Press release
Dodecanedioic Acid Market to exceed USD 590 million by 2023
Dodecanedioic Acid finds its application in adhesives, powder coatings, resins, and lubricants. DDDA market price in resin sector worth USD 235 million in 2015, is expected to grow substantially over the coming seven years. The growth can be attributed to the increasing use of nylon in screws, gears, and fabrics. DDDA market size in powder coatings industry is expected to grow at a rate of 6% over 2016-2023 owing to its wide applications in powder coatings & paints production.
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Innovations in coating technology for industrial paints is predicted to promote DDDA market growth over the coming years. Paints & Coatings production capacity estimated at 1700 kilotons in 2015, is expected to surpass 3170 kilo tons by 2023. Rising demand for DDDA from industrial coatings sector along with growing preference for providing protective industrial paints are few of the factors predicted to contribute significantly towards the growth of the DDDA application in paints & coatings industry over the coming years.
Asia Pacific DDDA market revenue worth USD 125 million in 2015, is expected to witness a substantial growth over 2016-2023 owing to rapid industrialization along with rising demand for paints & coatings. China, Japan, and India are anticipated to be the major revenue pockets for the region over the coming years.
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North America DDDA market is expected to register a CAGR of 5.5% over the coming seven years due to booming nylon production along with presence of automobile giants such as General Motors & Ford who have adopted eco-friendly technology to reduce greenhouse effects. U.S. is expected to contribute significantly towards the regional share over the coming years.
Latin America DDDA market is expected to witness highest gains of 5.8% over the period of 2016-2023, owing to high demand for lubricants. Brazil is projected to make a major contribution towards the overall revenue of the region. Middle East & Africa Market is projected to record a CAGR of 4.8% over 2016-2023 due to the expanding paints & coatings industry as well as growth of oil & gas sector.
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Product branding, geographic expansion, market penetration, and strategic alliances are some of the key strategies adopted by the industry participants to expand their business over the coming years. Major industry players include The Cathay, Invista Company, Verdezyne Incorporation, UBE, BASF SE, Evonik Industries, Santa Cruz Biotechnology Company, and Zibo Guangtong Chemical Company Limited.
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