Global Octadecanedioic Acid Market 2017-2021
About Octadecanedioic Acid
Octadecanedioic acid (ODDA) comes under the group of long-chain dicarboxylic acids. ODDA is an 18-carbon diacid containing two carboxylic acid groups at both ends of the linear hydrocarbon. ODDA is majorly produced in two ways: Microbial fermentation process and metathesis of natural oils. Natural oils used in the production of ODDA include animal fats and vegetable oils. ODDA is an intermediate chemical used in the manufacturing of polymers such as polyester polyols, polyurethanes, polycarbonates, and also, lubricant oils, powder coatings, and epoxies.
Technavio’s analysts forecast the global octadecanedioic acid market to grow at a CAGR of 4.04% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global octadecanedioic acid market for 2017-2021. To calculate the market size, 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 Octadecanedioic Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global octadecanedioic acid market: Caming Pharmaceutical, Croda International, Elevance Renewable Sciences, HIMOUNT EUROPE, LGC, and TCI AMERICA.
Other Prominent Vendors in the market are: Nanjing Chemlin Chemical Industry Co., Toronto Research Chemicals, Zhejiang Hongxin Dyeing Material Co., Oakwood Products, and Key Organics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing consumer preferences toward organic cosmetics and personal care products. The cosmetics application segment is the most fastest-growing segment worldwide. Consumers are shifting their preferences toward organic products due to its range of health benefits, compared to those in regular chemically manufactured products. This factor is likely to bring in more demand for the cosmetics and personal care application segment. Hence, the segment is projected to grow at the highest CAGR during the forecast period.”
According to the report, one driver in the market is high demand from North America. The demand for ODDA mainly comes from North America, in which the US is likely to continue its leading position in the ODDA market of the Americas during the forecast period. In terms of the application of ODDA, the cosmetics segment is expected to enjoy the highest growth rate in the Americas. In addition to that, the shift in consumer preferences toward organic products, due to good health benefits, is expected to increase the scope and demand for cosmetics and personal care products. The increase in demand for polyester polyols, especially in construction and automotive sectors, is expected to drive the market in the Americas.
Further, the report states that one challenge in the market is lack of awareness. ODDA has a wide range of applications in polyester polyols, cosmetics, powder coatings, lubricating oils, and others. Lubricating oils and greases are mainly used by industrial equipment manufacturers, automotive, transportation, and other end-user industries. Lubricants help in reducing friction, controlling thermal stability, and offer a high load-carrying capacity of the equipment. In addition to that, polyester polyols derived from C18 dicarboxylic acid exhibit excellent solvent resistance, optical clarity, hydrolytic stability, and toughness. These polymers find use in the automotive, foodservice, and medical segments. Since ODDA consists of C18 dicarboxylic acid, a basic building block in the formulation of most compounds, it is actively used in personal care and pharmaceutical products.
Caming Pharmaceutical, Croda International, Elevance Renewable Sciences, HIMOUNT EUROPE, LGC, TCI AMERICA, Nanjing Chemlin Chemical Industry Co., Toronto Research Chemicals, Zhejiang Hongxin Dyeing Material Co., Oakwood Products, and Key Organics.