Dioctyl Adipate Market size was valued at USD 2.11 Billion in 2023 and is likely to reach USD 4.34 Billion by 2036, registering around 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of dioctyl adipate is assessed at USD 2.22 Billion.. The growth of the market can be attributed to the growing safety concern in the healthcare industry. Hospitals can be full of hidden risks owing to the high possibility of infections or medical mistakes. To enhance the manufacturing quality of medical equipment and gadgets, dioctyl adipate is employed as a favored raw material in the healthcare sector. It is used as a biodegradable substance it is utilized in medical gloves, tubes, blood bags, and other items. Further being a suitable material for creating different medical tubes that are inserted into a patient's body, DOA is becoming more and more significant. According to the World Health Organization (WHO), up to 4 out of 10 patients experience injury when receiving primary and outpatient care globally.
In addition to these, factors that are believed to fuel the market growth of dioctyl adipate include the rising demand for personal products. For instance, the growing concern among individuals on personal hygiene and skin health has led to the rise in demand for personal care products. Additionally, dioctyl adipate is included in a number of personal care items, including sunscreen, body lotion, and hair conditioner, which is predicted to present the potential for market expansion over the projected period.
Growth Drivers
Growing Food Packaging Industry – On account of the increasing working population across the globe, the market is expected to expand more in the upcoming years. Further, dioctyl adipate is used in the production of flexible PVC films used in food packaging, which in turn will boost the market growth over the forecast period. As per statistics, each year, over 10 million more people in India enter the working population.
Rising Demand of Electrical Appliances – Growing number of households across the globe is estimated to drive market growth. According to estimates, residential appliances make for over 10% of the world's total final power usage.
Increasing Usage of Plasticizers –Dioctyl adipate is suited for usage as a plasticizer owing to its wide molecular space, high boiling temperature, and low vapor pressure. It is a premium plasticizer that exhibits exceptional mechanical resilience at high temperatures and moderate volatility. Over the next few years, the worldwide consumption of plasticizers will increase by more than 3% annually.
Growing Demand of Rubber – The growing demand for rubber in automotive applications and latex products, is anticipated to drive the market growth. Dioctyl Adipate is a chemical compound used to make synthetic rubber, it is also used as an essential ingredient in many applications, including tyres, shoe bottoms, and hoses. Moreover, rubber is frequently utilized in flexible materials like sheets, wires, and cables, which increases the need for DOA in the rubber sector. As of 2022, India consumed over 0.70 million metric tonnes of synthetic rubber.
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
5.7% |
|
Base Year Market Size (2023) |
USD 2.11 Billion |
|
Forecast Year Market Size (2036) |
USD 4.34 Billion |
|
Regional Scope |
|
Application (Polymer, Rubber, Paint)
The global dioctyl adipate market is segmented and analyzed for demand and supply by application into polymer, rubber, paint, and others. Out of the four types of, the rubber segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing usage of rubber across all end markets. For instance, rubber may be readily moulded into a variety of forms and sizes. Further, rubber is used in pipelines, gardening tools and so on. It is also used in a wide variety of products, including tubes, tyres, toys, clothes, tyres for cars and aeroplanes, medical equipment, and surgical gloves, and industrial items. Moreover, dioctyl adipate is a key component of rubber industry plasticizers. It can give products remarkable suppleness at low temperatures. Furthermore, it is also used as an additive in the manufacturing process of rubber. As of 2023, global consumption of natural rubber is expected to reach over 15 million tonnes.
End-user (Packaging, Cable, Wiring, Consumer Goods, Medical Applications, Wall Coverings & Flooring)
The global dioctyl adipate market is also segmented and analyzed for demand and supply by end-user into packaging, cable and wiring, consumer goods, medical applications, wall coverings & flooring, and others. Amongst these six segments, the consumer goods segment is expected to garner a significant share. The growth can be attributed to rising disposable income of consumers across the globe. In consumer products, dioctyl adipate is utilized as a non-flammable solvent, which can be found in a variety of finished goods, such as hoses, floor coverings, paints, varnishes, waterproof membranes, and PVC soles for shoes and slippers. Further, DOA is also a significant component of PVC outside pipes, imitation paper, door mats, and synthetic leather.
Our in-depth analysis of the global market includes the following segments:
|
By Purity Type |
|
|
By Application |
|
|
By End User |
|
APAC Market Statistics
The Asian Pacific dioctyl adipate market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the growing production of chemicals in developing countries such as China and India. For instance, the world's largest chemical industry has historically been that of China, and it continues to lead the world in terms of its chemical sector. Further, owing to its low labor costs, quick investment, favorable government rules, and easy access to raw materials, it has led the world's chemical manufacturing industry. In addition, China is the world's top exporter, producer, and also consumer of dioctyl adipate. It exports the majority of its product to the United States, Bangladesh, and Indonesia. As per estimates, China's market share in chemical sales worldwide, increased by more than 30% in 2018.
North American Market Forecast
The North American dioctyl adipate market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the growing demand for dioctyl adipate from electronic industries. It is utilized as an insulating material for cables and wires, owing to extremely low temperatures in the area. In addition, the region's expanding healthcare industry are also anticipated to boost the market growth during the forecast period.
Europe Market Forecast
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the growing demand of paints in the region. For instance, owing to the great degree of consumer interest in home décor, architectural paints are growing in demand in Western Europe. Paint uses dioctyl adipate (DOA) as a solvent, dispersion, and thickener. Moreover, it has been discovered that Dioctyl Adipate can successfully replace a variety of organic solvents used in paint. In addition, the region's expanding healthcare industry and rising demand for cosmetics are also anticipated to boost the market growth during the forecast period.
Mitsubishi Chemical Holdings Corporation accepted submissions for the KAITEKI Challenge, to encourage sustainable consumption in daily life, research for innovative technologies in alternative proteins, waste plastics recycling, and the avoidance of food loss and waste.
Exxon Mobil Corporation boosted its capacity to produce raw materials, used in medical masks and gowns, in order to satisfy this urgent requirement and support the health and safety of medical professionals, nurses, and first responders.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?