Global Octadecanedioic Acid Market Overview
The Octadecanedioic Acid Market Size was estimated at 13.34 (USD Billion) in 2022.The Octadecanedioic Acid Industry is expected to grow from 14.14(USD Billion) in 2023 to 23.9 (USD Billion) by 2032. The Octadecanedioic Acid Market CAGR (growth rate) is expected to be around 6.0% during the forecast period (2024 - 2032).
Key Octadecanedioic Acid Market Trends Highlighted
The future of Octadecanedioic Acid's global market scope is likely to have growth virtually at a constant range of acceleration as time progresses. The increase in the consumption patterns of toiletries, food and beverages and the development of the pharmaceutical sector certainly propel the growth of the market under scope.
A number of possibilities in this market area include the offering of what has never been brought such as new products and applications, the entry to new geographical markets, and embracing eco-friendly practices. Recently, there has been a clear trend towards natural and organic ingredients, such as ‘green’ or ‘clean’ products are becoming more popular.
With an upswing in the demand for Octadecanedioic Acid, manufacturers are establishing new manufacturing units and enhancing their existing production capacities. In the same vein, they are taking a step forward in promoting creativity by coming up with new production technologies that will increase productivity and reduce the negative impact of the production process on the environment.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Octadecanedioic Acid Market Drivers
Increasing Demand for Biodegradable and Sustainable Materials
The growing awareness of environmental concerns and the need for sustainable practices is driving the demand for biodegradable and sustainable materials across various industries. Octadecanedioic acid, as a biodegradable and renewable resource, is gaining popularity in the production of biodegradable plastics, films, and coatings. Its ability to decompose naturally without leaving behind harmful residues makes it an attractive alternative to traditional petroleum-based materials.The increasing adoption of biodegradable materials in packaging, agriculture, and other sectors is expected to boost the growth of the Octadecanedioic Acid Market.
Expansion of the Personal Care and Cosmetics Industry
Personal Care and Cosmetics Industry The personal care and cosmetics industry happens to be a major consumer of octadecanedioic acid. It is mostly used to produce soaps, detergents, and shampoos. The octadecanoic acid market is expected to grow due to the increasing demand for personal care products, which is driven by the rising middle class of emerging economies. The growing consumer preference for natural and organic ingredients is expected to boost the segment as well.This type of acid is a naturally derived and biodegradable surfactant.
Technological Advancements and New Applications
The global octadecanoic acid market is being driven by advancements in technology and new applications. Research and development activities focus on discovering new applications of octadecanoic acid across a wide range of industries, such as pharmaceuticals, electronics, and energy storage. This is expected to open new opportunities for market players to develop new products and applications.
Octadecanedioic Acid Market Segment Insights
Octadecanedioic Acid Market Application Insights
The Octadecanedioic Acid Market is segmented by application into personal care and cosmetics, lubricants, plastics and polymers, food and beverages, and pharmaceuticals. The personal care and cosmetics segment is the largest segment, accounting for over 30% of the global market in 2023. This segment is expected to continue to grow at a steady pace, driven by the increasing demand for personal care products such as soaps, shampoos, and conditioners. The lubricants segment is the second largest segment, accounting for over 25% of the global market in 2023.This segment is expected to grow at a moderate pace, driven by the increasing demand for lubricants in the automotive and industrial sectors. The plastics and polymers segment is the third largest segment, accounting for over 20% of the global market in 2023. This segment is expected to grow at a steady pace, driven by the increasing demand for plastics and polymers in the packaging, construction, and automotive industries. The food and beverages segment is the fourth largest segment, accounting for over 15% of the global market in 2023. This segment is expected to grow at a moderate pace, driven by the increasing demand for food and beverage products such as processed foods, beverages, and dairy products.The pharmaceuticals segment is the smallest segment, accounting for over 10% of the global market in 2023. The growth of the market is expected to be driven by the increasing demand for octadecanedioic acid in various applications such as personal care and cosmetics, lubricants, plastics and polymers, food and beverages, and pharmaceuticals.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Octadecanedioic Acid Market End-Use Industry Insights
The Octadecanedioic Acid Market segmentation by End-Use Industry offers valuable insights into the diverse applications of Octadecanedioic Acid across various industries. In 2023, the Automotive segment held a significant share of the market, driven by the increasing demand for high-performance lubricants and greases. The Construction industry is anticipated to witness steady growth over the forecast period, as Octadecanedioic Acid is used in sealants, adhesives, and coatings for enhanced durability and resistance. The Electrical and Electronics industry utilizes Octadecanedioic Acid in the production of capacitors, transistors, and printed circuit boards, contributing to its growing demand.Industrial Manufacturing relies heavily on Octadecanedioic Acid for metalworking fluids, cutting oils, and lubricants, fueling the market growth. The Medical industry finds applications for Octadecanedioic Acid in drug delivery systems, medical devices, and tissue engineering, driving market expansion.
