The global dodecanoic acid market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Dodecanoic acid, commonly known as, lauric acid is a saturated fatty acid that naturally occurs in many vegetable fats, including coconut oil. Dodecanoic acid is inexpensive, non-toxic, safe to handle, and has a long shelf-life. These properties of the acid account for its growing demand in making soaps, shampoo, and other personal care products. The growth of the market can be attributed to the increasing use of dodecanoic acid in the cosmetic and pharmaceutical industries. In the cosmetic industry, lauric acid is reacted with sodium hydroxide, which produces sodium laurate, which is a soap. On the other hand, in the pharmaceutical industry, dodecanoic acid is used to treat cardiovascular diseases, as it has the potential to increase the secretion of LDL (good cholesterol) in the body. Cardiovascular diseases are a major cause of death globally, and according to the data by the World Health Organization (WHO), 17.9 million deaths were caused from CVDs in 2019. This has generated a massive demand for medications and drugs to treat CVDs, which is anticipated to boost the market growth. Moreover, the growth in the pharmaceutical industry is expected to promote the market growth. For instance, approximately USD 1.25 trillion revenue was generated by the pharmaceutical industry, in 2020.
The market is segmented by application into pharmaceutical, cosmetics, chemical research, and others, out of which, the cosmetics segment is anticipated to hold a substantial share in the global dodecanoic acid market over the forecast period on account of increasing demand for personal care and cosmetic products, backed by the rising individual disposable income globally. For instance, cosmetics is a USD 90 billion industry, as of 2020, which is estimated to generate a revenue of roughly USD 175 billion by the end of 2025. CLICK TO DOWNLOAD SAMPLE REPORT
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 dodecanoic acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness highest growth over the forecast period on the back of the growing cosmetic industry in the countries, such as, South Korea, India, and Japan. Moreover, presence of a sizeable chemical industry in the APAC region is also anticipated to boost the market growth in the region. In fact, Asia accounted for more than 56% share of the global chemical industry revenue, in 2020.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing demand for dodecanoic acid in the pharmaceutical industry, as well as the cosmetic industry, in the developed countries. Moreover, presence of significant pharmaceutical and cosmetics industries in the region is estimated to promote the market growth. For instance, nearly USD 90 billion revenue was generated in 2018 by the U.S. cosmetic industry. On the other hand, the pharmaceutical industry in North America held over 49% of the revenue share of the global pharmaceutical industry.
The global dodecanoic acid 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 dodecanoic acid market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing use of lauric acid in cosmetics is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
The increasing competition from herbal cosmetics is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing cosmetics industry in the region.
The major players in the market are Agarwal Industries Private Limited, ExcelVite Sdn. Bhd., Wilmar International Limited, Oleon NV, Timur Oleochemical, Lascaray S.A., Kraton Performance Polymers, and Inc, Chemol Company 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 type, application, and by region.
The cosmetics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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