Analysis of Dicumyl Peroxide market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global demand for Dicumyl peroxide witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020. To overcome the previous losses, business firms in 2021 are focusing on research and developments to ensure uniqueness in their services.
Leading corporations including Arkema S.A., TCI Chemicals (India) Pvt. Ltd., MP Biomedicals, LLC., Greenchemicals SpA, ACE CHEMICAL CORP., DONGSUNG Corporation, PERGAN GmbH, Akzo Nobel Chemicals B.V., Monomer-Polymer & Dajac Laboratories Inc., Sundow Polymers Co., Ltd. and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for Dicumyl peroxide with largest market share.
For instance, AkzoNobel announced the partnership with Polar Pod with the aim to pioneer scientific mission. AkzoNobel got on board for the scientific expedition as an exclusive paints and coatings partner. AkzoNobel will sponsor the 1,000-ton platform for the next five years, from project construction through to the completion of its three-year mission. The partnership will help in discovering ways to become even more sustainable. In addition to this, AkzoNobel invested in the coatings application technology from Qlayer, a company focusing on opening new opportunities in the application of industrial coatings.
Asia Pacific is one of the most prominently growing regions in terms of the Dicumyl peroxide market owing to the emergence of new players and rapid growth in the construction industry. The European and North American regions are projected to be lucrative through 2030 due to the growth in paints and coatings industry. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
Dicumyl peroxide is highly used in the production of commonly used polymers and resins and is also prominently present in polyolefin and rubber, which are used in the manufacturing of rubber seals, hose, tires, wires, etc. Dicumyl peroxide’s wide applications in the rapidly growing processes, such as polymer modification, polymerization, and acrylic resins, etc. have been increasing the dependency of several industries on dicumyl peroxide, leading to a spike in the clamor for dicumyl peroxide.
However, the numerous regulations imposed on the exposure and usage of dicumyl peroxide have been creating hurdles for the manufacturers, as dicumyl peroxide is a substance registered under EU Regulation EC 1907/2006 (REACH), owing to its highly sensitive nature. Moreover, some procedures, such as the production of dicumyl peroxide, and its use as a polymerization catalyst for synthetic and natural polymers often lead to its release in the environment, thereby, making it vital for the players in dicumyl peroxide market to follow smart go-to market strategies and to embrace advancing technology to be able to drive their sales and move ahead of the competition.
To be able to tab utmost growth opportunities, the leading players in dicumyl peroxide market continue to focus on the countries with booming industrial sector, as dicumyl peroxide has wide applications in diverse industries, such as paint and coating, chemical, plastic, rubber, and adhesive among others. The persistent initiatives coupled with the growing dependency of various industries on dicumyl peroxide could lead to moderate growth in dicumyl peroxide market.
Dicumyl peroxide, often termed as DCP, is an organic chemical compound generally used for crosslinking natural and synthetic rubber. Dicumyl peroxide is also a crosslinking agent between polymers and elastomers. Due to its prominent presence in polyolefin and rubber, dicumyl peroxide is used to manufacture tires, rubber seals, hose, wires, etc. Dicumyl peroxide catalyzes the function of a flame retardant in expanded polystyrene in case of heating.
As a high temperature cross linker, dicumyl peroxide is used in rubber and plastic applications. Moreover, dicumyl peroxide is widely used as an initiator for several polymerization reactions involving synthetic resins or unsaturated polyester resins. In some cases, dicumyl peroxide finds its application as a vulcanizing agent.
Locally or in international trade, dicumyl peroxide is transported as a mixture with CaCO3 to enhance stability. Being a toxic chemical, dicumyl peroxide may cause skin, eye, and respiratory irritation with prolonged exposure. Dicumyl peroxide is categorized as a hazardous material by several authorities, owing to its toxicity.
The rise in disposable income and the ever increasing automobile fleet on road are some of the main factors that drive the rubber tires market, which eventually increases the dicumyl peroxide market as well. Polymers produced using dicumyl peroxide display exceptional durability, and find tremendous application in the manufacture of shoe soles, which is on a growth trajectory, mainly in developing economies.
The growing demand to advance installed electricity networks is also expected to increase the demand for dicumyl peroxide, as it finds application in insulating high voltage cables. Coupled with this, huge investments in renewable sources of energy also have the potential to drive the dicumyl peroxide market during the forecast period.
However, owing to the world economic slowdown, the dicumyl peroxide market has also been affected. But due to constant demand, it has maintained a steady growth. The increase in the prices of raw materials is pushing manufacturers to increase the cost of dicumyl peroxide, which, to some extent, is obstructing its growth. Due to the toxic and flammable nature of dicumyl peroxide, stringent government policies pose a restraint for manufacturers.
Recently, in 2017, Akzo Nobel Chemicals B.V. announced the scale-up of its organic peroxide plant in Ningbo, China. This investment is expected to increase Akzo Nobel’s dicumyl peroxide capacity by 100%. This move is followed right after the completion of 40% increase in capacity. This points to increasing global demand and the opportunity that lies in dicumyl peroxide.
Globally, Asia Pacific dominates the dicumyl peroxide market. China is in the forefront of Asia Pacific, having a much bigger market share as compared to other nations. It has also been observed that, the density of manufacturers is high in the Asia Pacific region, concentrated in countries like China, Taiwan, South Korea, etc. Due to the rapid growth in the building construction and infrastructure sector, but not limited to, the developed regions like North America and Europe, dicumyl peroxide is budding in these regions due to the development of the paint and coating industry.
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The dicumyl peroxide market is segmented on the basis of purity, industry, and application.
On the basis of purity, the dicumyl peroxide market is segmented into:
On the basis of application, the dicumyl peroxide market is segmented into:
On the basis of industry, the dicumyl peroxide market is segmented into:
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The global dicumyl peroxide market is set to exhibit a CAGR of 4.6% during the forecast period.
Worldwide demand for dicumyl peroxide is predicted to reach US$ 199.17 million by 2031.
The demand for tires has grown due to increased automobile production. Hence, rising tire production is driving the demand for dicumyl peroxide.
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