Diglycolic Acid Market Size (2023-2030)

Global Diglycolic Acid Market was estimated to be worth USD 239.67 Million in 2022 and is projected to reach a value of USD 410.26 Million by 2030, growing at a CAGR of 6.95% during the forecast period 2023-2030.

Diglycolic Acid market is a chemical compound that finds applications in many industries. This acid is known for its solubility in water and organic solvents. It is widely used as a chemical intermediate in the synthesis of many materials and chemicals like solvents, and pharmaceuticals. It is also widely used as a corrosion inhibitor in many industries like oil and gas sector. It also helps in improving water quality by removing metal ions and unwanted metals. Diglycolic acid finds use in agricultural products as well where it is used to make certain agrochemicals like herbicides and pesticides.

Industrial growth and many other factors like research and development in chemical processes might influence the growth of the diglycolic acid market. Increasing emphasis on eco-friendly chemicals and sustainability could also influence this market and industries could explore options that are environment-friendly to reduce impacts on health and the ecosystem.

Global Diglycolic Acid Market Drivers:

Extensive use in various industries will expand the diglycolic acid market.

Diglycolic acid is used a lot in various industries, which is a long-term and significant driver for the growth of this market. In chemical manufacturing, it serves as an intermediate in the synthesis of various chemicals and materials. The growth of the chemical industry will drive the demand for diglycolic acid as well. In many sectors where metal components are involved, diglycolic acid is used as a corrosion inhibitor. In water treatment, diglycolic aid is used as a chelating agent to remove unwanted metal ions. Growing demand for effective water treatment could drive the demand for diglycolic acid as well.

An increase in environmental regulations and sustainable practices will drive the growth of diglycolic acid.

Consistent demand for environmentally friendly solutions could increase the growth of the diglycolic acid market. Increasing regulations related to corrosion prevention, chemical manufacturing, and water treatment can accelerate the adoption of sustainable solutions including diglycolic acid. Diglycolic acid is an eco-friendly and less harmful option in many applications.

Global Diglycolic Acid Market Challenges:

Competition from alternative solutions and technological advancements poses challenges to the adoption of Diglycolic Acid

Alternative solutions could pose a threat to the growth of the diglycolic acid market in the future. Other products offering similar or superior performance could overtake diglycolic acid. Advancements in chemistry and technology might result in the development of more effective and efficient solutions which are alternatives to diglycolic acid, potentially affecting its demand.

Fluctuating raw material costs and complex synthesis processes could affect the growth of the Diglycolic Acid market.

Production of Diglycolic Acid could involve complex processes requiring specialized expertise and equipment which could pose an impact on overall cost and efficiency. The cost of raw materials involved in the production of diglycolic acid could fluctuate impacting the overall cost structure and competitiveness with other options.

COVID-19 Impact on Global Diglycolic Acid Market:

Lockdowns, restrictions, and limitations in transportation affected the supply chain for raw materials used for Diglycolic Acid manufacturing, which in turn delayed the production and distribution of Diglycolic Acid. Disrupted markets and financial challenges indirectly affected the demand for Diglycolic Acid, leading to decreased consumption of chemicals. The uncertainty caused by the pandemic made industries reconsider investing in chemicals like diglycolic acid. Regulatory delays by government bodies impacted the introduction and distribution of Diglycolic Acid. Logistic challenges affected the transportation routes and posed challenges for the distribution of chemicals.

 DIGLYCOLIC ACID MARKET REPORT COVERAGE:

Global Diglycolic Acid Market Segmentation: By Application

• Corrosion Inhibitors

• Water Treatment

• Chemical Intermediates

• Agrochemicals

Diglycolic acid is used as a corrosion inhibitor in mainly oil and gas industry to protect metal surfaces from corrosion. In the water treatment segment, diglycolic acid is used as a chelating agent to remove metal ions and help improve water quality. Diglycolic acid is also used as a chemical intermediate in the synthesis of many chemical compounds. Agrochemicals like herbicides and pesticides are also made using glycolic acid to protect the crop. The largest segment in this market is corrosion inhibitors for the oil and gas industry due to the increased need for protection of crucial metal components used for the manufacturing and transportation of oil and gas. The agrochemicals segment could potentially be the fastest-growing segment due to the increasing global population and the need for efficient agricultural practices.

Global Diglycolic Acid Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

North America has a significant market for diglycolic acid, because of the presence of many industries like oil and gas, chemicals, and water treatment facilities. The USA, which comes under North America, is a major hub for industrial and technological advancement contributing to the demand for diglycolic acid. Because of these factors, North America is the largest segment in this market. Europe has well-developed industrial and chemical sectors which are important players in the diglycolic acid market. Asia-Pacific is the fastest-growing region due to rapid urbanization, industrialization, and strong growth potential. South America has extensive industrial and agricultural activities which could drive the demand for glycolic acid. In the Middle East & Africa, the oil and gas industry along with the water treatment sector could increase demand for diglycolic acid.

Global Diglycolic Acid Market Key Players:

1. TCI Chemicals

2. Thermo Fisher Scientific

3. Santa Cruz Biotechnology

4. Alfa Chemistry

5. Tokyo Chemical Industry

6. Sigma-Aldrich (now part of MilliporeSigma)

7. Parchem Fine & Specialty Chemicals

8. VWR International

9. Acros Organics (now part of Thermo Fisher Scientific)

10. MP Biomedicals