Octadecanedioic Acid Market Grade Insights
The Octadecanedioic Acid Market segmentation by Grade comprises Technical Grade, Pharmaceutical Grade, Food Grade, and Cosmetic Grade. Among these, the Technical Grade segment held the largest market share in 2023, accounting for nearly 56.8% of the Octadecanedioic Acid Market revenue. This dominance is attributed to the extensive use of Technical Grade Octadecanedioic Acid in various industrial applications, such as the production of lubricants, plastics, and detergents. The Pharmaceutical Grade segment is anticipated to exhibit the fastest growth rate during the forecast period, owing to the increasing demand for Octadecanedioic Acid in the pharmaceutical industry for the manufacturing of drugs and medicines.The food-grade segment is expected to witness steady growth, driven by the rising demand for Octadecanedioic Acid as a food additive and preservative. The Cosmetic Grade segment is projected to grow at a moderate pace, supported by the growing popularity of Octadecanedioic Acid in cosmetic and personal care products.
Octadecanedioic Acid Market Derivatives Insights
The derivatives segment of the Octadecanedioic Acid Market is expected to witness significant growth in the coming years. Key derivatives of octadecanedioic acid include octadecanediol, octadecanamide, and octadecanoic acid esters. Octadecanediol is widely used in the production of personal care products, while octadecanamide finds application in various industrial processes. Octadecanoic acid esters, on the other hand, are utilized in the manufacturing of lubricants and coatings. The rising demand for these derivatives across diverse end-use industries is projected to drive the growth of the derivatives segment in the Octadecanedioic Acid Market.According to industry estimates, the derivatives segment is anticipated to account for a significant share of the overall Octadecanedioic Acid Market revenue in the years to come.
Octadecanedioic Acid Market Regional Insights
The regional segmentation of the Octadecanedioic Acid Market offers valuable insights into the market's geographical distribution and growth dynamics. North America held the largest market share in 2023, driven by factors such as increasing demand from the automotive and construction industries. Europe is expected to witness steady growth over the forecast period, owing to rising demand from the personal care and cosmetics sector. APAC is projected to be the fastest-growing region, with a significant increase in demand from emerging economies such as China and India.South America and MEA are anticipated to contribute a modest share to the overall market revenue, with potential growth opportunities in the industrial and agricultural sectors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Octadecanedioic Acid Market Key Players And Competitive Insights
Major players in the Octadecanedioic Acid Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and entering into strategic partnerships. Leading Octadecanedioic Acid Market players are focusing on developing innovative products that meet the evolving needs of customers. They are also expanding their geographical reach by establishing new production facilities and distribution channels in emerging markets. The Octadecanedioic Acid Market competitive landscape is expected to remain highly competitive in the coming years, with players vying for market share through product innovation, strategic alliances, and aggressive marketing campaigns.DuPont, a leading player in the Octadecanedioic Acid Market, is known for its extensive product portfolio and strong brand recognition. The company has a wide range of Octadecanedioic Acid products, including both commodity and specialty grades. DuPont's global presence and strong distribution network give it a competitive advantage in reaching customers worldwide. The company is also actively involved in research and development, with a focus on developing sustainable and high-performance products.BASF, another major player in the Octadecanedioic Acid Market, is known for its high-quality products and strong technical expertise. The company offers a wide range of Octadecanedioic Acid products, including specialty grades for specific applications. BASF has a strong global presence and a well-established distribution network. The company is also committed to sustainability, with a focus on reducing its environmental footprint.
Key Companies in the Octadecanedioic Acid Market Include
- SK Chemicals
- Arkema
- Mitsubishi Chemical Corporation
- Evonik
- Idemitsu Kosan Co., Ltd.
