The dodecanedioic acid market has grown substantially in recent years as the chemical compound finds widespread applications in nylon production, weather-resistant lubricating fluids, plasticizers, coatings, and polyesters. Dodecanedioic acid is an organic compound belonging to the class of aliphatic dicarboxylic acids that have excellent mechanical, thermal, and chemical properties. Produced commercially via oxidation of 1,12-dodecanediol derived from castor oil, DDA offers manufacturers renewable and sustainable alternatives to petrol-based raw materials. 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 2030.
The increasing adoption of bio-based materials in end-use industries is a major factor driving growth. DDA allows plastic and polymer producers to cater to consumer demand for sustainable products without compromising on performance. As environmental regulations become more stringent, manufacturers are incentivized to switch to renewable feedstocks. Dodecanedioic acid also improves properties like flexibility, heat resistance and weatherability of polymers. Moreover, the growing textile industry in developing nations and the rising need for high-performance engineering resins is further expanding the applications of DDA.
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 demand for DDA is growing rapidly due to the increasing focus on sustainable alternatives in industries like packaging, automotive, textiles and coatings. Various researches are being conducted to utilize bio-based DDA in new recycled materials.
Leading companies are investing heavily in capacity expansion projects across Asia Pacific and North America to cater to the rising global demand for DDA and finalize strategic partnerships with end-use sectors.
Market Key Trends
One of the major trends gaining traction in the dodecanedioic acid market is the increasing popularity of polyamide 12 (PA 12) or nylon 12. PA 12 fabricated using DDA as a monomer component has high strength, flexibility and chemical resistance. It is finding widespread adoption as a substitute for metals in various applications like automotive under-the-hood components. The excellent mechanical and thermal properties of PA 12 produced from DDA are boosting its demand from automakers seeking sustainable alternatives. This ongoing shift towards bio-based PA 12 is expected to drive the consumption of dodecanedioic acid over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high costs to enter this market due to requirements for technology, manufacturing facilities and distribution networks. Bargaining power of buyers: There are several established buyers in this market reducing their bargaining power. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material options and existence of many suppliers. Threat of new substitutes: There is potential threat from new substitutes like co polymers that can replace dodecanedioic acid. Competitive rivalry: The market has number of global and regional players competing on quality, pricing and innovation.
The geographical region where this market in terms of value is concentrated is Asia Pacific region due to growing end use industries like plastics, coatings etc. Countries like China, India and Japan have major manufacturing capacity and consumption.
North America region is the fastest growing geographical region for this market. Increasing demand for durable goods and automotive sector is driving the market growth. Countries like US and Canada are investing in R&D to develop innovative applications further expanding growth opportunities.
For more insights, Read- https://www.rapidwebwire.com/dodecanedioic-acid-market-growth-market-size-share-analysis/
Comments
0 comment