Albany, NY -- (SBWIRE) -- 03/12/2018 -- The global dicyclopentadiene market seems to be highly fragmented in terms of competitive landscape. The five key players in the global market collectively held around 41% of overall market share in year 2016. The market is highly competitive, which has encouraged the firms to concentrate on local manufacturers and new regional markets. The firms are also strategizing for upping sales by bettering their distribution channels. For example, Braskem, one of the key producers of LDPE, in 2016, began activities in Veracruz State, South of the Gulf of Mexico in collaborations with Braskem Idesa. The organization expects the generation of 300 kilo tons LDPE consistently year by year, adding to its present worldwide capacity. Chevron Phillips Chemical Company, Braskem, Cymetech Corporation, Fushun Yikesi New Material Co., Ltd., ExxonMobil Corporation, Kolon Industries, Inc., Maruzen Petrochemical, LyondellBasell, Shell Chemicals, Zibo Luhua Hongjin New Material Co. Ltd., and Texmark Chemicals, Inc. are among the leading firms in the global dicyclopentadiene market.
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According to Transparency Market Research, the global dicyclopentadiene market was valued to be around US$561.8 mn in year 2016. This value is anticipated to reach near US$902.3 mn by the end of forecast period, 2025. The market is prognosticated to witness a steady growth with a moderate CAGR of 5.5% in coming years. Geographically, in terms of revenue, Asia Pacific grosses maximum revenue and accounted for more than 50% of the overall market shares in year 2016. The market in the region is supported by the tremendous ascent in shares of lightweight automobiles. On the basis of application, the division of unsaturated polyester resins, hydrocarbon resins, and EPDM elastomers are expected to experience expansion at steady rates in the coming years.
Rise in Demand for Cost-Effective Vehicles to Propel Market Growth
Increase in demand for energy-efficient and cost-effective vehicles that don't trade off with the performance is as of now a biggest challenge faced by original equipment manufacturers (OEMs). As reduction in vehicle weight helps take care of the demand for fuel-efficiency and cost-effective vehicles, composites delivered with the use of poly-DCPD, which help cut down the heaviness of vehicles considerably without bargaining on the performance of the vehicle, are preferred very often. In this way, the demand for composite-based wind towers and blade and fuel effective lightweight vehicles are expected to remain the key drivers of the global dicyclopentadiene market in coming years.
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High Processing Cost To Hamper Overall Market Development
One of the key restrictions preventing the scope of global development of the dicyclopentadiene market is the high cost of handling associated with creating high quality dicyclopentadiene. Dicyclopentadiene recovered from the procedure of naphtha splitting contains diverse amount of co-dimers. These co-dimers possess the danger of reacting with other crude materials while the development of unsaturated polyester resins. The emergence of these pollutants influences requires upgraded processing in order to keep away from undesirable secondary reactions in dicyclopentadiene handling, prompting expanded process cost. This factor is likely to hamper the dicyclopentadiene market in future.