Petroleum resins are a heterogeneous group of hydrocarbon resins produced from petroleum distillates. They are thermoplastic polymers with various compositions and softening points. These resins find widespread applications in various end-use industries such as printing inks, adhesives and sealants, paints and coatings, rubber compounds, tapes and labels, and others. Within the paints and coatings industry, they are used for road marking applications, owing to their excellent UV resistance and weatherability. Rising road infrastructure development around the world and growing focus on road safety have increased the demand for durable road markings. This is expected to drive the growth of the global petroleum resins market over the forecast period.
The Global Petroleum Resins Market Size is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The petroleum resins market is expected to experience robust growth over the forecast period, driven by growing demand for road marking applications. According to the European Union Road Federation, China and the U.S have the maximum road network of about 4.3 million km and 6.5 million km respectively. Increasing government investments in road infrastructure development in emerging economies such as India, Brazil, and China is expected to boost the demand for road marking tapes and paints that use petroleum resins. This trend is expected to have a positive impact on market growth over the next few years. In addition, growing emphasis on road safety is creating more growth opportunities for petroleum resins which are preferred in long-lasting retroreflective road markings due to their excellent UV resistance and weatherability properties. Regulatory standards mandating minimum retroreflectivity levels for road markings are further supporting the increasing consumption.
Segment Analysis
The Petroleum Resins market is dominated by the hydrocarbon resins sub-segment. Hydrocarbon resins account for around 65% of the overall market share owing to their widespread use in adhesives, printing inks, and paints and coatings. They help provide better UV resistance, flow and leveling properties, and gloss and transparency in these applications. The C5 resins sub-segment is also growing rapidly given its increasing demand from hot melt adhesives and road marking applications.
PEST Analysis
Political: No major political factors are affecting the petroleum resins market currently.
Economic: Rising GDP and disposable incomes in developing nations are driving greater consumption of paints, adhesives, printing inks and other end-use segments, fueling market growth.
Social: Growing population and urbanization levels globally are increasing the demand for various consumer goods like automobile parts which use petroleum resins extensively.
Technological: Advancements in resin production technologies allow manufacturers to offer products with tailored properties like flexibility, adhesion and gloss for diverse applications.
Key Takeaways
The global petroleum resins market is expected to witness high growth over the forecast period of 2024 to 2031. The global petroleum resins market is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period from 2024 to 2031.
The Asia Pacific region currently dominates the market and is projected to maintain its leading position given the rapidly expanding construction, automotive and packaging industries in China, India and other Asian countries.
Key players operating in the petroleum resins market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. The rising demand from hot melt adhesives, printing inks and road marking applications is prompting players to focus on expanding hydrocarbon and C5 resins production capacities globally.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
