Dimer Acid Market Valued at 2.1 Billion in 2020 is Growing at an Incredible Pace of 15% by 2028

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According to analysts at Vantage Market Research, the Global Dimer Acid Market was valued at USD 2.1 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 15% between 2021 to 2028.

Dimeric acid is made up from dimerizing unsaturated fatty acids that are obtained from various sources such as cottonseed, rapeseed oil, oleic acid, canola acid, tallow and tall oil and are generally yellow coloured transparent liquid and are vicious in nature. It is generally non-toxic and eco-friendly in nature and has a wide range of properties such as high impact strength, thermal stability, excellent elasticity, hydrolytic stability, flexibility hydrophobicity and lower glass transition temperatures.

The market is driven by the increasing demand for the oilfield chemicals with the increasing number of drilling activities performed to meet the excess of energy demand in various regions. Over the years the dimeric acid has seen and increasing application and has even been used in the cosmetic application across the globe.

Moreover, the COVID-19 pandemic has devasted the supply and value chain due to the quarantines and lockdowns been imposed on account of precautionary measure to mitigate the virus spread. The global market has been operating with limited workforce which led to the reduction of productivity delay in delivery. All these factors have resulted in the reduction of demand for the overall market.

Subsequently, with increasing drilling activities and the need to meet excess of energy demand is augmented for the increasing demand for the oilfield chemicals which is subsequently providing opportunity for the growth of global dimer acid market. However, owing to the less awareness among the consumers and the increasing use of unsaturated fatty acids and raw material shortage is a retrain for the global market.

Globally, Asia-Pacific has been dominating the global dimer acid market owing to its increasing demand from construction industry for its application for hot melt adhesives, sealants, surface coatings, paints and normal adhesives and is expected to generate highest revenue in the forecast period.

Key market players in the global dimeric acid market are Croda, Shandong Huijin, Emery Oleochemicals and Harima Chemicals.