LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global dodecanedioic acid market to grow at a CAGR of over 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global dodecanedioic acid market for 2017-2021. Dodecanedioic acid is a dibasic acid, which appears as a white solid substance. It can be manufactured either synthetically or bio-technologically.
Dodecanedioic acid is used extensively in many applications, such as resins, powder coatings, lubricants, and adhesives. The resin application segment accounts for the largest share of the dodecanedioic acid market. The powder coating application segment will be the fastest growing application segment over the forecast period due to the increased demand for paints and coatings from the automobile and construction industries.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global dodecanedioic acid market:
- Increased demand for nylon-based products
- Increased use of dodecanedioic acid in different industries
- Economic development in APAC
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Increased demand for nylon-based products
Dodecanedioic acid is used extensively in the production of polyamides, one of the most important raw materials required for manufacturing nylon-based products. The increased demand for nylon products from India and China in the APAC region is one of the key factors for the growth of the dodecanedioic acid market. The sudden growth of the construction and automotive industries, and the increased demand for paints and coatings will enhance the growth of the dodecanedioic acid market. Nylon is also used to manufacture thermoplastics.
Kurva Samba Sivudu, a lead specialty chemicals research analyst at Technavio, says, “The improved performance and high tensile strength of nylon enable its application in the production of fabrics and ropes. Nylon 6,12 is used extensively in the spare parts of automobiles due to its properties, such as resistance to corrosion and scratch, improved flexibility, and heat stability. In addition, it exhibits properties, such as reduced water absorption, lower brittle temperature, and minimum shrinkage, enabling its increased consumption in many application sectors.”
Increased use of dodecanedioic acid in different industries
Dodecanedioic acid is used extensively in diversified industrial applications, such as plasticizers, polyamides, epoxy curing agents, adhesives and sealants, powder coatings, engineered plastics, pharmaceuticals, diester synthetic lubricants, corrosion inhibitors, and fibers. Some of the properties exhibited by dodecanedioic acid, such as resistance to corrosion and chemicals, thermal stability, and improved performance enables the use of this acid as a surfactant, heat transfer fluid coatings ingredient, and as a stabilizing agent in powder coatings.
“The increased demand for nylon 6,12 products from APAC and the rising demand for plasticizers and adhesives from Europe are the key factors that are driving the growth of the dodecanedioic market. Additionally, the increased use of textile and industrial applications in North America is expected to drive the growth of the dodecanedioic market during the forecast period,” adds Kurva.
Economic development in APAC
Dodecanedioic acid is a dicarboxylic acid, which is used extensively in antiseptics, top-grade coatings, paints, adhesives and sealants, corrosion inhibitors, surfactants, and in engineered plastics. APAC is the largest geographical segment of the dodecanedioic acid market, accounting for more than 50% share of the global dodecanedioic acid market. China and India are the high-end consumers of dodecanedioic acid in APAC.
The increased demand for nylon 6,12 is one of the most important reasons for the growth of the dodecanedioic acid market. The increased requirement of paints and coatings and polyamides from the construction and automobile industries is one of the important reasons for the increased production capacity in APAC. The rapid growth of the construction and automobile industries in APAC will also drive the demand for dodecanedioic acid in the region.
Top vendors:
- BEYO Chemical
- Cathay Industrial Biotech
- Evonik Industries
- UBE INDUSTRIES
- verdezyne
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