The global octadecanedioic acid market size was valued at USD 6,616.7 thousand in 2015 and is anticipated to reach USD 9,393.1 thousand by 2024, growing at a CAGR of 4.0% from 2016 to 2024. Increasing demand for octadecanedioic acid used in the synthesis of nylon, polyamide, and adhesives owing to its high effectiveness is anticipated to augment product demand over the forecast period.
U.S. octadecanedioic acid market revenue by application, 2014-2024 (USD Thousand)
Esters and other chemical compounds derived from ODDA are used in high performance applications including adhesives, lubricants, powder coatings, pharmaceuticals, and others. Growing preference for sustainable and environment-friendly products to reduce petrochemical dependency is projected to remain a crucial driving factor for the market.
In North America, the U.S. is likely to account for the largest share by 2024. Cosmetics application segment is anticipated to be the fastest-growing segment in the U.S. market. Shifting consumer preferences towards organic products owing to its health benefits is expected to augment cosmetics and personal care application.
Volatile prices of petrochemical products, owing to supply-demand disparities have prompted a shift towards bio-based chemicals. Stringent environmental regulations in the industrial and automotive sectors have played a critical role in the development of bio-based products.
Other key factors influencing the octadecanedioic acid market are mounting demand for paints, elastomers, and polyester foam in various industrial and automotive applications. Investments & studies focused towards expanding the application scope of ODDA is expected to fuel use in different end-use industries.
Octadecanedioic acid is an intermediate chemical used in the manufacture of engineering polymers, such as polyphenylene oxide, polyphenylene ethers, polyetherimides, polyurethanes, polycarbonates, epoxy, latent curing epoxies, and powder coatings. Polyester polyols segment holds the largest market share and is estimated to grow at the second-highest CAGR over the forecast period.
Polyester polyols derived from C18 dicarboxylic acid exhibits excellent solvent resistance, optical clarity, hydrolytic stability, and toughness. These polymers can be utilized in the automotive, food service, and medical sectors among others.
C18 dicarboxylic acid is a basic building block for the formulation of compounds, subsequently used in personal care & pharmaceuticals. Cosmetics application segment is estimated to grow at the highest CAGR from 2016 to 2024, on account of inclination towards naturally sourced chemicals.
Increasing awareness of natural skincare ingredients with anti-aging properties is expected to fuel the demand for ODDA over the next few years. In the lubricating oils segment, ODDA is used as a thickener in grease compositions. Polyamide derived from C18 dicarboxylic acid is used in metal working lubricants.
Octadecanedioic acid market volume share by application, 2015
Lubricating oil segment is anticipated to account for the second-largest share and is expected to grow at 4.1% CAGR from 2016 to 2024, in terms of volume. Rising environmental regulation in the industrial and automotive sector has played a critical role in the development of biobased products. Increasing preference for powder coatings over the past few years is projected to contribute to the demand for ODDA.
Asia Pacific occupied the second-largest share and is expected to grow at the highest CAGR from 2016 to 2024. The region is characterized by increased use of polyester polyols in the automotive and construction industry. Asia Pacific is expected to gain 3.5% share by 2024. Increasing number of infrastructure development projects in India, China, and Japan is expected to boost demand.
Several measures supporting environmental conservations and sustainability are anticipated to promote ODDA application the end-use segments. Favorable consumer spending patterns are projected to enhance investments in the automotive, construction, and personal care sector which will indirectly support ODDA sales.
Key players include Elevance Renewable Sciences Inc., Croda International Plc., Cathay Industrial Biotech Ltd., TCI America, BASF SE, and Nanjing Chemlin Chemical Industrial Co. Ltd.
The market for octadecanedioic acid is expected to evolve and grow at a steady rate.
Manufacturers are seeking to develop efficient production processes and a strong distribution network to commercialize octadecanedioic acid application. The industry is highly competitive as companies strive to create high-quality acid. Excellent product properties and renewable content allow manufacturers to charge a premium for the product.
Report Attribute |
Details |
Market size value in 2019 |
USD 7.77 million |
Revenue forecast in 2024 |
USD 9.4 million |
Growth Rate |
CAGR of 4.0% from 2016 to 2024 |
Base year for estimation |
2015 |
Historical data |
2014 - 2015 |
Forecast period |
2016 - 2024 |
Quantitative units |
Revenue in USD million and CAGR from 2016 to 2024 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, Application, Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America & MEA |
Country scope |
U.S., Germany, France, Japan |
Key companies profiled |
Elevance Renewable Sciences Inc., Croda International Plc., Cathay Industrial Biotech Ltd., TCI America, BASF SE, and Nanjing Chemlin Chemical Industrial Co. Ltd. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts volume & revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2014 to 2024. For the purpose of this report, Grand View Research has segmented octadecanedioic acid market on the basis of application and region:
Application Outlook (Volume, Kilogram; Revenue, USD Thousand, 2014 - 2024)
Polyester polyols
Cosmetics
Powder coatings
Lubricating oils
Others
Regional Outlook (Volume, Kilogram; Revenue, USD Thousand, 2014 - 2024)
North America
Europe
Germany
France
Asia Pacific
Japan
Middle East and Africa
Latin America
b. The global octadecanedioic acid market size was estimated at USD 7.7 million in 2019 and is expected to reach USD 8.0 million in 2020.
b. The global octadecanedioic acid market is expected to grow at a compound annual growth rate of 4.0% from 2019 to 2024 to reach USD 9.4 million by 2024.
b. North America dominated the octadecanedioic acid market with a share of 31.1% in 2019. This is attributable to shifting consumer preferences towards organic products owing to its health benefits.
b. Some key players operating in the octadecanedioic acid market include Elevance Renewable Sciences Inc., Croda International Plc., Cathay Industrial Biotech Ltd., TCI America, BASF SE, and Nanjing Chemlin Chemical Industrial Co. Ltd.
b. Key factors that are driving the octadecanedioic acid market growth include increasing demand for the synthesis of nylon, polyamide, and adhesives.
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