Report Overview

The UPR Grade Resin market is expanding as a result of rising demand for polymers and resins, as well as rising demand from the adhesives and fragrance sectors and a growth in the number of chemical and automotive companies in India. Emerging marine sector of India is creating a lucrative opportunity for DCPD UPR grade resins market.

India DCPD UPR Grade Resin Market- Industry Trends & Forecast Report 2028

India DCPD UPR grade resin market was worth USD 46.51 million in 2021 and is further projected to reach USD 114.41 million by the year 2028, exhibiting a CAGR of 13.7% in the forecast period. The UPR Grade Resin market is expanding as a result of rising demand for polymers and resins, as well as rising demand from the adhesives and fragrance sectors and growth in the number of chemical and automotive companies in India. The emerging marine sector of India is creating a lucrative opportunity for the DCPD UPR grade resins market. The market is expected to increase as a result of ongoing research and innovations in bio-based unsaturated polyester resin, which provides recyclability, superior strength, and heat and corrosion resistance with less thickness.

DCPD UPR Grade Resin Overview

DCPD UPR resins are a type of unsaturated polyester resins broadly used for making composite components. In addition to the "normal constituents" like maleic anhydride, phthalic anhydride, and glycols, these resins also contain cyclopentadiene (e.g., mono propylene glycol, monoethylene glycol, dipropylene glycol). When compared to regularly used Ortho resins, DCPD has the advantage of reducing resin viscosity and/or styrene content. This often translates into improved fiber wetting and enhanced loading capacity for inorganic fillers. DCPD resins also have less resin shrinkage, which improves the surface quality (smoothness, gloss) of moulded components.

India DCPD UPR Grade Resin Market Trends

Growth Drivers

Positive outlook of building & construction industry

In India, the building and construction sector is expanding significantly. Rail, road, and rural infrastructure in India are the main drivers of the construction industry. The government of India has allotted USD 1.5 trillion for infrastructure development in the nation from 2019 to 2025, according to the India Brand Equity Foundation (IBEF). In accordance with the Pradhan Mantri Gram Sadak Yojana (PMGSY), 1,25,000 km of roads will be redeveloped between 2019 and 2025.

The employment of DCPD UPR in reinforcement, roofing, concrete, and composites of residential structures, factories, buildings, and mass transit applications is growing as a result of India's expanding building and construction sector. Over the course of the projected period, this is then anticipated to increase demand for the market.

Increasing utilization of composites

Interior parts, frames, panels, and numerous other components utilized in the automobile, transportation, agricultural, and construction industries are made from composite materials. Rising automobile manufacturing activities in India due to government initiatives contribute to the country's demand for composites. For instance, in 2022, the Indian government announced Production-Linked Incentive (PLI) Scheme in the Automobile and Auto Components sectors. The PLI scheme (with a $3.5 billion budget) for the automotive industry proposes financial incentives of up to 18% to encourage domestic production of high-tech automotive products and draw capital to the industry's value chain.

DCPD UPR resin is used in manufacturing unsaturated polyester resin composites, which are used to make printed wiring boards, standoffs, microwave antennas, and other electrical and electronic equipment. Over the course of the forecast period, the market is anticipated to be driven by these numerous applications for unsaturated polyester resin composites.

Restraints

Increasing Risk From Substitutes

The market expansion for DCPD UPR grade resins is being constrained by the popularity of resins, including epoxy, vinyl ester, acrylic, and polyurethane. Epoxy resins are used to create a variety of products, including composites, coatings, casting materials, and adhesives. Similar to DCPD UPR grade resins, they provide high strength, minimal shrinking, and good adhesion.

Vinyl ester resins are used heavily in the fabrication of FRP water tanks, water vessels, ducts, and maintenance activities in chemical processing plants. It is also used in military & aerospace applications and automobile parts. DCPD UPR Grade Resin is also used in these applications, especially water tanks, automobiles, water vessels, and ducts. Therefore, the presence of these substitutes restraints the growth of the market.

