The intense competition has compelled companies to focus on new regional markets and expansion of existing production sites. Strategic acquisition of regional and local manufacturers, and addition of sales and distribution channels are other key growth strategies opted by manufacturers wishing to strengthen their hold on the market.
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For instance, in 2016, Braskem, one of the key manufacturers of LDPE started operations in Veracruz State, South of the Gulf of Mexico with the joint venture Braskem Idesa. The company expects the production of 300 kilo tons of LDPE every year, adding to its present global capacity.
Transparency Market Research estimates that the global dicyclopentadiene market, valuing at US$561.8 mn in 2016, will exhibit a 5.5% CAGR from 2017 to 2025 and rise to a valuation of US$902.3 mn by 2025.
Unsaturated polyester resin application dominated the global dicyclopentadiene market, accounting for a more than 40% volume share in 2016. This application is projected to grow at a CAGR of 5.3% from 2017 to 2025, retaining dominance. In terms of geography, the DCPD market in Asia Pacific held the dominant share of over 50% in the global market in terms of value in 2016. The regional market is expected to remain a highly attractive segment during the next few years as well. The region is estimated to offer lucrative opportunities for the DCPD market in the near future chiefly owing to the vast expansion of the lightweight vehicles market.
DCPD offers high strength, fatigue resistance, and stiffness and are therefore used to manufacture wind turbine blades, nacelles, blade shells, and rotor blades. Consumption of DCPD in wind blade manufacturing has significantly increased due to technological advancements in the past few years.
Rise in demand for low-cost and energy-efficient vehicles that do not compromise upon performance is currently a huge challenge faced by OEMs. As decrease in vehicle weight helps meet the demand for fuel-efficient and low-cost vehicles, composites produced with the usage of poly-DCPD, which help bring down the weight of vehicles substantially without compromising upon the performance of the vehicle, are often preferred. Thus, the rise in demand for composite-based wind blades and towers and fuel efficient lightweight vehicles are likely to remain the key drivers of the global DCPD market during the forecast period.
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One of the key restraints hindering the overall growth prospects of the global DCPD market is the high cost of processing involved in producing high purity DCPD. DCPD recovered from the process of naphtha cracking contains different amounts of co-dimers. These co-dimers carry the risk of reacting with other raw materials during the production of unsaturated polyester resins. The presence of these impurities necessitates advanced processing so as to avoid unwanted secondary reactions in DCPD processing, leading to increased process cost. This factor is expected to hamper the DCPD market in the near future.
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