South Korea Suberic Acid Market Insights Forecasts to 2033

• The Market Size is Growing at a 5.21% CAGR from 2023 to 2033.
• The South Korea Suberic Acid Market Size is Expected to Reach a Significant Share by 2033.

The South Korea Suberic Acid Market Size is expected to Reach a Significant Share by 2033, Growing at a 5.21% CAGR from 2023 to 2033.     

Market Overview

The South Korea suberic acid market refers to the industry that produces, distributes, and uses suberic acid in South Korea. Suberic acid is a dicarboxylic acid that is primarily used in the production of polymers, coatings, and adhesives, as well as an intermediate in pharmaceuticals and cosmetics. It is produced by the oxidative cleavage of fats and oils, particularly castor oil and other natural sources, or by chemical synthesis. Furthermore, suberic acid is in high demand in South Korea due to its use in the manufacture of nylon and polyamide, which are widely used in the automotive, textile, and electronics industries. The growing demand for sustainable and biodegradable materials has shifted the focus to bio-based suberic acid as an environmentally friendly alternative to traditional petrochemical-derived variants. Furthermore, its use in cosmetic formulations, particularly for skincare and anti-aging products, adds to the market's growth potential.

Report Coverage

This research report categorizes the market for the South Korea suberic acid market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea suberic acid market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea suberic acid market.

Driving Factors

Suberic acid is an important raw material for the manufacture of nylon and polyamides, which are widely used in the automotive, textile, and electronics industries. South Korea's well-established automotive and semiconductor industries are driving demand for high-performance polymers, resulting in increased demand for suberic acid. Suberic acid is also used in cosmetic formulations for skincare, anti-aging, and moisturizing. South Korea's globally recognized cosmetics and personal care industry is driving up demand for specialty chemicals such as suberic acid. Furthermore, its use in pharmaceuticals for drug formulation and biomedical applications is a major growth driver. Furthermore, South Korea's stringent environmental regulations are encouraging industries to use bio-based and low-emission chemical solutions. Policies that promote sustainable industrial practices, as well as chemical safety regulations, help to drive market growth.

Restraining Factors

The South Korea suberic acid market faces a number of challenges that impede its growth. Bio-based suberic acid is less competitive than petroleum-based alternatives due to its high production costs and limited commercial availability. The volatility of raw material prices, particularly for castor oil and fatty acids, adds uncertainty to South Korea's reliance on imported goods. Furthermore, strict environmental regulations raise compliance costs, which impact manufacturers. The presence of substitutes such as adipic and sebacic acids further restricts market growth.

Market Segment

• The bio-based segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the source, the South Korea suberic acid market is divided into petroleum-based, bio-based, and others. Among these, the bio-based segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This dominance is due to the growing demand for sustainable and eco-friendly chemicals, which aligns with South Korea's strict environmental policies and commitment to reducing carbon emissions. Furthermore, South Korea's emphasis on green technology and biodegradable alternatives has accelerated the use of bio-based suberic acid in nylon manufacturing, coatings, adhesives, and pharmaceutical applications.

• The adhesives & sealants segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe.

Based on the application, the South Korea suberic acid market is divided into adhesives & sealants, cosmetics & personal care, adhesives & sealants, pharmaceuticals, and others. Among these, the adhesives & sealants segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe. This anticipated growth is being driven by the ongoing expansion of infrastructure projects, advancements in automotive manufacturing, and rising demand for electronic devices in South Korea. As these industries evolve, the demand for advanced adhesive solutions containing suberic acid is expected to grow, solidifying the segment's market leadership.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea suberic acid market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Toronto Research Chemicals
• Otto Chemie Pvt. Ltd.
• Alfa Aesar (A Thermo Fisher Scientific Brand)
• BASF SE
• Eastman Chemical Company
• Evonik Industries AG
• Santa Cruz Biotechnology, Inc.
• Tokyo Chemical Industry Co., Ltd. (TCI)
• Merck KGaA
• Spectrum Chemical Manufacturing Corp.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea suberic acid market based on the below-mentioned segments:

South Korea Suberic Acid Market, By Source

• Petroleum-Based
• Bio-Based
• Others

South Korea Suberic Acid Market, By Application

• Adhesives & Sealants
• Cosmetics & Personal Care
• Adhesives & Sealants
• Pharmaceuticals
• Others