The global dimer acid market is
expected to reach USD 2.30 billion by 2024, according to a new report by Grand
View Research, Inc. Growing consumption of polyamide resins in marine coatings
is a major growth driving factor over the forecast period. Increasing oilfield
chemicals demand which uses dimer acid as feedstock owing to rising drilling
activities to meet excess energy demand is also expected to drive the demand
growth.
Asia Pacific
and Latin America are expected to witness brisk growth owing to increasing
construction activities in the regions. Emerging economies such as China and
India along with Southeast Asia have been witnessing significant construction
spending due to urbanization and industrial growth.
The industry
faces challenges in terms of raw material availability. The fatty acid
production which is largely done through vegetable oils has been facing high
demand from food & biofuels industries, therefore tightening its supply for
production of dimer acid.
Another
challenge market participants face is the low biodegradation rate of products
made of these acids. Considering increasing importance for recyclability of
materials, development of novel technologies to tackle the issue is crucial for
development prospects.
Reactive
polyamide resins segment was the dominant application accounted for over 40% of
the overall volume in 2015. High demand for epoxy, marine and flooring coatings
to drive the segment growth at a CAGR of 4.3% from 2016 to 2024.
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Further key findings from the study suggest:
- Global dimer acid market demand was 467.4 kilo tons in 2015 and is expected to reach 671.7 kilo tons by 2024, growing at a CAGR of 4.0% from 2015 to 2024
- The nonreactive polyamide resin is expected to exhibit considerable growth accounting for over 40% of total market volume by 2024. The increasing use of nonreactive polyamide resins, which are based on dimers, for printing inks and paper coatings, is anticipated to boost application segment growth over the forecast period.
- Asia Pacific was the dominant regional market with demand share exceeding 38% in 2015. Economic growth coupled with increasing migration has resulted in increasing sustainable infrastructure needs thereby facilitating demand for dimer acid based reactive polyamide resins. Increasing compliance of producers with stringent EU regulations to positively impact demand in the Eurpoen market
- Some of the key players operating in global dimer acid market include BASF, Arizona Chemicals, Emery Oleochemicals, Aturex Group, Croda International, Anqing Hongyu Chemicals Co. Ltd., Florachem Corp., Nissan Chemical America Corp., Novepha Co. Ltd., Harima Chemicals and Oleon N.V.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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