Initiatives promoting sustainability and environmental protection are anticipated to encourage the use of dimer acids in several end-user industries like building, automotive, and pharmaceutical industries. North America is expected to experience the highest market growth due to rising crude oil and shale gas development in the US.
Newark, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the Dimer Acid market will grow from USD 3.5 billion in 2022 and reach USD 6.4 billion by 2030. The increasing demand from the automotive sector for the production of corrosion inhibitors is expected to foster the market’s growth. Furthermore, the expanding cosmetic industry is expected to provide lucrative growth opportunities for the market.
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Key Insight of the Dimer Acid Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest dimer acid market share. Key factors favouring the growth of the dimer acid market in Asia Pacific include the increasing development activities, infrastructure, and growth in automotive, electronics, transportation, energy, and other industries in countries such as India and China. Furthermore, the presence of prominent market players in the region is expected to add impetus to the market’s growth.
The distilled segment is expected to augment the dimer acid market during the forecast period.
The distilled segment is anticipated to dominate the market over the forecast period. The growth of the distilled segment is expected to increase as it is increasingly being used as fuel oil additives, lubricants, surfactants, adhesives, alkyd resins, etc., which propel the market’s growth.
The alkyd resins segment market size is 6 billion in 2022
The alkyd resins segment held the largest market share in 2022 and is expected to continue during the forecast period. Alkyd resins make synthetic paints and coatings because they are of high quality, which is used in the construction industry, propelling the segment’s growth.
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Advancement in market
In January 2019, Omya Inc. and Emery Oleochemicals increased their distribution partnership. Omya Inc. will likely offer technical support to Emery Oleochemicals' American clients who purchase its Green Polymer additive products.
Driver: Growing demand for bio-chemicals
Dimer acid's market is anticipated to expand due to rising demand for bio-chemicals across various end-use industries. Dimer acid is mostly produced from tall oil fatty acids (TOFA) and vegetable oil fatty acids (VOFA), which are found in oils like soybean, rapeseed, cottonseed, etc. Dimer acid is thus produced using biodegradable and renewable raw materials, and as a result, this factor is anticipated to increase demand for dimer acid globally.
Restraint: Low availability of raw materials
Low feedstock availability, such as C18 tall oil fatty acid, is expected to hinder the market’s growth. Tall oil is created during the Kraft wood pulping process, and tall oil fatty acids are primarily used to synthesise dimer acids. Over the forecast period, this factor is anticipated to restrain the market growth of global dimer acid.
Opportunity: Increasing demand from the automotive industry
Dimer acid's market is expected to grow as a result of expanding opportunities in the automobile industry, where it is used to produce corrosion inhibitors. For instance, India surpassed China as the fourth-largest auto market in 2018, with sales rising 8.3% yearly to 3.99 million vehicles, according to the India Brand Equity Foundation. In 2018, it ranked as the seventh-largest producer of commercial vehicles. As a result, rising automotive sales are anticipated to stimulate market expansion.
Challenge: Fluctuation in raw material prices
The price of raw materials used to produce dimer acid is expected to challenge the market’s growth. The prices of raw materials used for producing dimer acid affect the overall price of dimer acid, challenging the market’s growth.
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Some of the major players operating in the dimer acid market are:
● Kraton Corporation
● Croda International Plc.
● Oleon NV
● Emery Oleochemicals
● Florachem Corporation.
● Jarchem Industries Inc.
● Aturex Group
● Shandong Huijin Chemical Co. Ltd
● Liancheng Baixin science and technology Co. Ltd.
● Jiangsu Jinma Oil Technology Development Co., Ltd.
● Jiangsu Yonglin Oleochemical Co., Ltd.
● Jiangxi Longwell Industrial Co., Ltd.
● Jinan Tongfa resin Co., Ltd
Key Segments cover in the market:
By Product Type:
● Distilled & Hydrogenated
● Alkyd Resins
● Adhesives and Elastomers
● Polyamide Resin
● Fuel Oil Additives
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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