According to TechSci Research report, “Petroleum Resin Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Petroleum Resin Market stood at USD2.76 billion in 2022 and is anticipated to grow with a CAGR of 6.90% in the forecast period, 2023-2028. The initiatives taken by the government based on petroleum resin have led to favorable market conditions for the Global Petroleum Resin Market. Several factors contribute to the growth of various petroleum resin products.
As part of government initiatives, there is a strong emphasis on promoting technological advancements and allocating resources to support research and development in the petroleum resin sector. These initiatives aim to foster innovation and drive the development of more efficient and environmentally friendly petroleum resins, which could have a significant impact on various industries.
In India, the government has taken proactive measures to actively encourage the adoption of electric vehicles. This forward-thinking initiative is expected to have a ripple effect on the petroleum resin market, as these resins play a crucial role in the manufacturing of various components used in electric vehicles. By promoting the use of electric vehicles, the government is not only addressing environmental concerns but also stimulating growth in the petroleum resin industry.
In Canada, the government has proposed comprehensive regulations on petroleum resins, hydrocarbon resin, polymerized C5-12 distillates, and oxidized hydrocarbon waxes. These regulations are designed to ensure the safe and responsible use of these substances, promoting environmental sustainability, and protecting public health. By implementing robust regulations, the government is proactively addressing any potential risks associated with the use of these substances, while also fostering a climate of responsible manufacturing practices.
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In the paints and coatings industry, petroleum resins play a crucial role in enhancing the performance and aesthetics of the final product. These resins not only provide superior adhesion, ensuring the paint or coating firmly adheres to the surface, but they also contribute to improved color stability and gloss, adding to the visual appeal.
Additionally, petroleum resins offer the advantage of controlling the drying time of paints and coatings, resulting in a smooth and even finish. Their exceptional compatibility with other polymers used in paint and coating formulations allows for the creation of products with specific properties tailored to different applications, providing versatility and customization options.
By incorporating petroleum resins into paint and coating formulations, manufacturers can optimize the performance and durability of their products, meeting the diverse needs of various industries. Whether it’s enhancing adhesion, improving color stability, or controlling drying time, these resins offer a comprehensive solution for achieving high-quality and long-lasting finishes.
The Global Petroleum Resin Market is segmented into type, application, end-user, regional distribution, and company.
Based on its type, the Aliphatic C5 resins segment held the largest share of the market. The increased consumption of petroleum resins in paints & coatings, synthetic rubber, tapes, and labels is anticipated to drive the market growth during the forecast period. This growing demand can be attributed to the widespread use of petroleum resin in various applications, such as hot melt adhesives, rubber, plastic modification, and wax modification. The versatility of petroleum resin, coupled with its numerous benefits, including excellent thermal stability, peeling strength, tack ability, and heat resistance, further contribute to its rising popularity in the market. With its ability to enhance the performance and durability of different products, petroleum resin continues to be a preferred choice for industries looking for superior-quality materials.
Based on region, the Asia Pacific segment is expected to grow during the forecast period.
The Asia-Pacific region has witnessed a significant surge in the utilization of petroleum resins across diverse industries, driven by several key factors. Firstly, the rapid pace of industrialization and robust economic growth in countries like China, India, and Southeast Asian nations has substantially heightened the demand for essential raw materials, including petroleum resins. These versatile resins play a pivotal role in a wide range of applications, such as adhesives, coatings, and printing inks, thereby catering to the ever-expanding manufacturing sectors in these thriving economies. This upward trend is a testament to the growing reliance on petroleum resins as a vital component for enhancing the performance and quality of various end products in the dynamic and evolving marketplace of the Asia-Pacific region.
Major companies operating in the Global Petroleum Resin Market are:
- Arakawa Chemical Industries,Ltd.
- 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
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“Growing application of petroleum resin in various end-user industries are key drivers of the petroleum resin market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of petroleum resin with every passing year are anticipated to register impressive growth in the Global Petroleum Resin Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Petroleum Resin Market By Type (Aliphatic C5 resins, Aromatic C9 Resins, C5/C9 Resins and Hydrogenated hydrocarbon Resins), By Application (Adhesive & Sealants, Printing Inks, Tapes & Labels, Rubber Compounding, Paints & Coatings, Others), By End User (Building & Construction, Consumer Goods, Automotive, Personal Hygiene, Tire and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Petroleum Resin Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Petroleum Resin Market.
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Table of Content-Petroleum Resin Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Petroleum Resin Market: Demand-Supply Analysis
4.1. By Region
- Global Petroleum Resin Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Aliphatic C5 resins, Aromatic C9 Resins, C5/C9 Resins and Hydrogenated hydrocarbon Resins)
5.2.2. By Application (Adhesive & Sealants, Printing Inks, Tapes & Labels, Rubber Compounding, Paints & Coatings, Others)
5.2.3. By End User (Building & Construction, Consumer Goods, Automotive, Personal Hygiene, Tire and Others)
5.2.4. By Region
5.2.5. By Company (2022)
5.3. Market Map
5.3.1. By Type
5.3.2. By Application
5.3.3. By End User
5.3.4. By Region
- Asia Pacific Petroleum Resin Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Application
6.2.3. By End User
6.2.4. By Country
6.3. Asia Pacific: Country Analysis
6.3.1. China Petroleum Resin Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type
6.3.1.2.2. By Application
6.3.1.2.3. By End User
6.3.2. India Petroleum Resin Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type
6.3.2.2.2. By Application
6.3.2.2.3. By End User