According to the latest report by IMARC Group, titled “Petroleum Resins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global petroleum resins market exhibited stable growth during 2015-2020. Petroleum resins are a by-product of oil refining with a low molecular weight. They are made by polymerizing olefins, diolefins, and vinyl aromatic compounds obtained from cracked petroleum fractions. They act as a binder and offer various advantages, including fast drying, alkali resistance and abrasion proofing. As a result, they are employed in manufacturing adhesives, coatings, paper, varnishes, rubber, and printing inks across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Petroleum Resins Market Trends:
There is currently a rise in the utilization of petroleum resins in the production of personal care products, packaging tapes, tires, and building and construction materials. They have exceptional thermal stability, tack ability, peeling strength, and high softening point. Moreover, as they offer high performance, they find extensive applications in marking travel lanes, loading zones, and parking spaces worldwide. Besides this, governing agencies of numerous countries are implementing stringent regulations to limit the volatile organic compound (VOC) emissions from vehicle coatings. This, in turn, is inflating the sales of petroleum resins with low VOCs. Furthermore, the increasing utilization of these resins in the automotive industry is offering lucrative growth opportunities to leading market players. Looking forward, IMARC Group expects the market to expand at a CAGR of around 4% during the forecast period (2021-2026).
- Based on the product, the market has been segregated into C5, C9, C5/C9, and hydrogenated resins.
- On the basis of the application, the market has been divided into paints, adhesives, printing inks, rubber and tires, tapes and labels, and others.
- Based on the end use, the market has been classified into automotive, construction, packaging, consumer goods, personal hygiene, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (Australia, China, Japan, India, South Korea, Indonesia, and others); Europe (the United Kingdom, Italy, Germany, France, Spain, Russia, and others); Latin America (Mexico, Brazil, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Arakawa Chemical Industries, Ltd., Eastman Chemical Company, Exxon Mobil Corporation, Henan Anglxxon Chemical Products Co., Ltd., Idemitsu Kosan Co., Ltd., Kolon Industries Inc., Lesco Chemical Limited, Neville Chemical Company, Puyang Changyu Petroleum Resins Co., Ltd., Seacon Corporation, TotalEnergies Group, and Zeon Corporation.
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