Octadecanedioic Acid (ODDA) Market Opportunities, Business Forecast To 2029

According to Precision Business Insights (PBI) latest report octadecanedioic acid market was valued at USD 8,532.7 million in 2022, growing at a 4.2% CAGR during the forecast period 2023 to 2029. The increased demand for nylons in the manufacturing of construction products, polyesters for water-resistant clothing and polyurethanes in medical applications like implants, tubings and injection molded devices are major drivers propelling the octadecadioic acid market over the forecast period. Furthermore, rise in number of emerging markets, rise in strategic collaborations and a demand for hassle-free lifestyle, advanced equipment is anticipated to fuel the growth of the market in the future. Moreover, the major market players are currently focused the on easy access to raw materials and meeting environmental regulations which is expected to augment the market growth during the forecast period.

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Polyurethanes are Dominating the Octadecanedioic Acid (ODDA) Market:
Octadecanedioic acid polyurethanes is currently a dominating segment and is anticipated to show significant growth over the forecasted period. Octadecanedioic acid polyurethanes are a versatile material that can survive aggressive, high humidity and temperature environments and leverages a biobased starting material. Compared to other polyurethanes they offer much better hydrostatic stability, hydrophobicity and higher strength. In particular, biobased polyols based on C18 diacid may be used to expand product offerings with renewable materials in applications such as automotive molded parts, hot melt adhesives, high-performance coatings and sports equipment. This material has two segments, the hard segment acts as a physical and chemical crosslink and gives it strength and stiffness., whereas soft segments impart rebound and flexibility. These materials are true thermoplastics in that they can be dissolved in solvents, melted, reformed and reshaped multiple times. Owing to these excellent properties and uses, the demand for octadecanedioic acid is increasing in the polyurethanes segment which is stimulating the octadecanedioic acid market.

Asia Pacific Leads Octadecanedioic Acid (ODDA) Market:
The Octadecanedioic acid market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. APAC is expected to expand at notable CAGR over the forecasted period owing to the highly developed infrastructure, rising demand by the end user companies, increased market for the automotive industry due to rapidly increasing population. China is the world's largest producer of vehicles along with Japan and India being in third and fourth positions respectively leading to the extensive increase of octadecanedioic acid market. North America octadecanedioic market is also anticipated to grow owing to the biggest skincare industry in the world, and also large producers of octadecanedioic polyesters and polyurethanes.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The octadecanedioic acid market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

The octadecanedioic market is segmented based on
Based on the application, the market is segmented into the following:
• Polyester Polyols
• Powder Coatings
• Adhesive Additives
• Sealants and Elastomers
• Resin and Rubber
• Cosmetics
• Lubricating Oils
• Others

Based on the End user industry, the market is segmented into the following:
• Food service
• Automotive
• Pharmaceutical
• Medical
• Construction
• Textiles
• Others

Based on the Geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• Middle East & Africa

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The key players in the octadecanedioic market are Elevance Renewable Sciences, Inc, TCI Chemicals (India) Pvt. Ltd, Hunan HuaTeng Pharmaceutical Co., Ltd., Nanjing Chemlin Chemical Industry Co., Ltd, XIAMEN SINOPEG BIOTECH CO., LTD, BASF SE, Croda International Plc, Cathay Biotech Inc, Huateng Pharma, Key Organics Limited, Oakwood Products Inc, Toronto Research Chemicals Inc, Xiamen Sinopeg Biotech Co. Ltd, Zhejiang Hongxin Dyeing Material Co. Ltd.

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This release was published on openPR.