Dodecanedioic Acid Market size was over USD 637.66 Million in 2023 and is anticipated to cross USD 1.37 Billion by the end of 2036, growing at more than 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of dodecanedioic acid is estimated at USD 672.67 Million. The growth of the market can be attributed to the boom in the manufacturing industry, owing to its great usage in varied processes. In the latest reports, the manufacturing industry in the United States was expected to be worth approximately USD 6 trillion in 2022. Rising urbanization across the world along with a growing number of industries owing to modernization is estimated to increase the growth of the manufacturing sector. The manufacturing sector includes the production of various goods and services. The rising disposable income of people spend on buying these manufactured goods is anticipated to drive the growth of dodecanedioic acid in the coming years. Dodecanedioic acid is used in many manufacturing industries including paints, coatings, adhesives, lubricants, and nylon manufacturing.
Dodecanedioic acid is being highly utilized in the manufacturing of cosmetics, lubricants, fragrances, toothbrushes, and pharmaceuticals among others, and growing demand for manufacturing resin is anticipated to influence the market in a positive way. Thus, the increase in the number of manufacturing businesses across the world is expected to bring lucrative opportunities for the key players in the global dodecanedioic acid market in the assessment period. In 2022, it was projected that the number of businesses in the manufacturing industry of the United States counted to be 638,590 in total. The pharmaceutical industry is rising industry across the world owing to the increasing incidence of diseases and the occurrence of COVID-19 in 2019. The internet penetration and awareness of early diagnosis made people more concerned about their health. All these factors influence the growth of the pharmaceutical sector and in turn the use of dodecanedioic acid market growth during the forecast period.
Growth Drivers
Rapid Urbanization and Industrialization Around the World – Rapid urbanization and industrialization have propelled high demand for adhesives, lubricants, and heat-resistant thermoplastics. This increased demand is expected to speed up the growth rate of the global dodecanedioic acid market. The statistics given by the World Bank state that 57% of the total population has been categorized as urban population, equivalent to approx. 4.5 million people. Further, this number is projected to get doubled with 7 out of 10 people in the world living in urban settlements.
Growth of the Automotive Sector with an Increasing Number of Vehicles – The favorable properties such as heat stability, flexibility, and scratch resistance are pushing the adoption rate of dodecanedioic acid in the automotive industry. Thus, the boom in the automotive industry is anticipated to expand the dodecanedioic acid market size in the forecast period. India’s automotive industry is expected to garner 200 billion dollars by 2031, making it the 3rd largest automotive industry in the world.
Boom in Chemical Industry Owing to Increasing Use in Various Manufacturing Sectors – The emerging technologies in India is expected to propel the Indian chemical industry to grow by a CAGR of 10% with a revenue of USD 300 billion by 2025.
Growth in Research and Development Expenditure to Improve the Economic Status – Recently, World Bank calculated the global research and development expenditure was expected to be 2.63% of the total Gross Domestic Product (GDP) in 2020. This was a considerable increase from 2.2% in 2018.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.1% |
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Base Year Market Size (2023) |
USD 637.66 Million |
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Forecast Year Market Size (2036) |
USD 1.37 Billion |
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Regional Scope |
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Application (Resin, Powder Coatings, Adhesives, Lubricants)
The global dodecanedioic acid market is segmented and analyzed for demand and supply by application into resin, powder coatings, adhesives, and lubricants. Out of these, the resin segment held the largest market share of 60% in the year 2022 backed by the growing demand for nylon in a wide range of industries, particularly in the automotive and paint industries. Moreover, there are many types of resins made from dodecanedioic acid, including epoxy resins, aromatic hydrocarbon resins, and many other components. Various industrial applications require these resins. As a result of the growing demand for performance plastics in the transportation and construction industries, the demand for plastic resins has increased. This factor is anticipated to augment segment growth during the forecast period. The rising use of plastics in place of metals reduces the weight of vehicles in the automobile industry. The growing number of electric vehicles across the world to improve fuel efficiency is also anticipated to rise the use of the dodecanedioic acid market during the forecast period.
Amongst these segments, the powder coatings segment is expected to garner a significant share. The increasing demand for heat-resistant and flexible polyester are rising the market growth of powder coatings. Powder coatings are used in various sectors including the chemical, automobile, and construction industries. The development in the economic standards and increasing applications of dodecanedioic acid in industrial paints are anticipated to drive market growth. The powder coatings are cost-effective, have easy availability, have no emission of volatile organic compounds, and provide uniform thickness and elegant finish. The powder coatings are used in cases of applications where multiple coatings are required. The powder coatings do not contain any solvents and are hydrolytic resistant. The increasing use of automobiles across the world with the rising disposable income of people is estimated to boost the market growth. According to the reports, the revenue of the U.S. dealers in the year 2021 on motor vehicles and parts was estimated to be over USD 1 trillion.
Our in-depth analysis of the global market includes the following segments:
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By Process |
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By Raw Materials |
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By Purity |
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By Application |
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APAC Market Statistics
The Asia Pacific dodecanedioic acid market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The rising support from the governments in the region to expand the chemical industry is one of the factors that is expected to swell the dodecanedioic acid market as it would smoothen up the production rate of the acid. In India, around USD 26 million was allocated by the government to the Department of Chemicals and Petrochemicals under the Union Budget 2022-23. Another growth factor for dodecanedioic acid's expansion is the region's increased industrial production rate, owing to its great usage. It was estimated that the industrial production rate in China rose at a 4% rate from July 2020 to July 2022. The chemical industry growth in the region is attributed to the increasing use of textiles, pharmaceuticals, and plastic industries. The increasing textile industry with rising online and e-commerce platforms are anticipated to boost the chemical industry growth thereby the use of the dodecanedioic acid market.
Europe Market Forecast
Further, the European market is estimated to garner significant growth during the forecast period. The growth of the market is attributed to the increasing production of powder coating in Russia, Italy, and other countries. The rising application of dodecanedioic acid in plastics, painting materials, and nylon with the rising construction industry is anticipated to drive market growth during the forecast period as per the market analysis. As per the estimations, the construction sector in May 2022 increased by over 8% from April 2022 in Germany.
Cathay Biotech Inc.
Koch Industries, Inc. has acquired LIONEX technology from Chemionex Inc. The acquisition will help the company in launching the new proprietary Li-PRO process for direct lithium extraction (DLE) for lithium battery-powered devices.
Cathay Biotech Inc. has been successful in operating the Wusu plant and is all set to produce. bio-based monomers and polymers
Author Credits: Rajrani Baghel
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