June 22, 2024
Ksa Tire Market

The Growing Demand For Bio-Based Polyesters To Boost The Growth Of Dodecanedioic Acid Market

Market Overview:

Dodecanedioic acid, also known as 1,12-dodecanedicarboxylic acid, is an aliphatic dicarboxylic acid. It is a white crystalline powder that is soluble in common organic solvents. Dodecanedioic acid is used in the production of various polyesters which find applications in fibers, plasticizers, coatings, and others. It can be manufactured through microbial oxidation of olechemical feedstocks. The advantages of dodecanedioic acid include its biodegradability, sustainability, and renewability which make it a preferable substitute to petroleum-based dicarboxylic acids.

Market key trends:

One of the key trends in the dodecanedioic acid market is the growing demand for bio-based polyesters. Dodecanedioic acid serves as an important monomer in the production of various bio-based polyesters such as polybutylene adipate terephthalate (PBAT) and polytrimethylene adipate (PTA). These polyesters are biomass-derived polymers that exhibit properties similar to traditional plastics and find extensive usage in packaging, textiles, coated fabrics, and automotive industries. The rising environmental concerns regarding petroleum-based plastics and stringent regulations on single-use plastics are fueling the demand for sustainable and eco-friendly bio-based polyesters which in turn is driving the growth of the dodecanedioic acid market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the Dodecanedioic Acid market requires high initial investments for infrastructure and R&D. Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with the presence of several global and regional vendors providing differentiated products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of raw materials from a large number of suppliers globally.

Threat of new substitutes: The threat of substitutes is low as Dodecanedioic Acid has limited substitutes with the desired properties for various end-use industries.

Competitive rivalry: High due to the presence of numerous global and regional vendors competing on factors like pricing, quality, and innovation.

Key Takeaways

The Global Dodecanedioic Acid Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing demand from the nylon and plasticizer industries. The growing consumption of nylon 612 and other polyamide resins in the automotive, electrical & electronics and industrial sectors is driving the demand for Dodecanedioic Acid.

The Asia Pacific region dominated the global market in 2023, accounting for around 40% of the total share, due to the presence of major Dodecanedioic Acid producers like China and India. China is not only the leading producer but also the largest consumer of Dodecanedioic Acid owing to the expanding automotive industry and rapid urbanization. Europe is another major market for Dodecanedioic Acid owing to the large automotive production base and developed end-use industries.

Key players operating in the Dodecanedioic Acid market are 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. The market remains highly competitive with major players focusing on novel product development and expansion of their global footprint.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it