IMARC Group's report titled "Octadecanedioic Acid (ODDA) Market Report by Application (Polyester Polyols, Powder Coatings, Cosmetics, Lubricating Oils, and Others), End Use Industry (Automotive, Industrial, Medical, Construction, Cosmetics, Textiles, and Others), and Region 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global octadecanedioic acid odda market trends. The global market size reached US$ 8.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.22% during 2024-2032.
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Factors Affecting the Growth of the Octadecanedioic Acid (ODDA) Industry:
- Growing Demand in the Cosmetics Industry:
Octadecanedioic acid (ODDA) is used in the cosmetics field, primarily due to its efficacy as an emollient and its role in synthesizing emulsifiers and conditioners. Its properties enhance the texture, longevity and hydration effectiveness of cosmetic products, making it a preferred ingredient for high-quality skin care and beauty formulations. Increasing awareness about skin care and increasing inclination towards premium cosmetic products due to desire for quality ingredients is driving the demand for ODDA. Additionally, the shift toward sustainable and bio-based products is encouraging manufacturers to incorporate naturally derived ingredients like ODDA.
- Bio-based Product Preference:
There has been a significant shift towards sustainable and eco-friendly products in various industries including pharmaceuticals, cosmetics and polymers. ODDA, which can be obtained from bio-based sources, fits in well with this trend, providing an environmentally friendly alternative to petrochemically derived products. Increasing environmental awareness among people along with stringent government regulations regarding the use of sustainable materials has increased the demand for bio-based chemicals. Industries are now more willing to adopt bio-based materials to enhance their green credentials and comply with regulatory standards. This change is particularly relevant in the context of growing concerns about climate change and global pressure for carbon footprint reduction.
- Advancements in Biotechnological Methods:
The production of ODDA through biotechnological methods is gaining traction due to advancements in fermentation technology and genetic engineering. These methods offer a sustainable and efficient alternative to traditional petrochemical synthesis. Biotechnological production processes can utilize renewable feedstocks, thereby reducing dependency on fossil fuels and minimizing environmental impact. Moreover, these advanced methods can be tailored to produce high-purity ODDA, which is crucial for applications requiring stringent quality standards, such as in pharmaceuticals and high-performance polymers. The continuous improvements in biotechnological techniques, along with increasing investments in research operations, are strengthening the market growth.
Leading Companies Operating in the Global Octadecanedioic Acid ODDA Industry:
- Cathay Biotech Inc.
- Elevance Renewable Sciences Inc.
- Hunan HuaTeng Pharmaceutical Co. Ltd.
- Key Organics Limited (Tennants Consolidated Limited)
- Oakwood Products Inc.
- TCI Chemicals (India) Pvt. Ltd. (Tokyo Chemical Industry Co. Ltd.)
- Toronto Research Chemicals Inc. (LGC Limited)
- Xiamen Sinopeg Biotech Co. Ltd.
- Zhejiang Hongxin Dyeing Material Co. Ltd
Octadecanedioic Acid (ODDA) Market Report Segmentation:
By Application:
- Polyester Polyols
- Powder Coatings
- Cosmetics
- Lubricating Oils
- Others
Polyester polyols represent the largest segment as they are used to manufacture polyurethane foams, which are employed in furniture, automotive interiors, bedding, and insulation materials.
By End Use Industry:
- Automotive
- Industrial
- Medical
- Construction
- Cosmetics
- Textiles
- Others
Based on the end use industry, the market has been divided into automotive, industrial, medical, construction, cosmetics, textiles, and others.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the octadecanedioic acid (ODDA) market is attributed to the increasing demand for polymers like polyurethane, polyphenylene oxide, polyphenylene ethers, and epoxy.
Global Octadecanedioic Acid (ODDA) Market Trends:
ODDA is integral in synthesizing polyamide and polyester polymers, which are pivotal in producing high-performance plastics. These plastics are essential in various applications, including automotive parts, electrical components, and consumer goods, where durability, resistance to extreme temperatures, and longevity are crucial. The global expansion of the automotive and electronics sectors, driven by technological advancements and increasing demand, significantly contributes to the demand for innovative and high-performance materials. As manufacturers strive to improve the efficiency, safety, and sustainability of their products, the adoption of advanced materials like those derived from ODDA is rising. Furthermore, the push towards lightweight and energy-efficient components, especially in the automotive industry to enhance fuel efficiency and reduce emissions, underscores the importance of specialized polymers and plastics.
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