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Octadecanedioic Acid Market Size, Share Report And Forecast To 2033
Octadecanedioic Acid Market Size
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According to The Business Research Company's, 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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Market Drivers:
The increasing smartphone penetration is expected to propel the growth of the online photo printing market going forward. A smartphone is a mobile device that combines cellular connectivity with advanced computing capabilities, allowing users to access the internet, run applications, and perform various multimedia functions. Smartphones are being widely adopted due to their versatility, offering users seamless access to communication, entertainment, productivity, and internet services on a single portable device, enhancing convenience and connectivity in modern lifestyles. Smartphones enable easy online photo printing by allowing users to upload and order prints directly from their devices through various apps and websites. This convenience has made photo printing more accessible and user-friendly. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications, a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021. This figure increased by over 2 million at the end of March 2022, resulting in a total of 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, increasing smartphone penetration is driving the growth of the online photo printing market.
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Major Key Players of the Market:
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.
Octadecanedioic Acid Market 2024 Key Insights:
• 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%.
• Expanding Pharmaceutical Sector Fuels Growth Of Octadecanedioic Acid Market
•
• North America was the largest region in the octadecanedioic acid market in 2023
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