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Market Overview:
The Dicyandiamide Market size is estimated to reach $1.17 billion by 2030, growing at a CAGR of 6.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Dicyandiamide Market – By Purity (Below 99%, ≥ 99%), By Product Type (Powder, Granular, Crystalline), By Grade (Electronic Grade, Pharmaceutical Grade, Industrial Grade, Others), By Application (Agricultural Chemicals, Adhesive, Coatings (Powder Coatings, Dielectric Coatings, Others), Water Treatment Chemicals, Stabilizer, Leather Chemicals, PVC Flooring, Gunpowder, Others), By End-User (Paper Industry, Textile, Pharmaceutical, Rubber Industry, Electrical and Electronics (Electronic Potting, Encapsulation Compounds, Others), Agriculture, Water and Wastewater Treatment, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
Increasing demand for epoxy resins and rising demand for medical devices are fueling the growth of the Dicyandiamide industry during the forecast period.
Asia-Pacific Dominated the Market in 2023:
Asia-Pacific region is the largest dicyandiamide market, generating $525.46 million in revenue in 2023 and projected to reach $829.02 million by 2030. Dicyandiamide is increasingly utilized in water treatment and agriculture, acting as a nitrification inhibitor to enhance fertilizer efficiency and reduce pollutants in wastewater. The booming textile industry in this region also leverages dicyandiamide for dyeing, printing, and as a flame-retardant additive, contributing to sustainable practices. Furthermore, India's recent completion of 32 projects under the Production Linked Incentive Scheme is set to bolster local dicyandiamide manufacturing, meeting both domestic and international demands effectively.
Dicyandiamide Market: Key Takeaways
Increasing Demand for Epoxy Resins is Driving the Market Growth:
The expanding electronics, automotive, and construction sectors are driving demand for Dicyandiamide (DCD) as a curing agent in epoxy resins, enhancing durability and performance. This trend boosts the DCD market as industries adopt high-performance materials. DCD is crucial in the wet winding of hydrogen gas cylinders for hydrogen vehicles, optimizing mechanical properties and supporting sustainable practices. The automotive industry's growth further increases DCD demand, improving lightweight materials that enhance fuel efficiency and reduce emissions. Notably, in October 2024, AlzChem launched a new epoxy resin system for hydrogen storage, while Hexcel introduced its HexPly Nature Range of bio-based resins in April 2023.
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Market Growth Driven by Rising Demand for Medical Devices:
Dicyandiamide (DCD) plays a crucial role in enhancing the strength, biocompatibility, and sterilization resistance of materials used in medical equipment. Its increasing use as a curing agent in medical adhesives ensures high durability for surgical instruments and implants. Additionally, DCD is incorporated in epoxy resin coatings, providing protection against sterilization, corrosion, and wear, which is vital for maintaining the integrity of medical devices. The demand for biocompatible materials in implants like joint replacements and pacemakers is driving the use of DCD. In October 2023, Robnor ResinLab launched PX806C, a bio-based epoxy resin tailored for medical applications, fostering sustainable practices.
Scope of the Report:
Dicyandiamide Market: Competitive Landscape
Key companies profiled in the Dicyandiamide Market are AlzChem Group AG, Ningxia Taikang Pharmaceutical Co., Ltd., Nippon Carbide Industries Co., Inc., Ningxia Sunnyfield Chemical Co., Ltd., Avantor Inc. by VWR International, LLC, Ningxia Jiafeng Chemicals Co., Ltd, Spectrum Chemical Mfg. Corp., Beilite Chemical Co., Ltd., Ningxia Yinglite Chemicals Co Ltd, Shizuishan Pengsheng Chemical Co., and others
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