Ocean View, DE -- (SBWIRE) -- 06/25/2020 -- According to research report by Global Market Insights, Inc., Dicyclopentadiene (DCPD) Market size is projected to exceed USD 800 million by 2024.Ever expanding automotive sector in tandem with robust industrialization and rapidly changing lifestyle will drive dicyclopentadiene (DCPD) market trends over the forecast period. Over the past decade, the automotive industry has been driven by significant FDI investments along with continuous R&D activities that are taking place to enhance the industry expanse. Dicyclopentadiene is extensively used across the automotive industry as a key raw material for manufacturing the polyester and polymer resins. These resins find indispensable applications to manufacture the parts and shells of boats and vehicles.

Besides automotive industry, the high purity resins derived from the product are also used for other purposes such as to develop high optical disks, performance films, lenses and many other specialty electronic products. The broad application spectrum of dicyclopentadiene (DDCP) is expected to accelerate Dicyclopentadiene (DCPD) Market growth throughout the forecast period.

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Hydrocarbon resins and polyester grade products are estimated to mutually hold more than half of the global market share over 2018-2024. This is because, these product grades are less expensive as compared to high purity grades and are extensively used to produce PSA tapes & labels, adhesives, specialty wax, and many products, owing to commendable mechanical properties along with viscoelasticity and corrosion resistance. Hydrocarbon resins segment is anticipated to accumulate over USD 190 million by 2024, owing to widespread product consumption across the end-use industries.

Asian countries are the prime markets for dicyclopentadiene owing to the vigorous expansion of the manufacturing sector. The growing economies in the region has been observing a major growth across the automotive sector given the increased consumer spending pertaining to the rise in per capita income. Growing product consumption driven by the exponential automotive production will stimulate the industry trends.

The product features some of the efficient properties including high toughness, light-weight and corrosion resistance, which highly influences the manufacturing of automotive parts nowadays. Major countries are moving through a transition of enforcing strict regulations regarding the emission standards.

For instance, India is constantly improving its Bharat stage emission standards with BS6 being the latest one eyeing to reduce the automotive emissions. Similarly, other environmental standards to regulate the automotive manufacturing and control the air pollution levels across the region will drive product demand, fostering the Asia-pacific Dicyclopentadiene (DCPD) Market share.

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Asia Pacific Dicyclopentadiene (DCPD) Market is projected to hold a revenue size of over USD 400 million by 2024. The region witnesses notable production and consumption of the UPR products which will drive the industry growth over 2018-2024. Significant UPR production in the countries like China and Japan coupled with the existence of well-established manufacturing sector in the region will augment the Asia Pacific dicyclopentadiene industry growth.