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Dodecanedioic Acid Market to perceive hefty receipts via automotive industry by 2023

Author : Rahul Sankrityayan | Published Date : 2019-03-25 

Dodecanedioic Acid Market growth is propelled by increasing product demand in high-performance nylon production by 2023. The global nylon production stood at approximately four million tons and is projected to reach six million tons by 2023. Nylon 6, 12 demand has been witnessing growth owing to the expanding paints and coatings industry will boost industry growth over the estimated period.

This specialty nylon is extensively used in thermoplastic manufacturing, which finds a broad application range in polyesters, fragrances, adhesives, grease, and detergents. The above-mentioned products have a massive demand from major application areas and will subsequently drive the industry.

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Growing infrastructure spending is likely to propel the global DDDA market size over the projected timeframe. Escalating construction business will significantly increase the demand for paint & coating applications. It offers the required solubility characteristics with acetone, benzene, and water, which makes it desirable for paints & coatings.

Booming automotive sector due to the increasing spending dynamics will positively influence the global industry revenue. Automotive essentially require paints & coatings to protect the vehicle part against corrosion along with improving the physical appearance. The overall automotive production was close to 90 million units and is projected to upsurge over the estimated period owing to the boost the DDDA market size by 2023.

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DDDA market size is strictly regulated and directed by environmental norms regarding VOC emissions. Additionally, adipic acid and sebacic acid are being widely accepted for nylon production. The aforementioned trends may obstruct the industry share by 2033. However, increasing R&D investments toward bio-based products will present high growth avenues for the industry players.

The overall DDDA market share for powder coatings shall witness the maximum gains at over 6% CAGR by 2023. Cumulating demand for paints and coatings across the automotive and construction industry will positively impact demand. The product usage in paint & coatings offers higher corrosion resistance, resistance & protection against chemicals, and superior finish.

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North America industry revenue was more than USD 100 million, primarily on account of demand from the U.S. The enormous automotive customer base in the country along with rising renovation practices in the region will positively influence the regional growth in the coming years. Asia Pacific formed the largest chunk in the DDDA market size and shall observe maximum growth at over 6% over the projected period. Increasing construction spending in India and China accompanied with growing regional automotive industry will propel growth.

The global DDDA market size was highly consolidated with four major industry players, contributing approximately 50% of the global share. Key companies in the global DDDA market share are UBE, Verdezyne, Cathay, BASF SE, Invista, Santa Cruz Biotechnology, Zibo Guangtong Chemical, and Evonik.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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