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Octadecanedioic Acid Market (By Application: Polyester polyols,
Cosmetics, Powder coatings, Lubricating oils) - Global Industry
Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook
and Forecast 2024-2033
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Octadecanedioic Acid Market Size and Growth 2024 to 2033
The global octadecanedioic acid market size was estimated at around USD 8.7
billion in 2023 and it is projected to hit around USD 13.41 billion by 2033,
growing at a CAGR of 4.42% from 2024 to 2033. Octadecanedioic acid, also
known as behenic acid, is a dicarboxylic acid with the chemical formula
C18H36O4. It is a white crystalline substance that is primarily used in various
industrial applications, including the production of surfactants, lubricants, and
polymers. Its unique chemical properties make it a valuable ingredient in the
formulation of cosmetics, personal care products, and food additives.
Key Pointers
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North America dominated the global octadecanedioic acid market with the
largest market share of 31% in 2023.
The Asia Pacific region is expected to experience the highest CAGR of
5.65% during the forecast period.
By Application, the polyester polyols segment registered the maximum
market share of 51% in 2023.
By Application, the cosmetics sector is anticipated to grow at the noteworthy
CAGR of 5.14% from 2024 to 2033.
What are the Growth Factors of Octadecanedioic Acid
Market?
The growth of the octadecanedioic acid market is significantly driven by an
increasing consumer demand for natural and eco-friendly ingredients in
personal care products is propelling the adoption of octadecanedioic acid due
to its safe and effective properties as an emollient and emulsifier. Additionally,
the expanding applications of octadecanedioic acid in various industrial
sectors, including the production of biodegradable lubricants, surfactants, and
polymers, are enhancing its market potential. The rising awareness of
environmental sustainability and the shift towards greener alternatives further
boost the demand for this versatile compound. Moreover, advancements in
manufacturing processes have improved the production efficiency and cost-
effectiveness of octadecanedioic acid, making it more accessible to a broader
range of industries.
What are the Trends in Octadecanedioic Acid Market?
Sustainable Ingredient Preference: There is a notable shift toward the use
of sustainable and biodegradable ingredients in various industries,
particularly in personal care and cosmetics, driving the demand for
octadecanedioic acid as a natural alternative.
Innovation in Applications: The exploration of new applications for
octadecanedioic acid, including its use in specialty polymers and advanced
materials, is expanding its market scope and attracting interest from diverse
sectors.
Regulatory Support for Eco-friendly Products: Increasing regulations
promoting the use of environmentally friendly chemicals are encouraging
manufacturers to adopt octadecanedioic acid in their formulations,
particularly in the automotive and industrial sectors.
Growth in Personal Care and Cosmetics: The rising demand for high-
quality skin and hair care products is fueling the growth of octadecanedioic
acid, as it enhances product performance and meets consumer
expectations for efficacy and safety.
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What are the Key Challenges Faced by Octadecanedioic Acid
Market?
Price Volatility: The fluctuation in raw material costs used in the production
of octadecanedioic acid can lead to price instability, affecting profit margins
and making it challenging for manufacturers to maintain competitive pricing.
Competition from Alternatives: The presence of alternative dicarboxylic
acids and synthetic compounds can pose significant competition, making it
crucial for octadecanedioic acid producers to highlight its unique benefits
and applications.
Limited Awareness: Despite its advantages, there is still limited awareness
among consumers and manufacturers regarding the benefits and potential
applications of octadecanedioic acid, hindering its market penetration.
Regulatory Hurdles: Compliance with stringent environmental regulations
and safety standards can present challenges for manufacturers, requiring
them to invest in compliance measures that may increase production costs.
Which Region Dominates the Octadecanedioic Acid Market?
In 2023, North America led the global octadecanedioic acid market with a
market share of 31%. The region benefits from a well-established industrial
base that supports the production and utilization of compounds like ODDA.
Numerous chemical manufacturing facilities in North America have intensified
their R&D efforts to enhance production processes and product quality. This
robust industrial infrastructure provides a favorable environment for the large-
scale production and distribution of ODDA.
U.S. Octadecanedioic Acid Market Trends
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The octadecanedioic acid market in the U.S. dominated the North American
segment with a market share of 78.05% in 2023. The U.S. features a mature
chemical manufacturing sector characterized by advanced technologies,
skilled labor, and complex supply chains, which facilitate the synthesis of
ODDA. Additionally, the U.S. government actively promotes the use of bio-
based chemicals like ODDA to foster environmental sustainability.
