Dodecanedioic Acid Market to Record an Exponential CAGR by 2024
Dodecanedioic acid, also known as DDDA, is a dicarboxylic acid used in top-grade coatings, antiseptics, painting materials, surfactant, corrosion inhibitor, and engineering polymers such as nylon 612. DDDA is used in the manufacture of corrosion inhibitors, which are comprehensively used in water treatment, chemical, pulp & paper, and other industrial facilities. DDDA is also used in the production of powder coatings. Powder coatings have a number of advantages over conventional liquids such as higher resistance to corrosion, abrasion and chipping, high quality finish, and protection from chemicals, heat, and moisture. Additionally, powder coatings are free from solvents resulting in negligible volatile organic compounds (VOC) emissions. This in turn makes the coating ecofriendly. The major application of DDDA is polyesters, especially polyamides and epoxy resins. IV infusion of DDDA in type 2 diabetic patients has demonstrated that it helps in maintaining blood sugar in the normal range without affecting the energy levels or increasing the blood glucose in the system. It can also be used as a constituent for corrosion resistant coats and heat transfer fluids.
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The DDDA market is expected to grow due to increasing demand in the manufacture of nylon 612, powder coatings, adhesives, and paints. Nylon 612 is used across a wide range of applications including coatings, polyesters, greases, detergents, fragrances, and adhesives. Nylon 612 is also used in the production of heat resistant thermoplastics due to its heat resistant properties. Rising demand for zero volatile organic compounds paints has further augmented the global dodecanedioic acid industry. Resin was the largest application segment, accounting for about two-thirds of the market in terms of volume in the past year. Environmental concerns related with the production of dodecanedioic acid could act as a restraint of the market. Development of bio-based DDDA is expected to nullify the perceived restraint. Bio-based DDDA is also expected to replace approximately 30% of the petrochemical product industry in the next few years. Powder coatings is expected to be the fastest growing application segment of the market during the forecast period.
Asia Pacific was the largest market for dodecanedioic acid, accounting for over one-third share of the global market in terms of volume in the past few years. Growing industrial activities in Asia Pacific is expected to bolster demand for DDDA during the forecast period. China is one of the largest producers and consumers of DDDA, accounting for over a quarter of the global market in terms of volume. North America and Europe accounted for about half of the global demand for DDDA in terms of volume in the past year.
Presence of several end-user industries of DDDA in the U.S. is expected to stabilize market growth in the region. Slowing growth of nylon production in Germany, France, and Italy due to high manufacturing costs is anticipated to affect the growth of the DDDA market in Europe in the next few years. The dodecanedioic acid market in Latin America is expected to witness significant growth due to rising industrial potential of developing economies such as Brazil. Several governments across the globe have undertaken initiatives toward environmental sustainability, which is expected to encourage manufacturers in the exploration of bio-based routes for the production of dodecanedioic acid.
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Key players in the dodecanedioic acid (DDDA) market include Evonik Industries AG, Beyo Chemical Co. Ltd., Cathay Industrial Biotech Ltd., Sinopec Qingjiang Petrochemical Co. Ltd., INVISTA, Zibo Guangtong Chemical Co., Ltd., and Verdezyne, Inc.
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