Octadecanedioic Acid Market Benefits, Forthcoming Developments, Business Opportunities
Octadecanedioic acid is a long chain dicarboxylic acid which contains two carbon components. It is also called C18 diacid. Dicarboxylic acid is formed by the traditional method of butadiene oxidation. The primary raw material used in this process consists of petrochemicals. The volatile prices of petrochemical products coupled with the imbalance in the supply demand of petrochemicals raw materials has led to the shift toward biotechnology-based chemicals. The initiative to produce dicarboxylic acid from the method related to biotechnology production, primarily metathesis and microbial fermentation is taken to reduce the dependency on pertrochemicals raw material. The production of octadecanedioic acid through microbial fermentation, on a commercial scale, facilitates additional investments and developments in the biotechnological field. In the biotechnology method, vegetable oil is used as a raw material. Emission norms in the automobile and other industrial sectors have played an important role in the development of biotechnology-based acids.
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The global octadecanedioic acid market can be classified on the basis of end-use industry, applications, and region. In terms of end-use industry, the octadecanedioic acid market can be segmented into automobile, industrial, medical, construction, food service, and textiles. The automobile industry is anticipated to expand at a rapid pace during the forecast period. Additionally, the automobile sector is a major segment of octadecanedioic acid market, which in turn is likely to propel the octadecanedioic acid market during the forecast period. In terms of application, the octadecanedioic acid market can be segmented into polyester polyols, cosmetics, powder coating, and lubricant oils. Demand for polyester polyols in the global market increasesdue to its unique properties such as excellent solvent resistance, hydrolytic stability, optical clarity, and toughness. Polyester polyols is widely employed in the automobile, medical, construction and food services industries. The cosmetics application segment is projected to expand at significant rate in the next few years.
In terms of region, the octadecanedioic acid market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is a major market for octadecanedioic acid, while the U.S. automobile and other industries sector increasing rapidly will acquire the octadecanedioic acid market from North America region in the forecasting year 2025. The construction and automobile sectors in Asia Pacific are witnessing increased usage of octadecanedioic acid. The market in Asia Pacific is estimated to expand significantly during the forecast period. Japan, China, and India are witnessing an increase in infrastructure projects, which in turn is estimated to boost the octadecanedioic acid market.
The octadecanedioic acid market is highly competitive, with a global manufacturers of automobile, and industry developers operating across the globe. Key players operating in the octadecanedioic acid market include BASF SE, Elevance Renewable Sciences, Inc., Croda International, Cathay Industrial Biotech, Ltd., and TCI America.
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