In terms of revenue in 2014, the global market for dimer acid Market was calculated to be USD 1,330.0million and is projected to reach USD 2,145.9million by 2022, growing at a CAGR of 6.6% from 2015 to 2022. In 2014, in terms of volume the market demand for dimer acid was 475.00kilo tons and is projected to reach 654.10kilo tons by 2022 at a CAGR of 4.5% during the forecast period.
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The global market for dimer acid is witnessing growth on the back of rising demand from end user industries such as paints & coatings, adhesives, and among others. Another factor driving the market growth is the strong economic and industrial growth in emerging economies. However, volatility in the prices of raw material such as vegetable oil act as the major factor inhibiting the market growth.
In 2014, nonreactive polyamide resins were the leading application segment with 39% of total market in terms of value. Reactive polyamide resins are projected to witness highest growth rate over the forecast period on account of its rising demand from construction and marine coatings industries. Oilfield chemicals applications is projected to grow at a CAGR of 4.7% in terms of volume during the forecast period owing to increase in demand drilling activities.
By product type, the market include standard, distilled and hydrogenated product segment depending upon the purity of the process. In 2014, standard product accounted for 44% share of the total market in terms of value and projected to maintain its dominance during the forecast period. However, growth is projected to be fastest from distilled product segment.
Some of the leading players present in this market are BASF SE, Oleon NV, Arizona Chemicals Company, LLC, Croda International Plc, and Shandong Huijin Chemical Co. Ltd among others.