Undecylenic Acid Market Size

Undecylenic Acid Market size is poised to cross USD 6 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of undecylenic acid was USD 3 Billion. The reason behind the growth is impelled by the growing chemical industry across the globe. The largest industrial energy consumption is the chemical industry which is expected to continue expanding owing to both robust demand and rising exports. Particularly, between 2020 and 2025, there will likely be over 8% global increase in the demand for chemicals. For instance, the global chemical industry generated over USD 5 trillion in revenue in 2022.

The growing demand for synthetic lubricants is believed to fuel the undecylenic acid market growth. Fatty acids such as undecylenic acid can be produced artificially or isolated from natural sources and can be utilized as an ingredient in synthetic lubricants to raise their viscosity index.