A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the 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 % over the analysis period of 2022-2028. 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. Additionally, 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.
Opportunity
Emerging Automotive and Marine Sector
India’s emerging automobile and marine sector is creating a lucrative opportunity for the DCPD UPR grade resins market. DCPD UPR grade resin is highly used in the production of automotive parts since it has low viscosity and resistance to heat which allows the resulting product to be large, strong, and lightweight and makes it a popular choice for protective coverings such as shields and hoods as well as the outer bodies of cars, trucks, and machinery. The Automotive Mission Plan 2016-26 is a mutual initiative by the Government of India and the Indian automotive industry to lay down the roadmap for the development of the industry.
DCPD resins are also utilized for the construction of boats and ship components. In India, according to the Ministry of Shipping, around 95% of India’s trading by volume and 70% by value is done through maritime transport. Therefore, the rising demand for marine transport is contributing to the demand for DCPD UPR Grade Resin in boat manufacturing.
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Challenge
Fluctuation in Raw Material Prices effecting Manufacturers Operations
The company purchases DCPS raw materials, including petroleum products such as gas oils, naphtha, and crude oil, and also purchases certain monomers, primarily ethylene and propylene, to supplement internal production, as well as other raw materials. The petroleum industry in India has been suffering from the problem of shortage of raw materials, i.e., petroleum crude. The petroleum industry has to depend too much on imported crude. Due to the increasing volume of the demand-supply gap, the petroleum refineries in India still need to utilize their production capacity fully. Therefore, DCPD manufacturers are impacted due to the rise in prices of crude oil.
The paints and coating application segment account for the largest market share in the India DCPD UPR Grade Resin Market
The paints and coating segment accounted largest market share in 2021. The Indian paints and coatings industry will see significant investments from new entrants in addition to capacity increases and greenfield plants by current paints and coatings firms. By the end of 2023, it is anticipated that the entry of Grasim Industries and JSW Group, as well as the indication of interest in expansions by two current mid-sized producers (Indigo Paints and Shalimar Paints), will alter the dynamics of the Indian paint and coating manufacturing.
Impact Of COVID-19 On the India DCPD UPR Grade Resin Market
In the first half of 2020, COVID-19 had various unfavorable effects on India’s DCPD UPR resin-grade market. The supply chain for the primary raw materials needed for DCPD manufacture was disrupted as a result of the transportation and logistics restrictions implemented nationwide in reaction to the pandemic. Due to the interruptions experienced by its main end-use industries during the first wave of Covid-19, including construction, automotive, and paints & coatings, DCPD makers experienced a decline in demand. The lockout easing resulted in a quick rebound in the automotive and construction industries by the end of 2020, which increased market demand for DCPD UPR resin grade.
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 August 2022, To increase capacity in both existing and new value chains, Mukesh Ambani-led Reliance Industries aims to spend 75,000 crores in its petrochemicals and textile businesses over the next five years. The largest polyester fiber and yarn manufacturer in India, Reliance Industries Limited (RIL), seeks to increase the value chain for polyester and vinyl and create new products for the textile sector.
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