Petroleum Resins Market Industry Emerging Trend, Driving Factors, Outlook and Future Scope Analysis 2028

Allied Market Research recently released a report on the Petroleum Resins Market, forecasting significant growth in the industry. The market, valued at $2.5 billion in 2018, is expected to reach $4.0 billion by 2028, with a compound annual growth rate (CAGR) of 5.2% from 2023 to 2028.

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Petroleum resins, also known as hydrocarbon resins or petrochemical resins, are synthetic resins made from petroleum or its by-products such as C5, C9, and DCPD. The growth in demand for these resins is attributed to factors like increased construction industry needs, rising awareness of baby hygiene products, and a surge in demand for hydrogenated hydrocarbon resins in the food packaging sector. However, fluctuating raw material prices pose a potential limitation to market growth.

The C5 resins segment dominates the market, holding over half of the global petroleum resins market share in 2018 and expected to maintain its leadership throughout the forecast period. The hydrogenated hydrocarbon resins segment is projected to have the highest CAGR of 5.4% from 2023 to 2028.

In terms of applications, adhesives and sealants lead the market, accounting for nearly one-third of the global petroleum resins market share in 2018 and projected to maintain its leadership status. The paints and coatings segment, on the other hand, is expected to grow at the highest CAGR of 5.5% from 2023 to 2028.

The building and construction sector is the leading end-use industry, accounting for nearly one-fourth of the global petroleum resins market in 2018 and maintaining its lead position throughout the forecast period. However, the personal hygiene segment is projected to experience the highest CAGR of 5.7% from 2023 to 2028.

Geographically, Asia-Pacific dominates the market, holding over half of the global market share in 2018 and expected to maintain its dominance with the highest CAGR of 5.4% from 2023 to 2028. The increase in urbanization and infrastructure development in the region contributes to the rise in construction activities, driving the demand for petroleum resins.

Key players in the market include 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., and Synthomer Plc. These companies employ various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to maintain dominant market shares in different regions.

For more detailed statistical data, graphs, and insights, you can access the full report here @ https://www.alliedmarketresearch.com/petroleum-resins-market-A17417

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