Booming Automotive Industry Augments Global Market
Rise of construction activities in developing countries of Asia Pacific has triggered an outstanding demand for dicyclopentadiene (DCPD). Its properties such as high stability, unmatched resistance towards heat and corrosion, and toughness have made DCPD a preferred choice of ingredient in a range of manufacturing activities, states Transparency Research Market in its latest research report. Along with making automotive parts and accessories, DCPD is also used for the production of gardening, plastics, and sporting goods. The improving disposable incomes have also led to a significant spike in the demand for DCPD in the recent years. The global market is also receiving a mammoth support from its application in hydrocarbon resins, unsaturated polyester resins, EPDM elastomers, poly-DCPD, COC and COP, and others such as flavor and fragrance intermediates and pesticides.
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These robust market drivers are anticipated to create an opportunity in the global DCPD market worth US$838 mn by 2023 from US$578 mn in 2014, as the market leaps at a CAGR of 4.9% between 2015 and 2023. Analysts predict that the rise of the plastic industry is expected to make a significant contribution to the global market as plastic has become indispensable to construction, healthcare, textile, consumer goods, and automotive industries. Research predicts that the plastic industry is likely to expand at a CAGR of 14% in the near future, which will, in turn, augment the overall DCPD market in both developed and developing countries.
Asia Pacific becomes the Epicenter of DCPD Demand
Asia Pacific has been the prime consumer of DCPD as the demand for unsaturated polyester resins has been at an all-time high. The rising per capita income and rapid urbanization have led to a remarkable growth in the construction industry along with raising the demand for improved consumer goods. Thus, the increasing momentum of reliable and high quality plastic production has resulted in a high consumption of DCPD in Asia Pacific region. In terms of volume, the Asia Pacific DCPD market is estimated to witness a rise of 5.2% CAGR between 2015 and 2023. The unsaturated polyester resins are the extensively used in the Asia Pacific market, reports the latest publication of Transparency Market Research.
Demand for Unsaturated Polyester Resins Remains Undeterred
The unsaturated polyester resins are broadly used thermoset resins as they find application in the production of sanitary ware, tanks, and pipes. These resins are also used for making automotive parts and other accessories of automobiles. Unsaturated polyester resins are also used in the marine industry for various purposes. Thus, the increasing usage of unsaturated polyester resins, which are made with DCPD, is propelling the global market.
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The increasing demand for paints and coatings as the construction industry expands is anticipated to augment the demand for hydrocarbon resins, thus bolstering the demand for DCPD. The growing building and construction activities in the regions of Africa and the Middle East will also play a crucial role in the rise of the DCPD market. Analysts predict that the unsaturated polyester resins segment will expand at a CAGR of 5.1% between the years of 2015 and 2023. Their ability to provide unmatched mechanical and functional strength will form the very basis for their unprecedented demand in the global market.
Some of the leading players in the global DCPD market are Cymetech Corporation, Braskem, Chevron Phillips Chemical Company, and Kolon Industries, Inc. Report suggests that these players will focus on investing in research and development of advanced materials for various other industries to increase the applications of DCPD in the near future. Additionally, new entrants will form strategic alliances with regional players to make way into the market by helping bigger players to expand their production capacities.