- Dow Chemical Company
- Perstorp
- ExxonMobil Chemical Company
- Celanese Corporation
- Monsanto
- INEOS
- BASF
- LyondellBasell
- SABIC
- Clariant
Octadecanedioic Acid Market Industry Developments
The Octadecanedioic Acid Market is projected to reach USD 23.9 billion by 2032, exhibiting a CAGR of 6.0% during the forecast period (2024-2032). Increasing demand for octadecanedioic acid in the production of lubricants, cosmetics, and personal care products is driving market growth. The growing adoption of bio-based octadecanedioic acid is also contributing to market expansion as consumers become more environmentally conscious. Key industry players are focusing on research and development to improve the efficiency and sustainability of octadecanedioic acid production processes. Recent developments include the launch of new products with enhanced properties and the expansion of production capacities in emerging markets. Overall, the market outlook remains positive due to the increasing demand from various end-use industries and the ongoing technological advancements.
Octadecanedioic Acid Market Segmentation Insights
- Octadecanedioic Acid Market Application Outlook
- Personal Care and Cosmetics
- Lubricants
- Plastics and Polymers
- Food and Beverages
- Pharmaceuticals
- Octadecanedioic Acid Market End-Use Industry Outlook
- Automotive
- Construction
- Electrical and Electronics
- Industrial Manufacturing
- Medical
- Octadecanedioic Acid Market Grade Outlook
- Technical Grade
- Pharmaceutical Grade
- Food Grade
- Cosmetic Grade
- Octadecanedioic Acid Market Derivatives Outlook
- Octadecanediol
- Octadecanamide
- Octadecanoic Acid Esters
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.34(USD Billion) |
| Market Size 2023 |
14.14(USD Billion) |
| Market Size 2032 |
23.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.0% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
SK Chemicals, Arkema, Mitsubishi Chemical Corporation, Evonik, Idemitsu Kosan Co., Ltd., Dow Chemical Company, Perstorp, ExxonMobil Chemical Company, Celanese Corporation, Monsanto, INEOS, BASF, LyondellBasell, SABIC, Clariant |
| Segments Covered |
Application, End-Use Industry, Grade, Derivatives, Regional |
| Key Market Opportunities |
Rising demand in personal care Growing applications in pharmaceuticals Expanding use in lubricants Increasing adoption in food processing Growing demand in plastics |
| Key Market Dynamics |
Rising demand for biodegradable plastics Growing use in personal care products Increasing applications in industrial coatings |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Octadecanedioic Acid Market size is expected to reach USD 23.9 billion by 2032 from USD 14.14 billion in 2023, exhibiting a CAGR of 6.0% during the forecast period.
North American region is expected to hold the largest market share due to the increasing demand for octadecanedioic acid in various industries such as personal care, food, and pharmaceuticals. North America and Europe are also significant markets for octadecanedioic acid.
Octadecanedioic acid finds applications in the manufacturing of cosmetics, personal care products, food additives, and pharmaceuticals. It is also used as a lubricant, surfactant, and emulsifier.
Some of the key players in the Octadecanedioic Acid Market include BASF, Evonik Industries, Clariant, Croda International Plc, and Emery Oleochemicals.
The growth of the Octadecanedioic Acid Market is attributed to the increasing demand for personal care products, food additives, and pharmaceuticals. The rising awareness about the benefits of octadecanedioic acid is also driving the market growth.
The Octadecanedioic Acid Market faces challenges such as the volatility in the prices of raw materials and the stringent regulatory requirements for the production and use of octadecanedioic acid.
The growing demand for sustainable and eco-friendly products presents opportunities for the Octadecanedioic Acid Market. The increasing adoption of octadecanedioic acid in various industries is also creating new opportunities for market growth.
The key trends in the Octadecanedioic Acid Market include the increasing demand for bio-based octadecanedioic acid, the development of new applications for octadecanedioic acid, and the adoption of sustainable production processes.
The COVID-19 pandemic had a mixed impact on the Octadecanedioic Acid Market. The demand for octadecanedioic acid from the personal care industry declined due to the lockdowns and travel restrictions. However, the demand from the food and pharmaceutical industries remained stable.
The Octadecanedioic Acid Market is expected to grow at a CAGR of 6.0% from 2024 to 2032, reaching a market size of USD 23.9 billion by 2032.
