Dioctyl Adipate Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is poised to dominate majority revenue share of 36% by 2035. The growth of the market can be attributed majorly to the growing production of chemicals in developing countries such as China and India. For instance, the world's largest chemical industry has historically been that of China, and it continues to lead the world in terms of its chemical sector. Further, owing to its low labor costs, quick investment, favorable government rules, and easy access to raw materials, it has led the world's chemical manufacturing industry. In addition, China is the world's top exporter, producer, and also consumer of dioctyl adipate. It exports the majority of its product to the United States, Bangladesh, and Indonesia. As per estimates, China's market share in chemical sales worldwide, increased by more than 30% in 2018.
North American Market Insights
The North American dioctyl adipate market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the growing demand for dioctyl adipate from electronic industries. It is utilized as an insulating material for cables and wires, owing to extremely low temperatures in the area. In addition, the region's expanding healthcare industry are also anticipated to boost the market growth during the forecast period.
Europe Market Insights
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the growing demand of paints in the region. For instance, owing to the great degree of consumer interest in home décor, architectural paints are growing in demand in Western Europe. Paint uses dioctyl adipate (DOA) as a solvent, dispersion, and thickener. Moreover, it has been discovered that Dioctyl Adipate can successfully replace a variety of organic solvents used in paint. In addition, the region's expanding healthcare industry and rising demand for cosmetics are also anticipated to boost the market growth during the forecast period.
