Octadecanedioic Acid Global Market Report 2024

The octadecanedioic acid market size has grown strongly in recent years. It will grow from $8.02 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The historic period's growth can be attributed to several factors, including the rising demand for soaps and detergents, the expanding utilization of octadecanedioic acid in rubber processing, heightened awareness of environmental issues and corresponding regulations, increased investments in the industry, and a growing demand for automotive products.

The octadecanedioic acid market size is expected to see strong growth in the next few years. It will grow to $10.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The forecast period's growth can be attributed to several factors, including the escalating demand for eco-friendly solutions, a growing preference for sustainable and environmentally friendly products, an increasing need for pharmaceutical products, a thriving cosmetics and personal care industry, and a rising demand for engineering polymers. Major trends expected in this period include technological innovations, significant product launches and developments, increased investments in the sector, and strategic partnerships between key players.

The growth of the octadecanedioic acid market is anticipated to be driven by two key sectors, the expanding pharmaceutical sector and the rising cosmetics industry.

The growth of the octadecanedioic acid market is expected to be propelled by the expanding pharmaceutical sector in the coming years. This sector, which encompasses activities related to researching, developing, producing, and distributing medications and other health-related products, is growing due to various factors. These include advances in medical research and technology, an aging global population, increased prevalence of chronic diseases, rising healthcare expenditure, and improved access to healthcare in developing regions. Octadecanedioic acid plays a crucial role in the pharmaceutical sector by contributing to drug delivery systems, enhancing stability, and enabling controlled release of medications, thereby providing biocompatibility for safer and more effective pharmaceutical products. For example, data from June 2023 provided by the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based European trade association representing the pharmaceutical industry, indicates that total bio-pharmaceutical production in Europe reached $384.2 billion (€340,000 million) in 2022, showing a 4.95% increase from $366.26 billion (€323,950 million) in 2021. This growth in the pharmaceutical sector is consequently driving the demand and growth of the octadecanedioic acid market.

The growth of the octadecanedioic acid market is anticipated to be propelled by the increasing demand in the cosmetics industry in the foreseeable future. This industry encompasses a wide array of products aimed at enhancing and maintaining physical appearances, including skincare, haircare, makeup, fragrances, and personal care items. The growth of the cosmetics sector can be attributed to several factors such as evolving consumer preferences, advancements in technology, influence from social media, wellness trends, and globalization, all of which contribute to enhanced accessibility and innovation in beauty products. Octadecanedioic acid provides numerous advantages to the cosmetics industry, making it a valuable ingredient in formulations targeted at promoting skin health, hydration, and overall well-being. For example, as reported by the International Trade Administration in July 2022, Canada's cosmetics industry generated approximately USD 1.24 billion in revenue in 2021 and is expected to achieve a yearly revenue growth rate of 1.45% to reach USD 1.8 billion by 2024. Consequently, the growing cosmetics industry is a driving force behind the expansion of the octadecanedioic acid market.

In January 2022, Biosynthetic Technologies LLC, a US-based chemical company, acquired Innoleo LLC to expand its portfolio and capabilities in sustainable, bio-based ingredients across industries such as personal care, cosmetics, and lubricants. Innoleo LLC specializes in providing octadecanedioic acid as one of their castor derivatives.

Major companies operating in the octadecanedioic acid market are BASF SE, Thermo Fisher Scientific Inc., Solvay SA, Arkema S.A., Croda International plc, Cathay Biotech Inc., Shandong Minglang Chemical Co. Ltd., Elevance Renewable Sciences Inc., Unilong Industry Co. Ltd., Shandong Ench Chemical Co. Ltd., TCI Chemicals (India) Pvt. Ltd., OPQ Chemical Co. Ltd., Conscientia Industrial Co. Ltd., Autech Industry Co. Ltd., Key Organics Limited, Gihi Chemicals Co. Ltd., Nanjing Chemlin Chemical Industrial Co. Ltd., Sandoo Pharmaceuticals, Ambeed Inc., Lori Industry Co. Ltd., Refine Chemical Co. Ltd., Zehao Industry Co. Ltd., Shandong Lanhai Industry Co. Ltd., Xingrui Industry Co. Ltd.

North America was the largest region in the octadecanedioic acid market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the octadecanedioic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Octadecanedioic acid is a long-chain dicarboxylic acid represented by the chemical formula C18H34O4. It serves as a crucial monomer in the manufacturing process of polyamides, polyesters, and other polymers, offering attributes such as increased durability and flexibility. Furthermore, it plays a vital role as an intermediate in organic synthesis and the production of specialty chemicals.

The primary product types of octadecanedioic acid include powder and liquid forms. Powder refers to a dry, voluminous solid comprising numerous fine particles that exhibit free-flowing characteristics when agitated or tilted. Its diverse applications encompass polyester polyols, lubricants, greases, powder coatings, personal care items, and various other applications across industries such as automotive, construction, textiles, cosmetics, and more.

The octadecanedioic acid market research report is one of a series of new reports that provides octadecanedioic acid market statistics, including octadecanedioic acid industry global market size, regional shares, competitors with an octadecanedioic acid market share, detailed octadecanedioic acid market segments, market trends, and opportunities, and any further data you may need to thrive in the octadecanedioic acid industry. This octadecanedioic acid research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the octadecanedioic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The octadecanedioic acid market consists of sales of biodegradable materials, pharmaceuticals, coatings, paints, lubricants and greases, cosmetics, and personal care products. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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