Sellbyville, DE -- (SBWIRE) -- 10/24/2018 -- The Sebacic Acid Market is set to grow from its current market value of more than $300 million to over $480 million by 2024; as reported in the latest study by Global Market Insights, Inc.

Increasing application scope in aerospace, pharmaceuticals, textile household and automotive industries should drive sebacic acid market size. It prominently used as monomer for cosmetics, textiles, lubricants, hydraulic fluids and plasticizers. Supporting regulatory norms due to nonhazardous nature may fuel product demand.

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Sebacic acid finds application as synthesis intermediate in manufacturing sebacates esters such as dihexyl sebacate, di-isopropyl sebacate, and diethyl sebacate which are extensively used in cosmetic formulations. It acts as pH corrector, emollient, plasticizer, film forming and masking agent in skin or hair care products. Consumer adoption towards personal care and hygiene care products owing to increasing living standards should favor industry growth.

Rise in use of bio based lubricants in automobiles trucks and aircraft vehicles owing to reduce environmental impact by increasing fuel efficiency and minimizing carbon emission which should drive industry growth. Sebacic acid is used to derive disodium sebacate which is a corrosion inhibitor and coolant in automotive as well as aircraft industry.

Sebacic acid market from lubricants application is anticipated to grow over 4.5% in the end of 2024. It is used to produce chemical derivative sebacate diesters which has wide application scope in grease and complexed lubricants. These lubricants offer high performance, high heat resistance and fuel efficiency.

Essential feedstock for production is castor oil. Fluctuating castor oil seeds costs may challenge industry profitability and impact sebacic acid market price trend. However, increasing popularity of bio based polymers derived from renewable and natural sources such as castor oil over petroleum based polymer may act as major contributing factor towards sebacic acid market growth.

Asia Pacific, led by China and India, sebacic acid market size, should surpass USD 180 million by 2024. Positive indicator in automotive sales accompanied with flourishing numerous end-use industries including, pharmaceuticals, textile, cosmetics owing to availability of low wage labor and raw materials may boost product demand in this region.

Sebacic acid from plasticizers application may witness strong gains at end of forecast timeframe. It is used as major raw material in polyamide manufacturing with addition properties including better ductility, flexibility, and hydrophobicity. Dibuty sebacate is approved in plastic used for pharmaceutical, medical device and food packaging thereby promoting industry growth.

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North America sebacic acid market may grow significantly over 4%. Growing use of nylon mainly in U.S. textile industry along with increasing demand in cosmetic formulation including hair & skin conditioning, sunscreens and masks due to low toxicity should drive regional growth. Castor oil derivative manufacturers in this region are engaged in capacity expansion along with entry of new players in this sector may act as another contributing factor towards industry growth.

Global sebacic acid market share is consolidated and competitive. Hokoku Corp, Casda Biomaterials, Hengshui Jinghua and Shandong Siqiang Chemicals are some of the major companies present in this industry.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.