New York, May 18, 2022 (GLOBE NEWSWIRE) -- Dodecanoic acid, also known as lauric acid, is a form of saturated fat found in vegetables, and also in coconut and palm kernel oils. It is inexpensive, non-toxic, safe to handle, and has a long shelf-life, which makes it a good component for making soaps, shampoo, and other personal care products. The sales value of the acid along with its salts and esters was approximately USD 80 Million in 2018.
Research Nester has evaluated the current market opportunities in ‘Global Dodecanoic Acid Market’ for the period of 2022 – 2031 including the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
In the cosmetic industry, shower and bath segment is estimated to generate approximately USD 50 billion in 2022. There is high demand for dodecanoic acid in the industry for the manufacturing of soaps and shampoos. This is a primary factor driving the growth of the global dodecanoic acid market, which is expected to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Furthermore, dodecanoic acid is also significantly used in the pharmaceutical industry for the treatment of COPD and CVDs, as it has the potential to increase the secretion of LDL (good cholesterol) in the body. According to the World Health Organization (WHO), CVDs are a major cause of death globally, causing an estimated 17.9 million deaths in 2019, which was 32% of all deaths, while COPD caused 3.23 million deaths in the same year. This is generating a massive demand for medications and drugs to treat CVDs, which is anticipated to boost the market growth further. Moreover, the growth in the pharmaceutical industry is also expected to boost the market growth. In 2020, approximately USD 1.25 trillion revenue was generated by the pharmaceutical industry.
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The market is segmented on the basis of application into pharmaceutical, cosmetics, chemical research, and others. The increasing demand for personal care and cosmetic products globally is driving the growth of the cosmetics segment, which is anticipated to hold a substantial share in the global dodecanoic acid market over the forecast period. As of 2020, cosmetic industry was worth approximately USD 90 billion, and is further estimated to generate a revenue of roughly USD 175 billion by the end of 2025. Moreover, rising individual disposable income globally is expected to further the growth of the segment.
Geographically, North America region is anticipated to hold the largest market share over the forecast period owing to high demand for dodecanoic acid on the back of growing pharmaceutical as well as cosmetic industry. North America accounted for nearly 50% of the global pharmaceutical sales in 2018, with the United States generating a revenue of nearly USD 470 billion. Furthermore, in the global cosmetic industry, North America accounted for nearly 25% in 2020. The cosmetic industry in the United States generated nearly USD 90 billion revenue in 2018. This region has presence of significant pharmaceutical and cosmetics giants, which is also expected to boost the market growth in the region.
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The market in Asia Pacific region is estimated to register the highest growth over the forecast period on the back of the growing cosmetic industry in the countries, such as South Korea, India, and Japan. For instance, the production value of cosmetics in South Korea was over USD 12 billion in 2020. In 2020, Asia Pacific region accounted for over 40% share of the global cosmetic industry. Moreover, presence of a sizeable chemical industry in the region is also anticipated to boost the market growth in the region. APAC region accounted for more than 56% share of the global chemical industry in 2020.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global dodecanoic acid market is segmented on the basis of type, and application.
Segmentation by Type
- Fractioned
- Distilled
Segmentation by Application
- Pharmaceutical
- Cosmetics
- Chemical Research
- Others
Some of the prominent players and their company profiling included in the report are Croda International Plc, Agarwal Industries Private Limited, ExcelVite Sdn. Bhd., Kao Corporation, Wilmar International Limited, Oleon NV, Timur Oleochemicals, Lascaray S.A., Kraton Performance Polymers, Inc, Chemol Company Inc. (The Seydel Companies Inc), and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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