Global dimer acid market is expected to register a steady CAGR of 6.2% over the forecast period from 2015 to 2021, to reach a market value of US$ 705.8 million by 2021.
New York, NY -- (SBWIRE) -- 01/06/2016 -- Dimer acids are a type of dicarboxylic acids that are obtained from a large class of unsaturated fatty acids. Derived from biobased sources, dimer acids are replacing synthetic compounds due to green product norms being the mantra of the times. As such, these compounds have extensive usability as intermediate compounds across a large number of end-use industries such as paints and coatings, oilfield chemicals, and adhesives. These end-use industries are likely to exhibit sustainable growth in the future, thereby keeping the demand for dimer acid on a consistent rise.
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The suitability of dimer acid is dependent on the purity of the end product and the process it is subjected to. Distilled, standard, and distilled and hydrogenated are the grades of dimer acid primarily used as intermediaries for reactive polyamides, oilfield chemicals, and non-reactive polyamides. Some other miscellaneous applications of dimer acid are for lubrication and in metal working fluids.
Economic Development in Asia Pacific Aids Growth of Global Dimer Acid Industry
Economic growth in the emerging economies of Asia Pacific will also give significant impetus to the dimer acid industry in the coming years. In the region, the expanding construction sector is indirectly contributing to the development of the dimer acid industry due to demand for paints and coatings in construction projects. The easy availability of raw materials in the region also facilitates easy production of dimer acids, thereby boosting their utilization as an intermediate compound.
However, fluctuating prices of vegetable oils, which are the base of dimer acids, are challenging the growth of the global dimer acid market.
Owing to this, the global dimer acid market will rise at a moderate 6.10% CAGR from 2015 to 2021, to rise to US$705.8 mn by 2021 from US$494.1 mn in 2015.
Asia Pacific Dimer Acid Market to Grow the Fastest in Coming Years
The global dimer acid market is divided on the basis of product, end use, and geography. On the basis of product, distilled, standard, and distilled and hydrogenated are the segments of the market. By application, reactive polyamides, oilfield chemicals, non-reactive polyamides, and others are the segments of the global dimer acid market.
The global market for dimer acids is divided into the geographical segments of North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Amongst all, Asia Pacific will exhibit the fastest growth in the dimer acid market, at a CAGR of 7.30% from 2015 to 2021. With a revenue and volume contribution of 33.5% and 38% respectively by the end of 2021, Asia Pacific will emerge as a significant market for dimer acids during the forecast period.
However, the mature markets of North America and Europe will exhibit a slower growth rate in the dimer acid industry in the coming years. North America and Europe will register CAGRs of 5.10% and 5.80%, respectively, from 2015 to 2021.
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Some of the top companies that operate in the global dimer acid industry are BASF SE, Oleon NV, and Arizona Chemical Company LLC. Some other prominent companies that have a presence in this market are Shandong Huijin Chemical Co Ltd. and Liancheng Biaxin Science and Technology Co. Ltd.
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