Analysis by Purity Type (98%, 99%, and 99.5% Pure); by Application (Polymer, Rubber, Paint, and Others); and by End-User (Packaging, Cable and Wiring, Consumer Goods, Medical Applications, Wall Coverings & Flooring, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global dioctyl adipate market is estimated to garner a revenue of ~USD 4 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 2 Billion in the year 2022. 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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 4 Billion |
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Regional Scope |
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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
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.
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 dioctyl adipate market includes the following segments:
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By Purity Type |
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By Application |
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By End User |
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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 2035. 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.
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.
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 2035. 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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising demand of electrical appliances and growing demand of rubber are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: Inability to withstand hydrolysis reactions, and alternative materials pose a serious threat are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: he 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., and others.
Ans: 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.
Ans: The market is segmented by application, purity type, end user, and by region.
Ans: The rubber segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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