Global long chain dicarboxylic acid market is expected to witness growth on account of increasing application scope in chemical and healthcare industry. These compounds exhibit good flexibility and high strength and hence is used in various applications in the aforementioned industries.
Shifting consumer preference from man-made chemicals towards eco-friendly products in automotive industry to reduce green house gas emissions is expected to be a crucial factor for market growth.
Long chain dicarboxylic acid also called diabolic or diacids are straight chain compounds, which contain more than ten carbon atoms. They are majorly used products including undecanedioic, hexadecanedioic, pentadecanedioic, brassylic, tetradecanedioic, and dodecanedioic acids. These products find application scope in the production of clear powder coatings, lubricants, adhesives, pharmaceuticals, and corrosion inhibitors.
Diabolic compounds find application as organic corrosion inhibitors for engine coolants, metal cleaners, and working fluids on account of exhibiting non-toxic and anti corrosive properties. Lubricants, which are manufactured using this product provide better performance than their short chain derivatives and find applications in automotive and aviation engine systems. High costs and limited availability of these acids are expected to hamper demand over the next seven years.
Increasing use of clear powder coatings in automotive sector on account of properties such as durability, flexibility, chemical resistance, environmental-friendliness, and toughness is expected to drive demand of diabolic compounds over the forecast period. Powder coatings are expected to witness growth over the next seven years in light of expeditive usage of plastic parts in automotive industry owing to its design flexibility, lightness, cost-reduction, corrosion-resistance, recyclability, and greater durability.
Asia Pacific is expected to be a lucrative market on account of increasing automotive production in China, Indonesia, Japan, Malaysia, and Taiwan. Encouragement of 100% FDI in the automobile sector in India under the automatic route is expected to augment manufacturing sector. In addition, lowering excise duty on motorcycles, small cars, scooters, and commercial is expected to spur automobile production in the country. The “Automobile Mission Plan” for the period 2006–2016, designed by the government of India is aimed at accelerating and sustaining growth in this sector. These aforementioned policies are expected to open new market avenues for the product over the forecast period.
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