July 20, 2024

Brassylic Acid Market Estimated To Witness High Growth Owing To Rising Demand From Plastics And Resins Industry

Market Overview:

Brassylic acid or 3,3-dimethyladipic acid is an organic compound primarily used in the production of nylon and other polymers. It is a dicarboxylic acid that serves as an important intermediate in the manufacturing of plastics, resins, lubricants, and other chemical products. The growing plastics and resins industry has increased the demand for brassylic acid in recent years.

Market Dynamics:

The brassylic acid market is driven by the growing demand from the plastics and resins industry. There has been a rise in plastic production across the globe owing to its increasing use in various end-use industries such as packaging, automotive, construction, and others. Plastics provide properties such as durability, lightweight, corrosion resistance, and flexibility, which has fueled their adoption. Brassylic acid helps improve the mechanical strength and thermal properties of plastics, resins, and other polymers. This increasing production and demand for plastics from end-use industries are projected to propel the brassylic acid market growth over the forecast period. Another driver is the growing demand for lubricants, owing to the increasing applications of lubricants in automotive and industrial machinery. As brassylic acid is used in the manufacturing of lubricating oil additives and synthetic lubricants, its market is also expected to gain traction due to the rising lubricants demand.

SWOT Analysis

Strength: Brassylic acid is used in the production of nylon, polyesters, and plasticizers which has wide applications. The increasing demand for polyamides from end use industries is driving the brassylic acid market. It has low toxicity and is environment friendly.

Weakness: Brassylic acid production process requires specialized equipment and hazardous chemicals which increases production costs. Import dependence for raw materials increases supply chain risks.

Opportunity: Growing construction and automotive industries demand for engineering plastics offers growth opportunities. Developments of bio-based production methods can help reduce costs.

Threats: Volatility in raw material prices and availability impacts manufacturing costs. Strong competition from substitutes like adipic acid limits market expansion.

Key Takeaways

The Global Brassylic Acid Market Demand   is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for engineering plastics from automotive and construction industries.

Regional analysis

Asia Pacific region is expected to dominate the brassylic acid market owing to rapid industrialization and growth in end use industries in China and India. The region accounts for around 60% of the global demand for brassylic acid due to presence of key manufacturing bases and low costs. North America and Europe are other major consumers of brassylic acid.

Key players

Key players operating in the brassylic acid market are Cathay Industrial Biotech, Palmary Chemical, Unisource Chemicals Pvt. Ltd., Zibo Guangtong Chemical Co., Ltd., Beyo Chemical Co., Ltd, Larodan Ab, Evonik Industries, Nantong Senos Biotechnology Co., Ltd., and Shanghai Kaleys Holding Co., Ltd.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it