The global petroleum resins market is experiencing growth due to several factors, such as increased demand from the building and construction industry, a rise in consumer awareness of baby hygiene products, and increased demand for hydrogenated hydrocarbon resins from the food packaging industry.
PORTLAND, Ore., Sept. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Petroleum Resins Market by Resin (C5 Resins, C9 Resins, Hydrogenated Hydrocarbon Resins, C5/C9 Resins, Dicyclopentadiene (DCPD) Resin), by Application (Adhesives and Sealants, Printing Inks, Paints and Coatings, Rubber Compounding, Others), by End-Use Industry (Building and Construction, Tire Industry, Personal Hygiene, Automotive, Others) Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the petroleum resins market was valued at $2.5 billion in 2018 and is estimated to reach $4.0 billion by 2028, exhibiting a CAGR of 5.2% from 2023 to 2028.
Petroleum Resins, also referred to as hydrocarbon Resins or Petrochemical Resins, are synthetic resins composed of petroleum or petroleum-based materials. They are manufactured by polymerizing petroleum or petroleum-derived by-products. Examples of such by-products include C5, C9, and DCPD (dicyclopentadiene).
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Prime Determinants of Growth-
The global petroleum resins market is experiencing growth due to several factors, such as increased demand from the building and construction industry, a rise in consumer awareness of baby hygiene products, and increased demand for hydrogenated hydrocarbon resins from the food packaging industry. However, the fluctuating prices of raw materials may limit the growth of the market to some extent. On the contrary, the automotive and aerospace industries often require high-performance materials, including petroleum resins, for applications such as adhesives, coatings, and composite materials. As these sectors continue to expand, there's an opportunity to provide specialized resin solutions that meet their stringent requirements for performance and durability.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2028 |
Base Year | 2018 |
Market Size in 2018 | $2.5 Billion |
Market Size in 2028 | $4.0 Billion |
CAGR | 5.2 % |
No. of Pages in Report | 379 |
Segments covered | Resin, End Use Industry, Application, and Region |
Drivers | Increased demand from the building and construction industry |
Rise in consumer awareness of baby hygiene products | |
Increased demand for hydrogenated hydrocarbon resins from the food packaging industry | |
Opportunities | Increasing use of protective coatings and road asphalts |
Increase in the demand for adhesive and sealant from the packaging sector | |
Restraints | Fluctuating prices of raw materials |
The C5 resins segment to maintain its leadership status throughout the forecast period-
Based on resin, the C5 Resins segment held the highest market share in 2018, accounting for more than half of the global petroleum resins market and is projected to maintain its leadership status throughout the forecast period. As industrialization and urbanization continue in emerging economies, the demand for products that use C5 petroleum resins is likely to increase. This is particularly evident in industries such as construction, automotive, and consumer goods. However, the hydrogenated hydrocarbon resins segment would display the highest CAGR of 5.4% from 2023 to 2028.
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The adhesives and sealants segment to maintain its leadership status throughout the forecast period-
Based on application, the adhesives and sealants segment held the highest market share in 2018, accounting for nearly one-third of the global petroleum resins market and is projected to maintain its leadership status throughout the forecast period. The surge in population, rise in urbanization, and increase in government spending boosts the growth of the building & construction sector to witness significant growth where adhesives & sealants are widely used to fill cracks, openings, and seal joints. However, the paints and coatings segment is projected to grow at the highest CAGR of 5.5% from 2023 to 2028. Petroleum resins cannot be used alone, usually with other substances and as blends to improve the performance of paints & coatings. In the coatings industry, petroleum resin can be combined with other resins to achieve lower costs, improve product gloss, hardness, water resistance, stability and chemical resistance, and other properties of purpose.
The building and construction segment to maintain its lead position throughout the forecast period-
Based on end use industry, the building and construction segment held the highest market share in terms of revenue in 2018, accounting for nearly one-fourth of the global petroleum resins market and is projected to maintain its lead position throughout the forecast period. Petroleum resins in industry are used as adhesives and sealants. Their inclusion in these formulations significantly improves adhesion and bonding properties, ensuring a strong and reliable attachment among different building materials. From windows and doors to flooring and roofing, petroleum resin-based adhesives contribute to the overall stability and durability of constructed elements. However, the personal hygiene segment is projected to grow at the highest CAGR of 5.7% from 2023 to 2028. An increase in disposable income and a rise in healthcare spending on personal hygiene are anticipated to play a significant role in the expansion of the personal hygiene business.
Asia-Pacific to maintain its dominance by 2028-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2018, accounting for more than half of the global petroleum resins market and is projected to maintain its dominance during the forecast period. The same region would also display the highest CAGR of 5.4% from 2023 to 2028. The increase in urbanization and infrastructure development in the region has led to a rise in construction activities. Petroleum resins are essential components in construction adhesives and sealants, enhancing their performance and durability.
Leading Market Players: -
- Arakawa Chemical Industries.
- Exxon Mobil Corporation
- Henan Anglxxon Chemical Co. Ltd.
- Innova (Tianjin) Chemical Co. Ltd
- Kolon Industries, Inc.
- Lesco Chemical Limited
- Neville Chemical Company
- Puyang Tiancheng Chemical Co. Ltd.
- Ruisen Resin Co. Ltd.
- Synthomer Plc
The report provides a detailed analysis of these key players in the global petroleum resins market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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