1,12 Dodecanedioic Acid Market Potential Growth, Worldwide Industry Analysis
The global dodecanedioic acid market size is expected to rise due to high demand for DDDA in Nylon 6,12 production. The increasing investments in dodecanedioic is expected to boost market in the forthcoming years
As per the report, 1,12 dodecanedioic acid possesses several chemical and physical characteristics that are propelling its market demand. For instance, 1,12 dodecanedioic acid is durable, has a high tolerance for heat, and is highly resistant to scratches. Thus, its application in the automotive industry is rising. These aforementioned characteristics are expected to stimulate market growth and have been discussed along with other factors supporting the market growth.
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On the basis of its type, the dodecanedioic acid market is categorized into Purity 98% and Purity 99%. On the basis of its application, the market segments into adhesive, coating, fragrance, and flavor, and resin. Geographically, the market for dodecanedioic acid is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The dodecanedioic acid market report contains a thorough analysis of several aspects that drive the market growth. The report incorporates the use of Porters Five Forces Analysis for the forecast and follows an innovative research methodology that contains data triangulation based on bottom-up and top-down approaches. The report contains information gathered from interviews with reputed stakeholders at country, regional, and global levels. The report focuses on the present status and future opportunities for the 1,12 dodecanedioic acid market. The report also focuses on the recent developments in the industry, including information on new product launches, expansion, and key market trends.
Drivers & Restraints-
Investments in R&D for Nylon Will Favor 1,12 Dodecanedioic Acid Market
The dodecanedioic acid market is witnessing spiraling growth due to rapid industrialization in developing countries and its rising application in several industries. The research and development activities being conducted to produce high-quality nylon are expected to strongly stimulate market growth. Increased demand in paint and coating is also fueling the market growth. Adhesives and lubricants are experiencing a surge in demand, thereby boosting the dodecanedioic acid market.
However, the dodecanedioic acid market is highly competitive, which is further inhibited by increasing raw materials’ costs. These factors are likely to restrain the market growth.
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Asia Pacific to Lead Market Growth
Developing countries in Asia Pacific are witnessing industrialization at a rapid pace. The automotive industry particularly benefits from the physical and chemical attributes of dodecanedioic acid. Thus, the high application of dodecanedioic acid in the automotive industry is expected to drive the market growth in Asia Pacific. North America has observed a rising demand for fabrics and screws in nylon production. Mexico being the center for vehicle production has driven the demand due to the global demand for luxury vehicles and their production. Hence, the dodecanedioic acid market is expected to grow significantly. The Middle East & Africa is expected to experience a surge in dodecanedioic acid’s demand due to high-caliber thermoplastics production, which involves nylon for its production. Europe is expected to experience growth on account of rising advancements in powder coating, backed by the potential growth of bio-adhesives. On the other hand, the government interferences are expected to influence Latin America to experience slow growth.
New Product Offering to Pave the Way for Future Market Growth
Strong market growth is anticipated for the dodecanedioic acid market during the forthcoming years. Increasing investments in research and development activities can create a vast impact on the market. For instance, 3M is heavily invested in its R&D activities to cater to the medical adhesives demand globally. With new product launches in the market, 3M is fortifying its market position.
- April 2021: 3M launched a new silicone adhesive to improve medical devices for people having fragile skin. The new product launch has helped the company to expand its adhesives portfolio.
- April 2019: 3M launched extended-wear surgical transfer adhesives to expand their medical devices adhesives range. The launch has helped the company to enhance its market presence.
List of Renowned Players in 1,12 Dodecanedioic Acid Market:
- BASF SE
- Wego Chemcial Group
- Ube Industries
- Evonik Industries
- Santa Cruz Biotechnology
- Zibo Guangtong Chemical Group
- BEYO Chemical
- Cathay Industrial Biotech
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