Asia Pacific Octadecanedioic Acid Market Trends
The Asia Pacific region is expected to experience the highest CAGR of
5.65% during the forecast period. The market for ODDA is growing rapidly in
this region due to industrialization, urbanization, and infrastructure
development. Significant investments in sectors such as automotive,
construction, and electronics are driving this growth, particularly in countries
like China, India, and Japan. The cosmetics market also shows considerable
potential for expansion, driven by rising per capita incomes and a shift toward
high-quality skincare products.
India is set to witness growth in the octadecanedioic acid market throughout
the forecast period. As the largest producer of ODDA, India has made
substantial investments in its chemical manufacturing industry, resulting in
several large-scale production facilities employing modern technologies. This
capacity enables India to meet both domestic and international demand
effectively.
Europe Octadecanedioic Acid Market Trends
In 2023, Europe held a significant share of the octadecanedioic acid market.
The region benefits from a reliable industrial foundation and a strong emphasis
on environmental sustainability. Regulations from the EPA that restrict chemical
usage in regional industries encourage the adoption of ODDA in sustainable
products like powder coatings and bio-based lubricants. Moreover, the
European cosmetics sector recognizes ODDA as a natural ingredient beneficial
for skin health, aligning with the growing trend towards organic and
environmentally friendly cosmetics.
Germany, in particular, captured a substantial market share in 2023. With one
of the largest chemical industries in Europe, Germany is home to several
prominent chemical companies that focus on R&D for specialty chemicals,
including ODDA. This robust industrial base supports effective manufacturing
processes and continuous product innovation.
Application Insights
In 2023, polyester polyols accounted for the largest segment of the
market, commanding a revenue share of 51%. The remarkable flexibility and
elongation properties of octadecanedioic acid (ODDA) make it an excellent
choice for applications that demand enhanced strength and durability. Its
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resistance to chemicals further improves material performance in challenging
environments. Industries such as automotive and construction leverage
polyester polyols to create high-performance coatings known for their superior
adhesion and weather resistance.
The cosmetics sector is projected to exhibit the fastest compound
annual growth rate (CAGR) of 5.14% during the forecast period. The
increasing consumer focus on skin health has led to a surge in demand for
anti-aging skincare products. The properties of ODDA, which support skin
elasticity and hydration, make it particularly effective in anti-aging formulations.
As safety and efficacy continue to be priorities in the cosmetics industry, the
demand for products containing ODDA is anticipated to rise.
Who are the Top Manufactures in Octadecanedioic Acid
Market?
Larodan AB
Procter & Gamble
Cathay Biotech Inc.
Tokyo Chemical Industry (India) Pvt. Ltd.
INDOFINE Chemical Company, Inc.
XIAMEN SINOPEG BIOTECH CO., LTD.
Hunan Huateng Pharmaceutical Co., Ltd
Recent Developments
In August 2024, Cathay Biotech Inc. revealed its intention to deliver
comprehensive material solutions throughout the entire production,
transportation, storage, and application chain to support the renewable
energy sector.
In April 2024, ACS Pharmacology & Translational Science introduced the
ODDA-TP conjugate, which improves the half-life and safety profile of cyclic
peptides. This development allows for noncovalent binding to serum
albumin through native fatty acid binding mechanisms.
Octadecanedioic Acid Market Segmentation:
By Application
Polyester Polyols
Cosmetics
Powder Coatings
Lubricating Oils
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Others
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Frequently Asked Questions
What is the current size of octadecanedioic acid market?
What is the CAGR of octadecanedioic acid market?
Which region has accounted for the largest octadecanedioic acid market
share?
Which are the leading companies in the octadecanedioic acid market?
What is the current size of octadecanedioic acid market?
What is the CAGR of octadecanedioic acid market?
Which region has accounted for the largest octadecanedioic acid market
share?
Which are the leading companies in the octadecanedioic acid market?
What is the current size of octadecanedioic acid market?
What is the CAGR of octadecanedioic acid market?
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Which region has accounted for the largest octadecanedioic acid market
share?
Which are the leading companies in the octadecanedioic acid market?
Report Details
Report Code: 41632
Category: Chemical and Material
No. of Pages: 150+
Format: PDF/PPT/Excel
Published: September 2024
Historical Year: 2021-2022
Base Year: 2023
Estimated Year: 2024-2033
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