The global octadecanedioic acid (ODDA) market is
anticipated to reach USD 9.4 million by 2024, according to a new report by
Grand View Research, Inc. Growing demand for renewable chemicals used to derive
high value intermediate & end-use products is expected to support market
growth over the coming years.
Traditionally, dibasic or dicarboxylic
acids were produced through chemical reactions such as multistep butadiene
oxidation which used petrochemical as a raw material. Initiatives undertaken to
reduce dependency on petrochemical feedstock led to the development of
biotechnological production methods, namely, microbial fermentation and
metathesis.
Further expansions & investments in the
biotechnological field are anticipated to facilitate commercial scale
production of C18 dibasic acid through microbial fermentation. Vegetable oil is
used as feedstock while using the biotechnological processes.
Rising ODDA demand from soaps &
detergents and organic personal care products is projected to augment market
growth over the forecast period. Developing economies such as India, China,
South Korea and Japan are slated to emerge as the key end-use markets. Growing
application scope in personal care and plastics is expected to augment product
demand over the forecast period.
Access Research Report of Octadecanedioic
Acid Market @ http://www.grandviewresearch.com/industry-analysis/octadecanedioic-acid-odda-market
Further key findings from the report suggest:
· Water repellant properties of C18
dicarboxylic acid has found extensive application in cosmetics
· The application of octadecanedioic acid in
coatings, adhesives, sealants, and elastomers (CASE) segment is projected to
gain prominence across the world
· Demand in the polyester polyols segment
accounted for approximately 50% of the market volume in 2015
· Advantages such as improved performance,
reduced carbon footprint, and renewable content enable manufacturers to charge
a “green premium” on products
· Commercialization of biobased methods
coupled with increasing demand for renewable sources in the lubricants and
cosmetics market is anticipated to augment market demand
· Lubricating oil is projected to occupy the
second-largest share on account of increasing use of ODDA as thickener
component in grease compositions
· Rising awareness of ecofriendly products
and increasing government initiatives supporting measures towards sustainable
environment is expected to propel market demand
· Volatile price of petrochemical derived
products on account of supply-demand imbalances has prompted the shift towards
biobased chemicals
· Elevance Renewable Sciences Inc. has
developed its own patented metathesis catalyst technology, which has fortified
its hold in the market
· Key market players include
Elevance Renewable Sciences Inc., Croda International Plc., Cathay
Industrial Biotech Ltd., TCI America, and BASF SE
Grand View Research has segmented the
octadecanedioic acid market on the basis of application and region:
OctadecanedioicAcid Application Outlook (Volume,
Kilo Grams; Revenue, USD Thousand, 2014 - 2024)
·
Polyester polyols
·
Cosmetics
·
Powder coatings
·
Lubricating oil
·
Others
OctadecanedioicAcid Regional Outlook (Volume,
Kilo Grams; Revenue, USD Thousand, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Middle East and Africa
·
Latin America
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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