Dimerized fatty acids, commonly known as dimer acids, are produced using unsaturated fatty acids. They are a class of dicarboxylic acids produced most commonly using oilgomerization, with clay as a catalyst. The unsaturated fatty acids are generally derived from multiple natural sources, including soybean oil, cottonseed oil, rapeseed oil, and tall oil.
Primary applications of dimer acids mainly include their uses in the production of reactive and non-reactive polyamides and oilfield chemicals. Other minor uses of dimer acids include metal working fluids, lubrication, etc. The use of dimer acids mainly depends on their level of purity. Products in the global dimer acid market are usually classified into hydrogenated and distilled, only distilled, and standard dimer acids.
End Users Ramp up Demand for Dimer Acid
The end-use industries linked to the global dimer acid market include oilfield chemicals, paints and coatings, and adhesives. All three end users have shown an increase in demand for dimer acids, thereby propelling the global dimer acid market. This is because of the growth that the end-use industries are themselves experiencing, which consequently creates a greater need for dimer acids. On the other hand, one of the key restraints on the global dimer acid market is the fluctuations in vegetable oil prices, which could either obstruct the growth of the global dimer acid market or even shrink it, depending on the prices.
On the whole, the global dimer acid market is expected to display a CAGR of 6.2% from 2015 to 2021. By the end of this timeframe, the market should reach a value of US$705.8 mn.
Asia Pacific Shows Most Potential for Growth of Global Dimer Acid Market
A regional factor to be on the lookout for is the surge of the Asia Pacific region in the global dimer acid market. It has shown itself to be the most attractive region in the global dimer acid market from 2015 to 2021, a fact owed greatly to the abundance of vegetable oils in Asia Pacific. Due to their rapid rate of industrialization, developing economies in Asia Pacific are also showing a greater demand for dimer acid, creating a greater scope of growth for the global dimer acid market.
The Asia Pacific market’s CAGR of 7.3% from 2015 to 2021 is the highest growth rate in the global dimer acid market, according to regions. By the end of 2021, the region is expected to hold the largest share in the global dimer acid market, an estimated 33.5% in terms of value. In terms of volume, Asia Pacific will constitute 38.0% of the global dimer acid market by 2021. The regions that previously used to dominate the global dimer acid market, North America and Europe, have both matured as economies and are showing a steady demand for dimer acid. Their respective CAGRs for the same forecast period are 5.1% and 5.8%.
The key players in the global dimer acid market include Jiangsu Yonglin Oleochemical Co., Ltd., Shandong Huijin Chemical Co. Ltd, BASF SE, Croda International Plc., Oleon NV, and Arizona Chemicals Company, LLC.
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