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Dioctyl Fumarate Market Segmented By More and Less than 99% in Chemical Manufacturing, Paint and Coating, Adhesives, Lubricants, Cosmetics Application
Dioctyl Fumarate (DOF) is widely known and used as a chemical intermediate and building block material for chemical production. DOF has a molecular formula of C20H36O4. Other than a chemical intermediate, DOF is used in paints & coatings, lubricants, adhesives, and for cosmetic applications. Growth in chemical manufacturing industries is anticipated to positively impact the expansion of the global dioctyl fumarate market size during the forecast period of 2020 to 2030.
Eye on Customers: Product Customization Based on Purity: Dioctyl fumarate is one of the known additives used in chemical and other allied industries for various applications. End users are always demanding economic, customized, low-toxicity, high purity level range products from manufacturers or suppliers. In order to meet customized & tailored product demand, key manufacturers in the dioctyl fumarate market are focusing on improving product quality as well as purity level. This factor is also responsible for product innovation, which positively influences the demand and sales of dioctyl fumarate.
Robust Growth in Demand from Paints & Coatings Industry: End-use industries for dioctyl fumarate, such as paints & coatings, personal care, adhesives, and lubricants, among others, are likely to register steady growth during the forecast period. There has been rapid growth in the paints & coatings market in recent times, which includes dyes & pigments, owing to demand from industrial as well as architectural applications. Factors such as growing consumer spending and rising preference toward the use of varied colors are also anticipated to impact the colorants market. This, in turn, has been fueling the demand for dioctyl fumarate, which is required for the manufacturing of coatings, printing inks, cosmetics, and more, in turn, driving the dioctyl fumarate market at a global level.
Globally, East Asia is significantly diverse in terms of geo-political conditions, customer base, and regulations as compared to other regions of the world. China is one of the key countries in East Asia, and also diverse in terms of production of chemicals for the various end-use industries, owing to the prevalence of a large number for key manufacturers and availability of raw materials & labor at an economic price in the country.
Thus East Asia, led by regions such as China, India, and Southeast Asia, is estimated to hold a major dioctyl fumarate market share in terms of value and volume, and is expected to remain dominant over the coming years. Moreover, East Asia is not just the largest demand destination for dioctyl fumarate, but also the largest production hub for the product in the world.
In getting acquainted with regional market structures and strategies, future opportunities for prominent players depend on their market understanding. In addition, an effective workforce can improve output in terms of quality as well as quantity, and thus help manufacturers achieve a higher share in the global dioctyl fumarate market. In addition, strong distribution networks will help multinational corporations gain a competitive advantage in regional markets, and further stabilize their position in the wider market ecosystem.
Manufacturers in the global dioctyl fumarate market space are planning to increase production levels through effective capacity utilization, and similarly focusing on developing innovative technologies to minimize their environmental footprint, reduce operational costs, and simultaneously increase product yield.
The global dioctyl fumarate market is moderately fragmented market in nature, with a cluster of major key players based in East Asia, especially China. In order to meet the overall demand for dioctyl fumarate, manufacturers are developing high quality/ purity grade products.
The global market for dioctyl fumarate is characterized by fragmentation and consequently intense competition, with several global as well as medium- and small-scale players operating in the market. Owing to the presence of a number of regional & domestic players, localized presence near end-use markets becomes imperative for larger players in many regions. Some of the key players in the global dioctyl fumarate market are ESIM Chemicals Gmbh, Kawasaki Kasei Chemicals Ltd, Korea PTG Co. Ltd, Polynt SpA. TNJ Chemical Industry Co. Ltd, Tokyo Chemical Industry Co. Ltd, and Penta Manufacturing Company, among others.
The COVID-19 crisis has wreaked havoc across countries and has affected most sectors. This crisis has significantly impacted the demand for paints & coatings and adhesive products, which has weighed down heavily on the dioctyl fumarate market. Year-on-year growth is estimated to take a hit in the year 2020, and improvement is expected post the first quarter of 2021.
Dioctyl fumarate is expected to be a key ingredient for many functional additives, and its use as a chemical intermediate is also projected to increase. Manufacturers in the dioctyl fumarate market are focused on strengthening their global supply chain networks to continue meeting robust demand. Substantial demand from industries such as chemical manufacturing, paints & coatings, adhesives, lubricants, and cosmetics is expected to set the path for market growth over the coming assessment years. The impact of COVID-19 has been significant in the first two quarters of the year; however, the damage was limited as East Asian economies, particularly China, worked quickly to come back on track. The positive long-term economic outlook of key country markets is expected to create substantial opportunities for the growth of the dioctyl fumarate market.
PMR’s study on the dioctyl fumarate market is divided into three significant segments - grade, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.