Dodecanedioic Acid Market to Observe Strong Development 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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