Dimer Acid Market share to hit USD 2.2 billion by 2023: Asia Pacific to be a major revenue contributor
Growing demand for polyamide resins owing to rise in expenditure on construction activities is predicted to favorably affect global dimer acid market size over the coming years. According to Global Market Insights, Inc., “Dimer Acid industry size is predicted to reach USD 2.2 billion by 2023.” EPA and REACH norms favoring the use of dimer acid in various sectors owing to its non-toxic nature is expected to boost the global industry trends over the coming years.
Europe Dimer Acid Market size, by application, 2012-2023 (Kilo Tons)
Rapid urbanization as well as high economic growth along with heavy spending on infrastructure in countries such as South Africa, China, Mexico, Brazil, Russia, and India are projected to contribute significantly towards the industry growth over the coming years. Furthermore, the use of dimer acid in surfactants, alkyd resins, fuel oil additives, adhesives, and lubricants is anticipated to increase the industry share over the next few years.Dimer acid are extensively used in end-use segments such as oilfield chemicals, which find wide applications in refining, well drilling, and hydraulic fracturing. They are also used in feedstock comprising lubricants, corrosion & scale inhibitors, surfactants, wetting agents, and demulsifiers. Rising amount of drilling activities carried out across the globe for fulfilling global energy requirements is predicted to propel the demand for oilfield chemicals, thereby contributing to global dimer acid market growth over the coming years. Dimer acid market size in oilfield chemicals segment is predicted to reach USD 360 million by 2023 owing to their extensive use in shale gas exploration and extraction activities.
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Dimer acid also finds its application in reactive polyamide resins and non-reactive polyamide resins. Dimer acid market share in non-reactive polyamide resin segment accounted for over USD 560 million in 2015, and is anticipated to grow considerably over the coming years. The growth can be contributed to high demand for solvents from printing inks, paper coatings, and adhesives. Its application in reactive polyamide resin segment is expected to grow at a rate of 4.6% over 2016-2023, owing to the rising demand for adhesives & coatings in construction and marine sectors.
North America dimer acid market price worth USD 300 million in 2015, is projected to witness a substantial growth over the coming seven years. The regional growth can be credited to rapid infrastructure development along with supportive government policies favoring the use of epoxy, masonry coatings, and adhesives in the construction sector. U.S. market revenue worth USD 200 million in 2015, is expected to register highest growth rates at 6% over 2016-2023.
Asia Pacific dimer acid market size is expected to surpass USD 850 million by 2023 owing to growing urbanization, industrialization, and high demand for polyamide resins. India and China are predicted to be the major revenue generators for APAC industry.
Europe dimer acid market is expected to record a CAGR of 6% over the period of 2016-2023. The growth can be attributed to rapidly expanding end use industries across this region. For instance, quantitative easing strategy adopted by European Central Bank for financing private sectors is likely to boost the growth of end-use sectors such as transport, plastics, construction, and energy. UK and Germany are projected to contribute substantially towards the regional share.
Market players will try to increase their regional presence through mergers & acquisitions and joint ventures. Key industry players include Arizona Chemicals, BASF, Croda International Company, Oleon, Anqing Hongyu Chemical Company Limited, Nissan Chemical Industries Limited, Shangdong Huijin Chemical Company Limited, Aturex Group, Liancheng Baixin Science & Technology Limited, Jiangsu Yonglin Oleochemical Company Limited, Florachem Corporation, and Novepha Company Limited.
Author Name : Dhananjay Punekar
This entry was posted in Bulk & Specialty Chemicals and tagged Application Potential, Competitive Market Share & Forecast, Dimer Acid Market Size By Application, Industry Analysis Report, Price Trends, Regional Outlook.