Market is Estimated to Witness High Growth Owing to Rising Demand from Nylon Synthesis Industry and Growing Use in Polyester Resins
The Dodecanedioic Acid Market is estimated to be valued at USD 544.7 Mn in 2024, exhibiting a CAGR of 4.8% over the forecast period (2024-2031). Dodecanedioic acid finds widespread application in the production of nylon which is driving its market growth. Furthermore, the growing demand for polyester resins from various end-use industries is also boosting the demand for dodecanedioic acid.
The growth of the dodecanedioic acid market is driven by rising demand from the nylon synthesis industry and growing use in polyester resins. Dodecanedioic acid or DDDA is one of the important intermediates used in the production of nylon polymers such as nylon 12 and other elastomers. The growing automotive industry across the globe is augmenting the demand for lightweight interior and exterior automotive parts made using nylon, which, in turn, is propelling the consumption of DDDA. According to the International Organization of Motor Vehicle Manufacturers, around 93 million vehicles were produced globally in 2019. Moreover, dodecanedioic acid is also used as a monomer in polyester resins which finds applications as coatings, paints, and adhesives among others.
Increasing Demand from Polymer Manufacturing Industries
Dodecanedioic acid finds major application in the production of nylon resins, plasticizers, lubricants, surfactants, corrosion inhibitors, and polyurethanes. It is used as a monomer or building block in the production of various polymers and resins. The growing polymer manufacturing industries globally is driving significant demand for dodecanedioic acid. Polymer production has been increasing steadily over the past few years to meet the rising needs of various end-use industries such as automotive, consumer goods, packaging, construction, and others. This increasing polymer production directly contributes to the growth of the dodecanedioic acid market.
Rising Usage in Lubricant Formulations
Dodecanedioic acid derivatives possess excellent lubricating properties and find wide application as lubricant additives and formulations. It is used in the production of multipurpose greases, industrial gear oils, automotive lubricants, and other specialty lubricants. The global lubricants market has been growing mainly due to increasing vehicle fleet and industrial machinery. Dodecanedioic acid being a crucial component in lubricant formulations witnesses growing demand from the lubricants industry. Additionally, stringent emission norms have been fostering innovation in lubricant technology, thereby propelling the consumption of dodecanedioic acid.
Strong Competition from Substitute Materials
Dodecanedioic acid faces tough competition from various substitute materials that can be used in place of dodecanedioic acid for specific applications. For example, adipic acid is widely used as an alternative to dodecanedioic acid in the production of nylon resins. Adipic acid has an advantage of being cheaper compared to dodecanedioic acid. Additionally, emerging bioplastics produced from renewable resources also pose a threat to petrochemical-based dodecanedioic acid over the long run. This competitive landscape restrains the potential growth of the dodecanedioic acid market.
Stringent Environmental Regulations
Production and processing of dodecanedioic acid are subject to strict environmental norms pertaining to VOC emissions and effluent disposal. Manufacturing plants require expensive abatement systems to comply with the regulations. This increases the overall production cost for dodecanedioic acid manufacturers. Additionally, uncertainties with regards to changing emission standards in different geographies pose challenges for long term capacity planning for manufacturers. Stringent environmental laws in major markets can hamper the growth trajectory of the dodecanedioic acid market.
Growing Market for Bio-based Products
Mounting concerns regarding environmental sustainability and declining petroleum resources have boosted the demand for biodegradable and renewable chemicals. Dodecanedioic acid derived from natural oils and fats using chemo-enzymatic routes presents a lucrative opportunity. Rising preference for green chemicals is prompting manufacturers to invest in R&D for developing cost-effective and eco-friendly production methods. This will allow the dodecanedioic acid market to benefit from high growth prospects in the bioplastics industry.
Expanding Applications in Specialty Chemicals
Besides being consumed predominantly as monomer for polymers, dodecanedioic acid also has potential applications as specialty chemicals. Ongoing research explores its usage in the formulation of corrosion inhibitors, surfactants, lubricant additives, plasticizers, and coating additives. Successfully commercializing these specialty applications will open new avenues of growth for market participants. Also, innovative product development leveraging unique properties of dodecanedioic acid derivatives acts as an opportunity for manufacturers looking to enter specialty chemical markets.
Link - https://www.coherentmarketinsights.com/market-insight/dodecanedioic-acid-market-5009
Key Developments
- In January 2023, Merck KGaA announced the launch of its new dodecanedioic acid product line. The products are designed for use in a variety of applications including nylon production, coatings, adhesives, and lubricants.
Key Players
Invista, Verdezyne, BASF SE, Cathay Industrial Biotech, UBE Industries, Santa Cruz Biotechnology, Cathay, Evonik, BEYO Chemical Co., Ltd., Chemceed, Evonik Industries AG, Haihang Industry, Selleck Chemicals, Serena Chemicals, and TCI Chemicals (India) Pvt. Ltd.
