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Dimer Acid Market Analysis: Growth Opportunities and Long-Term Forecast to 2033
Dimer Acid Global Market Report 2024
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According to The Business Research Company's, The dimer acid market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to investments in research and development by manufacturers, shift towards lightweight materials to improve fuel efficiency, liberalization and deregulation initiatives have encouraged competition and investment, increasing focus on product safety and quality and expansion of the renewable energy sector.
The dimer acid market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increased usage in personal care products, focus on antioxidant properties, increasing demand for adhesives and sealants in construction, large-scale infrastructure development projects and increasing demand for specialty chemicals. Major trends in the forecast period include nanotechnology, integration of dimer acids in electronics, adoption of dimer acid-based ink resins, advancements in biotechnological approaches and advancements in purification technologies.
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Market Drivers and Trends:
The growing demand for sustainable and bio-based products is expected to propel the growth of the dimer acid market going forward. Sustainable and bio-based products are goods made from renewable resources or processes that minimize environmental impact, aiming for long-term ecological balance and resource preservation. Sustainable and bio-based products are rising due to environmental concerns, regulatory pressure, consumer preferences, and corporate sustainability initiatives. Dimer acids derived from bio-based sources are more biodegradable than those derived from fossil fuels, leading to lower environmental impact at the end of their life cycle. For instance, in March 2024, according to the U.S. Department of Agriculture, a US-based government administration, in 2021, biobased products, integral to the bioeconomy, added $489 billion to the U.S. economy, compared to $464 billion in 2020, a $25 billion rise, indicating a robust 5.1% growth in economic impact. Therefore, the growing demand for sustainable and bio-based products is driving the development of the dimer acid market.
Major companies operating in the dimer acid market are developing innovative products, such as distilled dimer acid, to enhance performance features and meet the rising demand for high-quality, sustainable materials in diverse industries. Distilled dimer acid is a highly purified form of dimer acid known for its enhanced performance characteristics, including superior flexibility, toughness, and chemical resistance. For instance, in June 2023, Cargill, a US-based food and beverage manufacturing company, launched Pripol 1013. Pripol 1013 dimer acid produces high-performance polyesters and polyamides, offering enhanced toughness, flexibility, water repellence, and resistance to hydrolysis and chemicals. It is a high-purity building block offering water repellency, flexibility, and excellent hydrolysis and chemical resistance. Pripol 1013 suits epoxy, polyurethane, polyester, and polyamide resin modification applications.
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Major Key Players of the Market:
Henan GP Chemicals Co. Ltd., BASF SE, Wilmar International Limited, Evonik Industries AG, Eastman Chemical Company, Musim Mas Group, Lanxess, Kemira Oyj, Croda International Plc, Kraton Corporation, Nissan Chemical America Corporation, KLK OLEO, Oleon NV, Emery Oleochemicals, Tokyo Chemical Industry Co. Ltd, Santa Cruz Biotechnology Inc., Jarchem Industries Inc., Vizag chemical, Florachem Corporation, SunChem Group, Shandong Huijin Chemical Co. Ltd., ATUREX, Anqing Hongyu Chemical Co. Ltd.
Dimer Acid Market 2024 Key Insights:
• The dimer acid market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Role Of Sustainable And Bio-Based Products In Driving Dimer Acid Market Growth
• Innovation and Sustainability in the Dimer Acid Market
• Asia-Pacific was the largest region in the dimer acid market in 2023
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