SAN FRANCISCO, June 21, 2016 /PRNewswire/ --
The global dimer acid market is expected to reach USD 2.30 billion by 2024, according to a new report by Grand View Research, Inc. Growing consumption of polyamide resins in marine coatings is a major growth driving factor over the forecast period. Increasing oilfield chemicals demand which uses dimer acid as feedstock owing to rising drilling activities to meet excess energy demand is also expected to drive the demand growth.
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Asia Pacific and Latin America are expected to witness brisk growth owing to increasing construction activities in the regions. Emerging economies such as China and India along with Southeast Asia have been witnessing significant construction spending due to urbanization and industrial growth.
The industry faces challenges in terms of raw material availability. The fatty acid production which is largely done through vegetable oils has been facing high demand from food & biofuels industries, therefore tightening its supply for production of dimer acid.
Another challenge market participants face is the low biodegradation rate of products made of these acids. Considering increasing importance for recyclability of materials, development of novel technologies to tackle the issue is crucial for development prospects.
Reactive polyamide resins segment was the dominant application accounted for over 40% of the overall volume in 2015. High demand for epoxy, marine and flooring coatings to drive the segment growth at a CAGR of 4.3% from 2016 to 2024.
Browse full research report with TOC on "Dimer Acid Market Analysis By Application (Nonreactive Polyamide Resins, Reactive Polyamide Resins, Oilfield Chemicals) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/dimer-acid-market
Further key findings from the report suggest:
Grand View Research has segmented the dimer acid market on the basis of application and region:
Browse related reports by Grand View Research:
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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