Ocean View, DE -- (SBWire) -- 05/22/2020 --Globally, dicyclopentadiene market size is set to exceed USD 800 million by 2024.Growing demand for unsaturated polyester resins from automobile sector is likely to drive global dicyclopentadiene market outlook. Dicyclopentadiene is widely used to make unsaturated polyester resin, poly dicyclopentadiene, hydro-carbon resins, and these products are further used in the manufacturing of heavy & light vehicle body, big containers, pipes, construction equipment, sanitary ware, and many others.
Hydrocarbon resins segment is expected to hold 25% in the overall dicyclopentadiene market share by volume, by the end of 2024. Polyester grade dicyclopentadiene is set to hold 50% of the industry share with the highest growth of more than 4.5% over 2017-2024.
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Top Companies
1. The Dow Chemical Company
2. Braskem
3. LyondellBasell Industries Holdings B.V
4. Cymetech Corporation
5. NOVA Chemicals
6. Shell Chemicals
7. TCI Chemicals
8. Texmark Chemicals
9. Chevron Phillips Chemical Company
10. Maruzen Petrochemical
11. China Petrochemical Corporation (Sinopec Group)
12. Nanjing Yuangang Fine Chemical Co.
13. Zibo Luhua Hongjin New Material Co. Ltd.
Growth Drivers are
- Extensive usage of the product in automotive and marine sectors
- Increasing demand for the product in other end-use industries
Sunny Industrial System GmbH Moreover, vehicle regulations are imposed for lowering gas emissions and economic fuel consumption. This has prompted manufacturers to opt for light weight products in vehicles which will positively favor dicyclopentadiene product adoption. Unsaturated polyester resins, that is widely used in the production of vehicle body filler systems, is procured from dicyclopentadiene.
Higher purity dicyclopentadiene market grades are generally priced much more than many of its substitute products. Also, easy availability of substitute products such as phthalic anhydride can be a restrictive factor for the adoption of dicyclopentadiene in the coming years.
Rapidly expanding automotive sector, majorly in the developing countries of the APAC region is driving the demand for dicyclopentadiene. The product is in high demand owing to advantageous properties like sturdiness, corrosion resistance and light weight. Various regional governments across have set emission standards such as Air Pollution Dispute Resolution Act of Japan, the energy policy of China and Bharat stage emission standards in India, to manage the air pollution level.
Moreover, major vehicle making companies are shifting their manufacturing base to Asia Pacific region due to due low cost raw materials and to cost-effective labor. Increasing automotive manufacturing as well as sales in the region will offer lucrative scope for business growth.
Asia Pacific dicyclopentadiene market is forecast to account for over USD 400 million by 2024. Major developing countries in the region such as India, China, Indonesia and Malaysia are generating huge automotive demand on account of rising income level and consumer spending. This has led to robust automotive sales across the region.
Key players manufacturers and suppliers of dicyclopentadiene are TCI Chemicals, Shell Chemicals, LyondellBasell Industries Holdings B.V, Cymetech Corp., Braskem, Texmark Chemicals, China Petrochemical Corporation, Maruzen Petrochemical, NOVA Chemicals, Dow Chemical Company, Chevron Phillips Chemical Company and Nanjing Yuangang Fine Chemical Company, among others.
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The manufacturers in the industry could adopt various organic and inorganic strategies including joint ventures, acquisitions and mergers to improve their market presence and to enhance their sales. In addition, these players must also engage in R&D activities for improved production and minimizing costs.
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Dicyclopentadiene Market Will Growth at 8.5%CAGR Up to 2025.: The Dow Chemical Company, Braskem, LyondellBasell Industries Holdings B.V, Cymetech Corporation, NOVA Chem
Global Dicyclopentadiene Market Research Report: Size, Share, Trends, Industry Growth, Opportunity, Application, Production, Segmentation, Cost Structure, Company Profile, Product Picture and Specifications during the Forecast period by 2025