The global Petroleum Resins Market is estimated to be valued at US$ 3697.05 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Petroleum resins are basically oils obtained from petroleum and natural gas sources which have versatile properties and high performance applications. They provide good adhesion, flexibility and moisture barrier properties. They are mainly used as adhesives, tackifiers, road-making and construction applications.
Market key trends:
Petroleum resins find large application in hot-melt adhesives which are used to join different materials rapidly with high strength bonds and flexibility. Growing uses of hot-melt adhesives in packaging, construction, footwear and automobile industries are driving the demand for petroleum resins. Also, advances are being made to modify petroleum resins to combine multiple properties like flexibility, hardness and strength into single resin systems. This is improving their use in new applications and boosting the market growth. Research is ongoing to incorporate bio-based components into resins to make them more sustainable.
Strength: Petroleum resins offers high performance properties such as excellent adhesion, low viscosity and low temperature flexibility which makes it suitable for various end-use applications. The raw materials used for petroleum resins are readily available and inexpensive.
Weakness: Stringent environmental regulations regarding VOC emissions can hamper the market growth to some extent. Petroleum resins are non-renewable and produce more greenhouse gas emissions during production as compared to bio-based resins.
Opportunity: Increasing demand from industries such as paints & coatings, adhesives & sealants, rubber compounding provides growth opportunities for petroleum resins market. Growing construction industry especially in Asia Pacific acts as a driver.
Threats: Substitution threat from bio-based resins owing to environmental concerns. Volatility in crude oil prices directly impacts the production cost of petroleum resins.
The Global Petroleum Resins Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing application in paints & coatings industry. Petroleum resins are widely used as binders and performance modifiers in paints & coatings.
Asia Pacific dominates the global market and is expected to grow at highest CAGR during the forecast period. Countries such as China, India, Indonesia, Vietnam are witnessing increased industrial and construction activities which drives the demand for petroleum resins in this region. North America and Europe also hold significant share owing to mature paints & coatings and adhesives industries.
Key players operating in the petroleum resins market are Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation, Neville Chemical Company, Total Cray Valley, and Anglxxon Chemical Co., Ltd. Companies are focusing on expansion in high growth regions and new product launches to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it