plastics, and painting materials is projected to boost the demand for dodecanedioic acid during the forecast period.
Manufacturers are focusing on the nylon segment, as the share held by this segment in the dodecanedioic acid market is likely to increase during the forecast period.
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Dodecanedioic Acid Market: Prominent Regions
Asia Pacific holds major share of the global dodecanedioic acid market. The dodecanedioic acid market in the region is anticipated to expand at a CAGR of more than 9.7% during the forecast period. Increase in demand for dodecanedioic acid in various applications such nylon and painting materials is driving the dodecanedioic acid market in Asia Pacific. China is a key country in the Asia Pacific dodecanedioic acid market. It held significant share of the dodecanedioic acid market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global dodecanedioic acid market. Germany led the dodecanedioic acid market in Europe in 2020. Surge in demand dodecanedioic acid in nylon, engineering plastics, and painting materials applications is boosting the market in Germany.
Dodecanedioic Acid Market: Major Players
The global dodecanedioic acid market is consolidated with the presence of key players. Prominent players operating in the global dodecanedioic acid market include Evonik Industries AG, Santa Cruz Biotechnology, Inc., Haihang Industry, UBE INDUSTRIES, LTD, Cathay Biotech Inc., Shandong Guangtong New Materials Co., Ltd., Evergreensino Chemical Co., Ltd., Tokyo Chemical Industry Co., Ltd., shijiazhuang yihe-chem co.,ltd, ZHEJIANG BOADGE CHEMICAL CO., LTD., Toronto Research Chemicals, Palmary Chemical, Zibo Guangtong Chemical Co.,Ltd., and Shijiazhuang Dongao Chemical Technology Co., Ltd.