Overview and Scope
Octadecanedioic acid is a long-chain dicarboxylic acid with the chemical formula C18H34O4. It is used as a monomer in the production of polyamides, polyesters, and other polymers, providing properties such as enhanced durability and flexibility. Additionally, it serves as an intermediate in organic synthesis and specialty chemical manufacturing.
Sizing and Forecast
The octadecanedioic acid market size has grown strongly in recent years. It will grow from $8.02 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the growing demand for soaps and detergents, increasing use of octadecanedioic acid in rubber processing, rising awareness of environmental concerns and regulations, increasing investments, and increasing demand for automotive products.
The octadecanedioic acid market size is expected to see strong growth in the next few years. It will grow to $10.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the growing demand for eco-friendly solutions, increasing preference for sustainable and eco-friendly products, increasing demand for pharmaceutical products, increasing cosmetics and personal care industry, and rising demand for engineering polymers. Major trends in the forecast period include technological innovations, product launches and developments, increasing investments, and strategic partnerships.
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Segmentation & Regional Insights
The octadecanedioic acid market covered in this report is segmented –
1) By Product Type: Powder, Liquid
2) By Application: Polyester Polyols, Lubricants and Greases, Powder Coatings, Personal Care Products, Other Applications
3) By End-Use: Automotive, Construction, Textiles, Cosmetics, Other End-Users
North America was the largest region in the octadecanedioic acid market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the octadecanedioic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expanding pharmaceutical sector is expected to propel the growth of the octadecanedioic acid market going forward. The pharmaceutical sector refers to the sector of the economy that is involved in the research, development, production, and distribution of medications and other health-related products. The pharmaceutical sector is increasing due to a combination of factors, including advances in medical research and technology, an aging global population, increased prevalence of chronic diseases, rising healthcare expenditure, and expanding access to healthcare in developing regions. Octadecanedioic acid is used in the pharmaceutical sector for its role in drug delivery systems, enhancing the stability and controlled release of medications while providing biocompatibility for safer and more effective pharmaceutical products. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based European trade association representing the pharmaceutical industry, the total bio-pharmaceutical production in Europe accounted for $384,200 million (€340,000 million) in 2022, an increase of approximately 4.95% from $366,267 million (€323,950 million) in 2021. Therefore, the expanding pharmaceutical sector is driving the growth of the octadecanedioic acid market.
<h4 class=reporthtag>Growth Of The Cosmetics Industry Driving Demand For Octadecanedioic Acid Market</h4>
The rising cosmetics industry is expected to propel the growth of the octadecanedioic acid market going forward. The cosmetics industry encompasses a wide range of products designed to enhance and maintain physical appearances, including skincare, haircare, makeup, fragrances, and personal care items. The growth of the cosmetics industry is attributed to factors such as evolving consumer preferences, technological advancements, social media influence, wellness trends, and globalization, which foster accessibility and innovation in beauty products. Octadecanedioic acid offers multiple benefits to the cosmetics industry, making it a valuable ingredient in formulations aimed at promoting skin health, hydration, and overall well-being. For instance, in July 2022, according to the International Trade Administration, a US-based government agency, Canada’s cosmetics industry, which generated approximately USD 1.24 billion in revenue in 2021, is projected to experience a yearly revenue growth of 1.45% to reach USD 1.8 billion by 2024. Therefore, the rising cosmetics industry is driving the growth of the octadecanedioic acid market.
Key Industry Players
Major companies operating in the octadecanedioic acid market are BASF SE, Thermo Fisher Scientific Inc., Solvay SA, Arkema S.A., Croda International plc, Cathay Biotech Inc., Shandong Minglang Chemical Co. Ltd., Elevance Renewable Sciences Inc., Unilong Industry Co. Ltd., Shandong Ench Chemical Co. Ltd., TCI Chemicals (India) Pvt. Ltd., OPQ Chemical Co. Ltd., Conscientia Industrial Co. Ltd., Autech Industry Co. Ltd., Key Organics Limited, Gihi Chemicals Co. Ltd., Nanjing Chemlin Chemical Industrial Co. Ltd., Sandoo Pharmaceuticals, Ambeed Inc., Lori Industry Co. Ltd., Refine Chemical Co. Ltd., Zehao Industry Co. Ltd., Shandong Lanhai Industry Co. Ltd., Xingrui Industry Co. Ltd.
The octadecanedioic acid market report table of contents includes:
1. Executive Summary
2. Octadecanedioic Acid Market Characteristics
3. Octadecanedioic Acid Market Trends And Strategies
4. Octadecanedioic Acid Market – Macro Economic Scenario
5. Global Octadecanedioic Acid Market Size and Growth
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32. Global Octadecanedioic Acid Market Competitive Benchmarking
33. Global Octadecanedioic Acid Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Octadecanedioic Acid Market
35. Octadecanedioic Acid Market Future Outlook and Potential Analysis
36. Appendix
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