Petroleum Resins Market Outlook
According to the report by Expert Market Research (EMR), the global petroleum resins market size is projected to grow at a CAGR of 5.90% between 2023 and 2028. Aided by the rising demand for adhesives, paints and coatings, and increasing applications of petroleum resins in diverse industries, the market is expected to grow significantly by 2028.
Petroleum resins, integral to a variety of production processes, play a crucial role in manufacturing activities. They are extensively used in adhesive and sealant industries, tire industries, paint and coating industries, and others due to their tackifying and adhesive properties. Besides their adhesive characteristics, petroleum resins are also employed as binders, providing excellent binding, stiffening, and strengthening capabilities.
The escalating global industrialisation and the subsequent demand for adhesives and paints are driving the global petroleum resins market growth. As industries expand, there has been a significant surge in the need for materials like adhesives, paints, and sealants, leading to a rise in demand for petroleum resins. Furthermore, advancements in manufacturing technologies and the growing adoption of quality materials have further fuelled the demand.
The expanding applications of petroleum resins across different industries also play a pivotal role in propelling the petroleum resins market expansion. For instance, in the tyre industry, petroleum resins are used as a compounding ingredient to improve the physical properties of rubber. In the paint industry, they are used to enhance paint’s drying characteristics.
The rapid industrial development, especially in emerging economies, continues to contribute to the overall petroleum resins market development. Petroleum resins are used in the manufacturing of various products like hot-melt adhesives, rubber compounding, and solvent-borne coatings, finding application in both residential and commercial sectors.
Moreover, the increasing emphasis on high-performance materials has led to a shift towards advanced petroleum resins. The development of hydrocarbon resins, which offers superior adhesive performance compared to traditional petroleum resins, has emerged as a key trend in the industry, thereby promoting the petroleum resins market development.
Additionally, advancements in petroleum resin production technologies, such as the introduction of novel refining processes and adoption of energy-efficient techniques, have optimised petroleum resin production, making it more efficient and less harmful to the environment. This, in turn, has provided a significant impetus to the petroleum resins market growth.
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Petroleum Resins Market Segmentation
The market can be divided based on product, application, end use, and region.
Market Breakup by Product
C5
C9
C5/C9
Hydrogenated
Market Breakup by Application
Paints
Adhesives
Rubber and Tires
Printing Inks
Tapes and Labels
Others
Market Breakup by End Use
Automotive
Construction
Packaging
Personal Hygiene
Consumer Goods
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global petroleum resins companies. Some of the major key players explored in the report by Expert Market Research are as follows:
Lesco Chemical Limited
Zeon Corporation
Eastman Chemical Company
Kolons Industries, Inc.
Puyang Changyu Petroleum Resins Co., Ltd.
Others
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