The global Petroleum Resins Market is estimated to be valued at US$ 3149.18 Mn in 2021 and is expected to exhibit a CAGR of 8.35% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Petroleum resins are amorphous thermoplastic materials derived from petroleum feedstock. They are widely used in various industries such as adhesives, coatings, rubber compounds, and printing inks. Petroleum resins offer excellent tackiness, good adhesion, and compatibility with other resins, which make them ideal for formulating various adhesive products. Additionally, the increasing demand for adhesives and sealants in the construction industry is expected to drive the growth of the petroleum resins market.
B) Market Dynamics:
1. Driver: Increasing Demand for Adhesives & Sealants in Construction Industry
The construction industry is witnessing significant growth globally, driven by rapid urbanization, infrastructure development, and industrialization. Adhesives and sealants play a vital role in construction activities, providing strong bonding between different materials, improving the durability of structures, and sealing gaps to prevent water and air leakage. Petroleum resins, with their excellent adhesive properties, are widely used in formulating construction adhesives and sealants. The increasing demand for these products is expected to drive the growth of the petroleum resins market.
2. Opportunity: Growing Demand for Hot Melt Adhesives
Hot melt adhesives are widely used in industries such as packaging, automotive, electronics, and woodworking. These adhesives offer fast setting time, good adhesion, and a strong bond, making them suitable for various applications. Petroleum resins are key components in hot melt adhesives, providing tackiness and viscosity control. With the growing demand for hot melt adhesives in various industries, the market for petroleum resins is expected to witness significant growth.
C) Segment Analysis:
The global petroleum resins market can be segmented based on type, application, and region. By type, the market is classified into C5 resins, C9 resins, hydrogenated resins, and others. C5 resins are expected to dominate the market due to their excellent adhesion properties and compatibility with other resins. Based on application, the market can be segmented into adhesives, coatings, rubber compounds, printing inks, tapes & labels, and others. The adhesive segment is expected to dominate the market owing to the increasing demand for adhesive products in various industries.
C) PEST Analysis:
Political: The political stability of a country can influence the petroleum resins market. Changes in government regulations, trade policies, and taxation can impact the production and distribution of petroleum resins.
Economic: The economic growth of a country affects the demand for petroleum resins. Rising per capita income, increasing investment in infrastructure development, and industrialization drive the market growth.
Social: Changing consumer lifestyles and preferences, increasing urbanization, and the growing construction industry impact the demand for petroleum resins.
Technological: Advancements in resin manufacturing technologies, such as the development of low VOC and environmentally friendly resins, are driving the growth of the market.
E) Key Takeaways:
Paragraph 1: The Global Petroleum Resins Market Demand is expected to witness high growth, exhibiting a CAGR of 8.35% over the forecast period. This growth can be attributed to the increasing demand for adhesives and sealants in the construction industry, which is driving the demand for petroleum resins.
Paragraph 2: In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the global market. This can be attributed to the rapid urbanization, infrastructure development, and increasing manufacturing activities in countries like China and India.
Paragraph 3: Key players operating in the global petroleum resins market are Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation, Neville Chemical Company, Total Cray Valley, and Anglxxon Chemical Co., Ltd. These companies are focused on product innovation, strategic collaborations, and expanding their presence in emerging economies to gain a competitive edge in the market.