Impact of COVID-19 On the India DCPD UPR Grade Resin Market

India's chemicals industry, which ranks sixth globally, has experienced rapid expansion over the past few years. Indian DCPD UPR resins had a sizable fall in March 2020, followed by a recovery in April due to disruptions in the global supply chain and government lockdown efforts to stop the spread of COVID-19. Given the vitality of the chemical industry, production operations quickly resumed following the initial shutdown, which was shown in the mild price impact on listed Indian chemical companies.

Global chemical manufacturing activities were shifting away from China to India even before COVID-19, and this trend will only accelerate after COVID-19 as more businesses consider alternate supply chain alternatives. From a short- to the medium-term viewpoint, the decline in crude oil prices since the start of the year 2020 will also substantially impact the pricing of raw materials. Until the virus-related economic disruption is minimized, the immediate effect of COVID-19 will affect how much revenue companies make during a pandemic. However, companies with solid financial positions and low debt loads will be better able to navigate the uncertainty and most likely emerge as stronger, more resilient businesses.

India DCPD UPR Grade Resin Market - By Applications

Based on application, the India DCPD UPR grade resin market is divided into paints and coatings, construction, marine, automotive, electronics, and others. The paints and coating segment dominated the market by 27.30% market share in 2021. The construction segment is expected to grow at a significant rate during the forecast period, with a CAGR of 14.0%. DCPD UPR grade resin is being utilized more frequently in the construction sector for applications such as mass transit, roofing, concrete, reinforcement, and composites of domestic constructions.

DCPD UPR grade resin demand is anticipated to increase during the forecast period as a result of India's infrastructure development driving the construction sector. DCPS UPR resins provide a number of advantages over traditional materials like metals and concrete components, including flexibility in component design, resistance to corrosion and chemicals, electrical insulation, and inexpensive material costs.

India DCPD UPR Grade Resin Market – By Region

West region is expected to dominate the market during the forecast period. The development of the main end-use industries, including construction, electronics, transport, and maritime, is what drives the market. Increased sales of passenger vehicles and a strong manufacturing base for the automotive industry are expected to boost market expansion. The need for DCPD UPR in this region is being driven by the existence of significant electrical & electronics manufacturing firms. Since composites are used in the production of printed circuit boards, the demand for them is increasing along with the electrical and electronics industry, which is likely to boost the unsaturated polyester resin market as a whole.

Competitive Landscape

Leading players in the India DCPD UPR resins market are Orson Resins and Coatings Private Limited, Braskem, Revex Group, Shreyans Chemicals, Eternal Materials Co Ltd., Satyen Polymers Private Limited, Sisco Research Laboratories Pvt. Ltd.(SRL), Loba Chemie, HiMedia, Jay Chem Marketing, Bharat Jyoti Impex, National Analytical Corporation, NOVA Chemicals Corporation.

In the DCPD UPR grade resin market, prominent market participants compete based on price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business.

Recent Developments

• July 2022: Scott Bader is pleased to announce that Scott Bader Pvt Ltd (India) has purchased Satyen Polymers Pvt Ltd's commercial operations. In the expanded agreement, Satyen Polymers Pvt Ltd (SPPL) will produce for Scott Bader Pvt Ltd, while Scott Bader Pvt Ltd will be responsible for direct sales and marketing for all resin and gelcoat products. Additionally, SBPL will broaden its product line by employing Scott Bader technology to introduce market-leading composite and adhesive goods in India.

• July 2022: For vinyl ester resin in India, ORSON RESINS AND COATINGS and SWANCOR HIGH POLYMERS CO. LTD have partnered. The strategic alliance between the company and Swancor Highpolymer Company Limited, Taiwan, for vinyl ester resins and epoxies for the composites, paints, and coatings industries, has been announced with great excitement.

Scope of Report

By Application

• Paints and Coating

• Construction

• Marine

• Automotives

• Electronics

• Others

By Region

• East India

• West India

• South India

• North India