Dodecanedioic Acid Market Segmentation:
Application Segment Analysis
The resin segment will hold the largest market share of 60% backed by the growing demand for nylon in a wide range of industries, particularly in the automotive and paint industries. Moreover, there are many types of resins made from dodecanedioic acid, including epoxy resins, aromatic hydrocarbon resins, and many other components. Various industrial applications require these resins. As a result of the growing demand for performance plastics in the transportation and construction industries, the demand for plastic resins has increased. This factor is anticipated to augment segment growth during the forecast period. The rising use of plastics in place of metals reduces the weight of vehicles in the automobile industry. The growing number of electric vehicles across the world to improve fuel efficiency is also anticipated to rise the use of the dodecanedioic acid market during the forecast period.
Amongst these segments, the powder coatings segment is expected to garner a significant share. The increasing demand for heat-resistant and flexible polyester are rising the market growth of powder coatings. Powder coatings are used in various sectors including the chemical, automobile, and construction industries. The development in the economic standards and increasing applications of dodecanedioic acid in industrial paints are anticipated to drive market growth. The powder coatings are cost-effective, have easy availability, have no emission of volatile organic compounds, and provide uniform thickness and elegant finish. The powder coatings are used in cases of applications where multiple coatings are required. The powder coatings do not contain any solvents and are hydrolytic resistant. The increasing use of automobiles across the world with the rising disposable income of people is estimated to boost the market growth. According to the reports, the revenue of the U.S. dealers in the year 2021 on motor vehicles and parts was estimated to be over USD 1 trillion.
Our in-depth analysis of the global market includes the following segments:
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