NEW YORK, Oct. 26, 2020 /PRNewswire/ -- Over the last couple of decades, the chemical industry has been witnessing significant growth in terms of innovation, in the quest to transform itself into a highly sustainable industry that is in consonance with the environment. Paints & coatings, adhesives, and lubricants are some of the segments in the chemical industry that have witnessed substantial growth during this period. Increased use of additives in these specialty chemical products plays a vital role in their performance and market adoption. Dioctyl fumarate is one of such additive, and is estimated to witness significant growth over the assessment period, based on its continuing requirements in key specialty chemical products.
The global dioctyl fumarate market is estimated to expand at a CAGR of over 4% during the forecast period of 2020-2030.
Key Takeaways from Dioctyl Fumarate Market Study
- Globally, the chemical manufacturing industry has grown by leaps and bounds, serving the diverse needs of various end-use sectors. Chemical manufacturing is the single-largest application of dioctyl fumarate, which accounts for a substantial value share in its market.
- The paints & coatings industry has shown significant growth since the last few decades, particularly with the advent of water-borne and low-VOC coatings. Dioctyl fumarate is used as an additive in the formulation of paints and coatings, and thus, this sector will be a key demand driver for the dioctyl fumarate market over the forecast period.
- The application of dioctyl fumarate is increasing steadily in the manufacturing of adhesives, owing to its key properties such as solubility with other solvents and stability with other reactants. Growth of the adhesives market will positively influence dioctyl fumarate market growth.
- Dioctyl fumarate has improved oxidative stability with good lubrication properties; hence, has wide ranging applications in lubricant products used across a multitude of industries. There is significant scope for further dioctyl fumarate adoption in lubricant manufacturing, making it a high potential market segment for the future.
- Globally, East Asia is one of the dominant regions in the dioctyl fumarate market, especially China, which is the fastest-growth market across the world. Manufacturers in the dioctyl fumarate market in China possess very high export potential, and are actively focused on expanding their overseas markets.
- The COVID-19 outbreak has resulted in end-use industries of dioctyl fumarate facing decreased demand, there adversely affecting the global dioctyl fumarate market too.
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"Increasing demand for dioctyl fumarate from various end-use Industries, expanding application range, and its distinctive properties are anticipated to augment demand growth. Competition in the market with other types of additives is anticipated to intensify with manufacturers' focus on development of innovative production techniques that are more economical and viable," says a PMR analyst.
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Market Landscape Continues to Remain Moderately Fragmented
The competitive landscape in the global dioctyl fumarate market is characterized by moderate fragmentation at global and regional levels. Key players account for more than one-fourth of the total market share. Some leading players included in the report are ESIM Chemicals Gmbh, Kawasaki Kasei Chemicals Ltd, Korea PTG Co. Ltd, Polynt SpA. TNJ Chemical Industry Co. Ltd, Tokyo Chemical Industry Co. Ltd, and Penta Manufacturing Company, among others. Key market participants are focused on capturing lucrative growth through collaboration with end-use customers, and are continuing to meet demand through sustained operational excellence.
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Dioctyl Fumarate Market: Conclusion
East Asia holds a major portion of the global dioctyl fumarate market, and will continue to be a key demand center throughout the forecast period. Manufacturers are increasing production in their existing units by increasing production utilization rates. Moreover, to strengthen their global supply systems and continue meeting robust demand, they are expanding their global presence. Manufacturers in the dioctyl fumarate market are focusing on increasing their profitability from existing product portfolios by improving processes and increasing efficiency.
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Persistence Market Research has published a market research report on the dioctyl fumarate market that contains global industry analysis of 2015–2019 and forecasts for 2020–2030. The report provides insightful analysis of the dioctyl fumarate market through different segments - grade, application, and region. The dioctyl fumarate market report also provides supply and demand trends, import-export scenario, a comprehensive list of suppliers and distributors in the market, and a detailed overview of the value chain.
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