Dodecanedioic Acid Market Regional Analysis:
APAC Market Insights
Asia Pacific region is likely to hold over 52.3% market share by 2035. The rising support from the governments in the region to expand the chemical industry is one of the factors that is expected to swell the dodecanedioic acid market as it would smoothen up the production rate of the acid. In India, around USD 26 million was allocated by the government to the Department of Chemicals and Petrochemicals under the Union Budget 2022-23. Another growth factor for dodecanedioic acid's expansion is the region's increased industrial production rate, owing to its great usage. It was estimated that the industrial production rate in China rose at a 4% rate from July 2020 to July 2022. The chemical industry growth in the region is attributed to the increasing use of textiles, pharmaceuticals, and plastic industries. The increasing textile industry with rising online and e-commerce platforms are anticipated to boost the chemical industry growth thereby the use of the dodecanedioic acid market.
Europe Market Insights
Further, the European market is estimated to garner significant growth during the forecast period. The growth of the market is attributed to the increasing production of powder coating in Russia, Italy, and other countries. The rising application of dodecanedioic acid in plastics, painting materials, and nylon with the rising construction industry is anticipated to drive market growth during the forecast period as per the market analysis. As per the estimations, the construction sector in May 2022 increased by over 8% from April 2022 in Germany.
