by Dodecanedioic acid is an organic compound that finds extensive applications in the production of plasticizers, lubricants, coatings, and nylons. It is a hydrocarbon dicarboxylic acid that offers properties such as durability, flexibility, and stability. Dodecanedioic acid improves mechanical strength and heat resistance of plastics. The global demand for plasticizers from industries such as automotive, construction, and packaging is driving the dodecanedioic acid market.
The Global dodecanedioic acid market is estimated to be valued at US$ 720.37 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Dodecanedioic Acid Market are The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
The key opportunities in the market include increasing usage of bio-based dodecanedioic acid in plasticizers and new product development. The shift towards green chemicals is expected to drive the demand for bio-based dodecanedioic acid.
The growing automotive and packaging industries in Asia Pacific are anticipated to boost the regional demand for dodecanedioic acid. The manufacturers are focusing on capacity expansions to cater to the growing demand from emerging economies.
Market drivers
The rising demand for plasticizers from industries such as automotive, construction and packaging is one of the major drivers of the dodecanedioic acid market. Plasticizers account for over 50% of the total consumption of dodecanedioic acid. The growth in automotive production and expanding construction sector globally are augmenting the demand for plasticizers and consequently dodecanedioic acid.
PEST Analysis
Political: The rules and regulations pertaining to chemical production and environmental laws affect the dodecanedioic acid market. Any changes in these rules can impact the demand and supply of dodecanedioic acid.
Economic: Economy’s growth rate as well as spending power of customers impact the demand for end use industries of dodecanedioic acid like plastics, coatings etc. Recession can negatively impact the market.
Social: Changing lifestyle and rise in disposable income influence the demand for consumer goods made using dodecanedioic acid. Increase in health awareness may affect some end use segments.
Technological: Development of new production techniques help lower the cost of manufacturing dodecanedioic acid. Advances in material sciences open up new applications for dodecanedioic acid in industries like textiles, automotive etc.
The geographical regions where the market is concentrated in terms of value are North America and Europe. This can be attributed to extensive applications of dodecanedioic acid in various end use industries in these regions. Established automotive and coatings industry drives the demand.
The Asia Pacific region is poised to be the fastest growing market for dodecanedioic acid during the forecast period. Factors such as rapid industrialization, growing population and rising disposable income are contributing to the growth of end use industries in countries like China and India. This will positively influence the demand for dodecanedioic acid in the coming years.
