According to BlueWeave Consulting, the global Petroleum Resin market worth USD 3.2 billion in 2020, and is further projected to reach USD billion by 2027, growing at a CAGR of around 7% during 2021-2027 (forecast period). Petroleum resins are produced as a by-product of the cracking process. They have found applications in many areas. Adhesives and hot melts are the major areas of application for petroleum resins.
Increasing environmental and sustainability trends are acting as major restraints for the market.
The increasing demand for adhesives, paints, and coating will be major drivers for the petroleum resin market. C5 resins dominated the petroleum resin market in 2020, owing to their excellent anti-aging properties and enhance thermal and oxidative stability.
The petroleum resins are used extensively in adhesives (Hot melt adhesives) due to their excellent adhesion properties at high temperatures. But, with increasing environmental awareness and sustainability, the constant need to upgrade the quality of the product, and the rise of bio-friendly hydrogenated resins, the growth rate of the petroleum resin market will get hampered.
C5 resins dominated the petroleum resin market and are likely to maintain the same growth rate for the forecast period.
The petroleum resin is the market is divided into C5-resins, C9-resins, DCPD-resins, and HHCR, based on the type of feed used. C5 resins, with excellent anti-aging properties, low volatility, great adhesive properties, fluidity, low odor, and high stability even at high temperature, dominated the market in 2020. Hydrogenated resins with their bio-friendly and reliable nature are likely to witness the highest growth rate in the forecast period. C5/C9 resins are also likely to grow at appreciable rate thanks to their growing use in the end-user industry.
Rapid urbanization and growing population in Asia-Pacific is likely to act as a driver for the petroleum resin market in the forecast period.
The petroleum resins are used in several industries ranging from adhesives to paints and coating to printing inks etc. With their excellent adhesive properties, even at high temperature, low volatility, extensive use in the rubber industry will act as major drivers for the petroleum resin industry. The automobile sector was one of the major contributors to the growth of the petroleum resin market in the past and is likely to play a major role again in the forecast period.
Petroleum Resin Market: By Type
Based on the type of feedstock used to produce petroleum resin, the market is divided into C5-resin, C9-resin, DCPD-resin, and HHCR resin. C5-resin had the biggest share of the market previously and is likely to maintain the same growth rate during the forecast period.
Petroleum Resin Market: By End Use
Based on the End-use, the petroleum resin market is segmented into adhesives and sealants, paints and coatings, printing inks, personal hygiene products, the automotive, rubber industry, and others, etc.
Global Petroleum Resin Market: Regional insights
The global market of petroleum resins is divided into the Asia Pacific, North America, Europe, South America, and the Middle East region. Asia Pacific region is likely to witness the highest growth rate thanks to its rapidly developing countries, high demand for end-user industry products, and modernizing lifestyle.
In the Asia Pacific, China is arguably the biggest market for DCPD petroleum resin.
Global Petroleum Resin Market: Competitive Landscape
The leading players in the global Petroleum Resin market include Brasken, Cymetech (Owned by Sojitz), Reliance Industries, Eastman Chemical Company, BASF, Dow Chemicals, Henghe Petrochemical Co., Ltd, Shandong ShenxianRuisen Petroleum Resins Co., Ltd, Cepsa, Mitsui Chemicals, Ineos Phenol, ExxonMobil, Rain carbon, Zeon Corporation, Idemitsu, Puyang Changyu Petroleum Resins, Lesco, Kolon Hydrocarbon, PuyangTiancheng Chemical Co. Ltd, Arakawa Chemical Industries, and others are expanding their presence in the market by implementing various business strategies.
Don’t miss the business opportunity of the Petroleum Resin market. Consult our analyst, gain crucial insights, and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Petroleum Resin market size & forecast. The report promises to provide recent technology trends of the Petroleum Resin market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
Full Report : Click Here
Request Free Sample : Click Here
More reports : https://www.blueweaveconsulting.com/featured-report
Industries we serve : Healthcare | Medical Devices | Chemicals and Materials | ICT | Automotive and Transport
Website : www.blueweaveconsulting.com
US/Can/UK : +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Email : info@blueweaveconsulting.com