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Dicyandiamide market size is anticipated to grow at an exponential rate over the span of 2023-2032, due to the increasing investments in the water treatment sector.
Dicyandiamide is a nitrogen-based compound that is used to produce raw materials for active pharmaceutical ingredients that are utilized in the making of anti-diabetes drugs. The increasing number of diabetic patients and geriatric populations across the globe is expected to influence the demand for dicyandiamide. Furthermore, strong reactivity and other characteristics of the material will drive its use in numerous applications like adhesives, powder coatings, dielectric coatings, and PVC flooring.
Dicyandiamide market is segmented into fertilizers, water treatment, flame retardants, epoxy laminates, and pharmaceuticals. The fertilizers category is forecasted to witness sizable expansion due to growing worries about global food security. Studies have shown that applying fertilizers based on dicyandiamide is linked to increased plant productivity. The ingredient is used to create liquid and dry fertilizers that are both chemical and organic, preventing nitrogen loss through nitrification.
According to grade, the dicyandiamide market includes industrial grade, pharmaceutical grade, and electronics grade dicyandiamide. By 2032, the pharmaceutical sector is expected to contribute significantly to the overall market revenue. Leading pharmaceutical companies all over the world use the ingredient in the production of anti-diabetic medications.
Rising cases of diabetes across the world would contribute to the demand for these medications. As per the data of IDF Diabetes Atlas Tenth edition 2021, nearly 537 million adults have diabetes, and it has caused 6.7 million deaths. Three of every four diabetics reside in low- and middle-income countries. The market for pharmaceutical-grade dicyandiamide is being driven by an aging population and a high rate of diabetes-related mortality.
Asia Pacific dicyandiamide market is projected to be driven by countries like Japan and China. Technological innovation in the electronics sector could open a wide range of opportunities for market players in Japan. According to the information provided by the Japan Electronics and Information Technology Industries Association (JEITA), the Japanese electronics industry saw a growth of about 93% in 2020 compared to 2019.
Meanwhile, the existence of numerous manufacturers and suppliers in China will foster the regional market outlook. These compounds are employed as reasonably priced and efficient color-fixing agents for fabrics like silk. Due to this, textile makers in China are expected to observe more product demand and uptake.
The rising demand for residential renovation projects across North America could also boost product sales as it is used as a curing agent for epoxy laminates and resins. As consumer spending power and the acceptance of heat-cured epoxies are on a rise, the demand for epoxy laminates is expected to surge. The use of DCD curing agents in countertop adhesives, concrete fasteners, sealants, and ornamental molding glues is also gradually expanding.
Dicyandiamide market key players include Ningxia Sunnyfield Chemical Co., Ltd., Ningxia Blue-White-Black Activated Carbon Co. Ltd., Benco Chemical LTD LLC, and AlzChem Group AG. To make up for losses brought on by the COVID-19 pandemic, these businesses are growing their distribution networks. Using online platforms, they are offering a wide range of product grades, depending on the application, to customers worldwide.