Global Long Chain Dicarboxylic Acid Market 2017-2021
About Long Chain Dicarboxylic Acid
Long chain dicarboxylic acid (LCDA) is an organic compound, which is derived from animal fats and vegetable oils. LCDA with carbon chain containing more than 10 carbon atoms has been considered in this market. These LCDAs can be saturated or unsaturated carboxylic acids. LCDAs are abundant in nature and are very important, since they have wide applications in the polymer, lubricants, powder coatings, and pharma industries.
Technavio’s analysts forecast the global long chain dicarboxylic acid market to grow at a CAGR of 7.15% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global long chain dicarboxylic acid market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Long Chain Dicarboxylic Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global long chain dicarboxylic acid market: Cathay Industrial Biotech, Evonik Industries, Henan Junheng Industrial Group Biotechnology, Shandong Hilead Biotechnology, and Zibo Guangtong Chemical.
Other Prominent Vendors in the market are: Aecochem Products, BASF, Elevance Renewable Sciences, Hangzhou Dayangchem, Nantong Senos Biotechnology, TCI AMERICA, Toronto Research Chemicals, UBE INDUSTRIES, and Unisource Chemicals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for LCDA as bio-solvents. The demand for LCDAs is growing mainly because they are biodegradable. The applications of LCDA have low environmental impacts. For example, LCDA is used in solvents, and can replace volatile organic solvents in the production of paint strippers, inks, coatings, agricultural chemicals, and adhesives.”
According to the report, one driver in the market is rising demand from APAC. APAC had been the major region for the growth of the global LCDA market due to the presence of a large number of end-user industries such as polymer, construction, chemical, automotive, and pharmaceuticals. Moreover, the presence of a large number of LCDA manufacturers in China, including Cathay Industrial Biotech, Henan Junheng Industrial Group Biotechnology, Shandong Hilead Biotechnology, and Zibo Guantong Chemical, contributes significantly to the growth of the global LCDA market.
Further, the report states that one challenge in the market is high cost. Over the coming years, the global market's growth will be restricted mainly due to the high manufacturing cost of LCDA. The high cost of manufacturing can be attributed to the need for skilled labor and raw materials, which are not available globally. Moreover, the biochemical process for the manufacture of LCDA is time-consuming. For instance, the fermentation process takes 2-5 days to produce the desired dicarboxylic acid with more than 10 number of carbon atoms, which is time-consuming and additionally requires skilled labor and expertise. These factors increase the production cost.
Cathay Industrial Biotech, Evonik Industries, Henan Junheng Industrial Group Biotechnology, Shandong Hilead Biotechnology, Zibo Guangtong Chemical, Aecochem Products, BASF, Elevance Renewable Sciences, Hangzhou Dayangchem, Nantong Senos Biotechnology, TCI AMERICA, Toronto Research Chemicals, UBE INDUSTRIES, and Unisource Chemicals.