The Dimer acids market, By Product Type (Standard, Distilled, and Hydrogenated), By Application (Reactive Polyamides, Non-Reactive Polyamides, Oil Field Chemicals, and Others), and By Region ( North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 2.70 Bn 2023 and is expected to exhibit a CAGR of 5.7% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
In February 2023, Croda International Plc, a specialty chemicals company acquired a global leader in premium, biotechnology-derived beauty actives, Solus Biotech. The acquisition provided Croda International Plc access to Solus Biotech’s existing biotech-derived ceramide and phospholipid technologies and its emerging capabilities in natural retinol.
Dimer acid market – Impact of Coronavirus (COVID-19) Pandemic.
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
Pandemic-related safety measures and workforce availability issues have led to decreased production capacities in some facilities, resulting in a slowdown in dimer acid manufacturing. Demand for dimer acid experienced fluctuations during the pandemic. For example, there was a notable decline in the demand from industries like printing inks, paints, and coatings during the peak of the pandemic due to the slowdown in construction and industrial activity. Conversely, there was an increased demand in segments related to cleaning and sanitization products. The pandemic caused volatility in the prices of raw materials and dimer acids, owing to the uncertainty in the market and the imbalance between supply and demand. There has been a growing interest in sustainable and bio-based products during the pandemic, which has positively impacted the market for bio-based dimer acids used in environmentally friendly products.
Due to the economic uncertainty induced by the pandemic, some planned investments and expansions in the dimer acid market have been delayed or reconsidered. Challenges in logistics due to restrictions have increased transportation costs and affected the profitability margins for dimer acid producers and distributors.
Dimer acid market – Key Developments
In 2021, BASF SE announced the purchase of Solvay's polyamide business, including dimer acid products. This purchase aims to increase BASF SE's position in the dimer acid based industry while also broadening its product portfolio.
Solvay is a Belgium-based multinational chemical company that was established in 1863. It is a leading company in the chemicals and plastics sectors, with a focus on providing sustainable solutions for various industries. Solvay's activities include the manufacturing and distribution of specialty polymers, essential chemicals, and chemical materials. The company operates across diverse end markets such as aeronautics, automotive, natural resources, electrical and electronics, agrochemicals, food, consumer goods, building and construction, healthcare, and industrial applications. Solvay has a global presence, with research and innovation centers and industrial sites in Europe, North America, Latin America, and Asia Pacific. The company is committed to sustainability and has a strong focus on environmental responsibility and creating a positive impact on society. Solvay's purpose is to master the elements essential for vitalizing our world and to reinvent progress through science and process innovation.
BASF SE, whose acronym stands for Badische Anilin- und Sodafabrik, is a Germany-based multinational chemical company. It operates in various segments including chemicals, plastics, performance products, functional solutions, agricultural solutions, and oil and gas.
Link: https://www.coherentmarketinsights.com/market-insight/dimer-acids-market-3458
Key Takeaways of the Dimer Acid market:
- The dimer acid market is expected to exhibit a CAGR 5.7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the dimer acid market.
- Among regions, Asia pacific is expected to be dominant in the dimer acid market, owing to the presence of major players such as BASF SE, Croda International Plc., Arizona Chemical Company, LLC, Oleon NV, and other key market players, contributing to the growth in this region
- Major players operating in the dimer acid market include BASF SE, Croda International Plc., Arizona Chemical Company, LLC, Oleon NV, Shandong Huijin Chemical Co. Ltd., Liancheng Baixin Science and Technology Co. Ltd., Jiangsu Jinma Oil Technology Development Co., Ltd., and Jiangsu Yonglin Oleochemical Co., Ltd.
