What Fueled The Previous Growth In The Octadecanedioic Acid Market?
The octadecanedioic acid market has seen considerable growth due to a variety of factors.
• The octadecanedioic acid market has grown robustly in recent years. It is expected to grow from $8.47 billion in 2024 to $8.97 billion in 2025, at a compound annual growth rate (CAGR) of 5.9%.
The growth is attributed to rising demand for soaps and detergents, increased use in rubber processing, environmental concerns, growing investments, and rising demand for automotive products.
What Is The Expected Growth In The Octadecanedioic Acid Market Size Evolve over the Forecast Period?
The octadecanedioic acid market is expected to maintain its strong growth trajectory in upcoming years.
• The octadecanedioic acid market is projected to experience strong growth, reaching $11.14 billion by 2029 with a CAGR of 5.6%.
Growth is attributed to the demand for eco-friendly solutions, sustainable products, pharmaceutical needs, growth in cosmetics and personal care, and rising demand for engineering polymers. Key trends include technological innovations, product launches, increased investments, and strategic partnerships.
What Main Forces Are Fueling Expansion In The Octadecanedioic Acid Market?
The growth of the octadecanedioic acid market is anticipated to be driven by the flourishing pharmaceutical sector. This sector of the economy deals with the research, production, and distribution of health products and medications. The expansion of the pharmaceutical sector can be credited to a mix of factors such as advancements in medical tech and research, an aging world population, a rise in chronic diseases, higher healthcare spending, and improved healthcare access in growing regions. Octadecanedioic acid plays an integral role in the pharmaceutical sector, notably in drug delivery systems. It boosts the stability and controlled release of drugs, providing biocompatibility for safer and better pharmaceutical goods. As an example, in June 2023, the European Federation of Pharmaceutical Industries and Associations (EFPIA) reported that bio-pharmaceutical production in Europe accounted for $384,200 million (€340,000 million) in 2022, a rise of around 4.95% from $366,267 million (€323,950 million) in 2021. Thus, the thriving pharmaceutical sector is fueling the growth of the octadecanedioic acid market. The burgeoning cosmetics industry is also speculated to augment the octadecanedioic acid market's growth. It comprises a vast array of products aimed at maintaining and enhancing physical appeal, including personal care items, fragrances, makeup, haircare, and skincare. The cosmetics industry's growth can be linked to evolving consumer preferences, tech advancements, social media impact, wellness trends, and globalization, which promotes innovation and accessibility in beauty products. Octadecanedioic acid offers numerous benefits to the cosmetics industry, in turn proving itself to be an invaluable ingredient in formulations that aim to boost overall well-being, hydration, and skin health. To illustrate, the International Trade Administration, a US-based government agency, disclosed in July 2022 that Canada's cosmetics industry, having generated around USD 1.24 billion in revenue in 2021, is likely to see a yearly growth of 1.45%, reaching USD 1.8 billion by 2024. Hence, the surging cosmetics industry is spurring the growth of the octadecanedioic acid market.
What Are The Primary Segments In The Global Octadecanedioic Acid Market?
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
Subsegments:
1) By Powder: Fine Powder, Coarse Powder
2) By Liquid: Concentrated Liquid, Diluted Liquid
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Who Are the Key Players In The Octadecanedioic Acid Market?
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.
What Is The Most Dominant Region In The Octadecanedioic Acid Market?
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.
