The growth of the Dodecanedioic Acid Market is primarily dependent on the growth of the paints & coating sector. Dodecanedioic acid is a dicarboxylic acid that can be produced through a synthetic process or a biological process. The synthetic production process includes the use of butadiene as its primary material while the biological process involves the use of paraffin wax as its primary material. Dodecanedioic acid is mainly used in the production of resins utilized in paints and coating, owing to its excellent corrosion resistance, chemical resistance, thermal stability, flexibility and enhanced performance. The surging developments associated with the paints & coating sector across the world have led to considerable growth in the dodecanedioic acid market. The dodecanedioic acid market size is projected to grow at a CAGR of 5.6% during the forecast period 2022-2027 and reach US$1.1 billion by 2027.
Dodecanedioic Acid Market: Leading Segment is Paints & Coating
On the basis of the end-use industry, the Dodecanedioic Acid Market can be segmented into paints & coating, cosmetics & personal care, automotive, paper & pulp and others. The paints & coating sector is evaluated to be the leading segment in the dodecanedioic acid market in 2021. During the forecast period 2021-2027, the paints & coating segment is expected to grow with a CAGR of 5.9%. This can be attributed to various reasons such as the increasing demand and production of paints & coating across the world. According to Nippon Paints Holding Co., Ltd, the demand for paints & coating in American regions is expected to reach up to US$34,158 million by 2024 from US$28,420 million in 2019, representing a significant increase of around 20.2% from 2019 to 2024. Meanwhile, the paints & coating demand in Europe is estimated to reach US$ 39,516 million in 2024 from US$ 35,909 in 2019.
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Dodecanedioic Acid Market: Leading Region is Asia-Pacific
On the basis of geography, the Dodecanedioic Acid Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 35% share of the total revenue earned by the market globally. Asia-Pacific countries including China and India are comparatively ahead in terms of the growth of the paints & coating industry. For instance, according to Paint India, the paint & coating industry in India was valued at US$8 billion in 2021 and the Indian paint & coating industry has witnessed consistent growth over the last decade. Moreover, recent insights from Nippon Paints Holding state that the demand for paints & coating in China is expected to reach US$60,514 million by 2024, an increase of around 29.6% from US$46,694 million in 2019. The dodecanedioic acid market will also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the dodecanedioic acid market.
Dodecanedioic Acid Market: Competitive Landscape
Key companies holding major shares in the Dodecanedioic Acid Market are BASF SE, Evonik Industries AG, Cathay Biotech Inc., ChemCeed LLC, Santa Cruz Biotechnology Inc., Selleck Chemicals, Merck KGaA, Toronto Research Chemicals, UBE Industries Ltd. And Zibo Guangtong Chemical Co. Ltd.
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