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Petroleum Resins Market Global Trends By 2026 With Major Key Players Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation
Petroleum Resins
Petroleum resins are low molecular weight thermoplastic hydrocarbon resins obtained from cracked petroleum fractions. It has a tackifying effect, which is slight sticky effect and hence, is used in coatings, paints, varnishes, printing inks, paper, lithographic inks, adhesives, concrete curing compounds, rubber, and other applications. It is available in powders, crushed nuggets, flakes, solid block, beads, solutions, and dispersions forms.
Key market players 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.
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Increasing use of petroleum resins for application in different end-use industries including automotive, construction, and consumer goods among others for coating, waterproofing and rubber compounding is driving growth of the petroleum resins market. Growing demand for petroleum resins containing low volatile organic compounds (VOCs) due to stringent government regulations on VOCs emissions such as Directive 1999/13/EC for VOCs emissions from vehicle coatings and others is further fuelling growth of petroleum resins market. Volatility in the cost of raw materials is one of the major factor restraining growth of the global petroleum resins market.
Asia Pacific is the dominant petroleum resins market owing to increasing demand from various application segments such as paints, sealants, adhesives, coating from automotive and construction industries. For instance, according to India Brand Equity Foundation — a trust established by the Department of Commerce, Ministry of Commerce and Industry — the passenger vehicle production in India is expected to increase US$ 10 million in 2020 from US$3.2 million in 2015.
North America is the second largest petroleum resins market due to growing demand from the automobiles industry. For instance, according to International Organization for Motor Vehicles Manufacturers (OICA), the total automotive sales in the U.S. and Canada was 19,785,141 in 2015, which increased to 19,849,518 in 2016.
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Demand for petroleum resins for applications in adhesives and sealants is increasing in the Europe market. According to the European Adhesive and Sealant Industry (FEICA) the European adhesive and coating market was valued at US$ 16,019.03 million in 2014 and accounted for the market share of 35%.
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