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.
Browse full research report on Global 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
- U.S.
- Europe
- Germany
- France
- Asia Pacific
- Japan
- 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.
For more information: www.grandviewresearch.com
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