Albany, NY -- (SBWIRE) -- 08/11/2017 -- Octadecanedioic acid can be defined as the long chain dicarboxylic acid, which is usually not found in human body. It has been identified in blood serum of patients suffering from the Reye's syndrome. Octadecanedioic acid is used in several applications such as synthesis of polyamide, adhesives, and nylon owing to its high effectiveness. Based on application, the market for octadecanedioic acid can be segmented into cosmetics, lubricating oils, polyester polyols, powder coatings, and others. Chemical compounds such as esters are used in high performance applications such as pharmaceuticals, adhesives, powder coatings, and lubricants.

The market for octadecanedioic acid is anticipated to witness strong growth during the forecast period. Rise in preference for environmentally-friendly and sustainable products that lower dependency on petrochemicals is projected to remain a crucial factor driving the octadecanedioic acid market. Demand-supply disparities of petrochemicals result in volatility of prices. Thus, the market has been shifting toward biobased chemicals. Implementation of stringent environmental regulations in automotive and industrial sectors has played an important role in the development of biobased products. Other factors influencing the market for octadecanedioic acid include increase in demand for polyester foam, elastomers, and paints in various automotive and industrial applications. Increase in investments toward the expansion of the application scope is anticipated to boost the usage of octadecanedioic acid in different end-use industries.

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Octadecanedioic acid is an intermediate chemical used in the manufacture of polymers such as polyurethanes, polyphenylene oxide, polyetherimides, polycarbonates, polyphenylene ethers, powder coatings, and epoxies. In terms of application, the polyester polyols segment accounted for significant share of the market in 2016. The segment is anticipated to witness strong growth during the forecast period considering the unique properties exhibited by polyester polyols such as excellent solvent resistance, hydrolytic stability, optical clarity, and toughness. These make polyester polyols useful in various sectors such as food service, automotive, and medical. The polyester polyols segment was followed by the lubricating oils segment in 2016.

Based on geography, North America constituted major share of the octadecanedioic acid market in 2016. The segment is projected to expand at a rapid pace during the forecast period. The U.S. is likely to account for dominating share of the market in North America in the near future. In terms of application, the cosmetics segment is expected to register high growth over the next few years. Shift in consumer preferences toward organic products owing to its health benefits is anticipated to augment cosmetics and personal care applications.

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The octadecanedioic acid market in North America was followed by that in Asia Pacific in 2016. Increase in usage of polyester polyols in building & construction and automotive industries is estimated to drive the octadecanedioic acid market in Asia Pacific. Increase in infrastructure development in developing economies of Asia Pacific such as China, Japan, and India is projected to augment the demand for octadecanedioic acid. Government initiatives to support environmental conservation and sustainability are estimated to boost the usage of octadecanedioic acid in various end-use industries. Rise in investment in automotive, construction, and personal care products is projected to indirectly support the growth of the market in Asia Pacific.

Key players operating in the octadecanedioic acid market include Cathay Industrial Biotech Ltd., Elevance Renewable Sciences Inc., TCI America, Nanjing Chemlin Chemical Industrial Co. Ltd., Croda International Plc., and BASF SE. Manufacturers are striving to develop efficient production processes and strong distribution network to commercialize octadecanedioic acid applications.