Octadecanedioic Acid (ODDA) Market: By Application (Polyester Polyols, Powder Coatings, Adhesive Additives, Sealants and Elastomers, Resin and Rubber, Cosmetics, Lubricating Oils and Others), By End-user Industry (Foodservice, Automotive, Pharmaceutical, Medical, Construction, Textiles and Others) and Geography

Octadecanedioic Acid Market size was valued at USD 8,532.7 million in 2022 and is poised to grow at a CAGR of 4.2 % from 2023-2029. Octadecanedioic Acid belongs to a class of organic compounds known as long fatty acids with an aliphatic tail and used for the production of biodegradable engineering products with extraordinary properties like solvent resistance, toughness, water repellent and high crystallinity. It is used extensively in soft tissue allografts engineering, drug delivery, surfactants, lubricants, coatings and cosmetics. According to a research article, octadecanedioic acid reduces the carbon footprint by incorporating the renewable content in the products. Moreover, Octadecanedioic acid from renewable feedstock reduces the dependency on petrochemical feedstock by producing eco-friendly products and improves the effectiveness of oleochemical-based biorefinery. Octadecanedioic acid is also used in wastewater treatment, as it can remove metal hydroxides and organic substances such as alcohol residues. It has been shown to be chemically stable and suitable to use in pharmaceutical preparations and process optimization. According to an article Demand for increased production of polymers, increased demand from cosmetic and personal care segment, development in infrastructure are some of the driving factors for the octadecanedioic acid market. Factors like high cost of the products, unfavourable condition due to COVID-19 outbreak, raw material shortage hinder the growth of the octadecanedioic market. However, with the increase in the number of emerging markets, rise in strategic launches and collaborations, rapid development in infrastructure and techniques and the increase in demand of healthy behaviour and lifestyle has led to increased opportunities in octadecanedioic acid market and is expected to flourish in the upcoming years. Moreover, Cosmetics and personal care market is expected to show high growth rate owing to the shifting preference of consumers towards organic products.