The Sebacic Acid Market Will Record Remuneration of $620 Million by 2026, Says Global Market Insights Inc.
The growth of the global sebacic acid market is accelerated significantly owing to higher bio-based polymer production and consumption levels, given its ecological advantages, according to this report.
SELBYVILLE, Del., January 20, 2020 (Newswire.com) - According to the report published by Global Market Insights, Inc., the global sebacic acid market was estimated at $385 million in 2018 and is expected to hit $620 million by 2026, registering a CAGR of 5.5% from 2019 to 2026. The report contains a detailed study of market size and estimations, key revenue pockets, major strategies, growth drivers and prospects, competitive landscape as well as fluctuations in market trends.
Shifting customer preferences towards bio-lubricants over traditional, owing to lower carbon emissions and strict regulatory policies are expected to present lucrative growth prospects for the sebacic acid market. Steady financial support in the automotive sector for the development of fuel-efficient, high-performance vehicles, alongside rising consumer expenditure will foster product demand. Sebacic acid is used extensively in the production of myriad products across diverse applications including lubricants, plasticizers, chemical intermediates and adhesives, due to its corrosion inhibition and low-temperature characteristics.
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Favorable regulatory initiatives, like REACH by European Chemical’s Agency, has categorized sebacic acid as safe for humans, which will add impetus to sebacic acid market growth. Industry expansion is further accelerated owing to the escalating utilization of eco-friendly substances among the population, given its production from castor oil.
Key reasons for sebacic acid market growth:
- The paradigm shift towards sebacic acid over petroleum-based solvents
- Escalating demand for dibutyl sebacate across various application segments
- Consistent R&D efforts by key industry players for advanced incorporation of the product.
- The plasticizers application to dominate to 2026
Based on the application, the sebacic acid market is categorized into plasticizers, lubricants, adhesives, solvents, and chemical intermediates segments. Among these, the plasticizer segment holds the dominant position and is anticipated to exhibit the fastest growth rate during the forecast period.
Increasing construction efforts in China towards the development of diverse building components including film & sheet coverings, wires & cables and wall & flooring will bolster demand for plasticizer application in the region. Revenue from the construction industry in China is poised to achieve a valuation of over $1 trillion by 2022, in turn presenting several growth prospects for the sebacic acid industry from the plasticizer segment. This growth is largely attributed to favorable government strategies such as “One Belt One Road”, which aims to link China with the western world, through the development of roads, railways and other infrastructures.
North America to maintain its hold during the forecast period
The sebacic acid market across North America held a high share in 2018 and is expected to rule the roost throughout the study period, owing to rising living standards which has led to increasing expenditure on cosmetics. However, the Asia Pacific region is likely to account for a notable share from 2019 to 2026, owing to the rising business of automotive manufacturing units in the region.
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Leading market players
Leading market players analyzed in the research include Hokoku Corporation, Tokyo Chemical Industry, BASF SE, KGN Enterprises, Wilmar and Arkema. These companies are focused on implementing expansive R&D activities to encourage product innovations that deliver superior properties like hydrophobicity, ductility, flexibility, and advanced lower melting temperatures.
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Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities, and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
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Source: Global Market Insights, Inc.
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Tags: Adhesives, Chemical Intermediates, Lubricants, Plasticizers, Sebacic Acid Market, Solvents
