The global petroleum resins market exhibited stable growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Petroleum resins are low molecular weighted thermoplastic hydrocarbons that are derived from cracked petroleum fractions. They are produced by polymerizing mixtures of unsaturated monomers such as olefins, diolefins, and aromatic vinyl compounds, which are the by-products of cracking natural gas liquids, gas oil, and petroleum naphtha. Petroleum resins can be found in the form of powder, flakes, solid blocs, solutions, beads, crushed nuggets, and dispersion. They find application in paints and varnishes, coatings, paper, adhesives, concrete-curing compounds, rubber, printing inks, and lithographic inks.
The global petroleum resins market is primarily driven by their growing demand for manufacturing paints, sealants, personal hygiene products, tire, automotive, packaging tapes, and building and construction materials. Petroleum resins offer improved adhesive bond strength and resistance to acids, alkalis and water. In addition to this, they are also employed due to their exceptional thermal stability, peeling strength, tack ability, and high softening point. Governments worldwide are adopting stringent regulations regarding volatile organic compound (VOCs) emissions from vehicle coatings, which, in turn, is facilitating the demand for petroleum resins with low VOCs. In countries such as the United States, India, Germany, and China, governments are increasing their spending in the packaging sector, which is also propelling the market growth. They are also imposing policies and measures to augment the production of vehicles, which is increasing the demand for petroleum resins. Furthermore, the development of advanced process technologies to increase the output of resins is positively impacting the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global petroleum resins market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product, application and end use.
Breakup by Product:
Breakup by Application:
Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Arakawa Chemical Industries Ltd., Eastman Chemical Company, Exxon Mobil Corporation, Henan Anglxxon Chemical Co. Ltd, Idemitsu Kosan, KOLON Industries Inc., Lesco Chemical Limited, Neville Chemical Company, Puyang Changyu Petroleum Resins Co. Ltd., Seacon Corporation, Total SE and Zeon Corporation.
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