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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