Dodecanedioic Acid Market Growth Drivers and Challenges:
Growth Drivers
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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.
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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.
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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.
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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
- Toxic in Nature and Harmful for Human Population – While producing dodecanedioic acid, a lot of harmful chemicals are being used owing to which the nature of dodecanedioic acid is turned toxic. The toxic nature is highly harmful to the environment as well as to humans which is expected to pose a challenge to market growth.
- Strict Government Regulations
- Rising Awareness about Environmental Protection
Dodecanedioic Acid Market Size and Forecast:
|
Base Year |
2025 |
|
Forecast Period |
2026-2035 |
|
CAGR |
5.1% |
|
Base Year Market Size (2025) |
USD 572.44 Million |
|
Forecast Year Market Size (2035) |
USD 941.36 Million |
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Regional Scope |
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