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IN THE NEWSApril, 2020: Exxon Mobil Corporation announced that it has increased the production of the raw materials that are required for the manufacturing of masks, gowns and hand sanitizers.
November 2019: DuPont de Nemours, Inc. announced that it will be displayed at the CPhI Worldwide event, with its new essential pharmaceutical polymer portfolios.
November, 2018: Eastman Chemical Company announced the competition of the construction of a new manufacturing facility that would manufacture isobutyric acid, used widely in the manufacturing process of plasticizers.
The global dioctyl adipate market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing use of dioctyl adipate or DOA as a plasticizer amongst various end-user industries. Moreover, it is commonly used as an additive in rubber, resins, and paints to increase flexibility and reduce brittleness. Furthermore, the market is also predicted to grow on the back of growing consumption of rubber and other synthetic polymers across various industries, including electronics, automotive, and healthcare. As per the data by the International Trade Centre, the total export value of synthetic rubber valued at USD 22,764,524 in 2019. DOA added rubber is extensively used in the healthcare sector to manufacture medical equipment. For instance, the tubing that goes inside the body needs to be as soft as possible for optimum patient treatment and comfort, and DOA is used to increase the softness of the rubber. Such applications of dioctyl adipate is projected to drive the growth of the market.
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Dioctyl adipate (DOA) is an organic compound, with the chemical formula of (CH₂CH₂CO₂C₈H₁₇) ₂. DOA has high molecular weight, high boiling point, and low vapor pressure, which makes it suitable to be used as a plasticizer. It is a colorless liquid, which is soluble in fat.
The market is segmented by application into polymer, rubber, paint, and others, out of which, the rubber segment is anticipated to hold a substantial share in the global dioctyl adipate market over the forecast period on account of increasing use of rubber across various end-user industries. Moreover, rubber is generally used in sheets, wires, and cables, which need to be flexible, leading to higher use of DOA in the rubber industry.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global dioctyl adipate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to garner notable market share during the forecast period on account of increasing chemical manufacturing activities in developing nations, such as, China and India.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence medical equipment manufacturing companies in the region, backed by the growing healthcare sector. Moreover, the increasing use of rubber and plastic in the manufacturing sector, leading to higher demand for plasticizer, which is also estimated to boost the market growth. According to the data by the American Chemistry Council, in 2018, 35.7 million tons plastic was produced in the United States.
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The global dioctyl adipate market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global dioctyl adipate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for plasticizer amongst various end-users is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Declining use of plastics, backed by growing environment awareness is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing rubber and plastic consumption in the region.
The major players in the market are Hallstar Innovations Corp., DuPont de Nemours, Inc., Ineos Group Ltd., Chongqing Caifchem Co., Ltd., Hanwha Solutions Corporation, LG Chem Ltd., and S&P Global Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by purity type, application, end-user, and by region.
The rubber segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
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