Petroleum Resins Market Analysis: Current Landscape and Future Outlook

According to the report, the petroleum resins market was valued at $2.5 billion in 2018 and is projected to reach $4.0 billion by 2028, exhibiting a CAGR of 5.2% from 2023 to 2028.

Petroleum Resins, also known as hydrocarbon resins or petrochemical resins, are synthetic resins derived from petroleum or petroleum-based materials. They are produced by polymerizing by-products like C5, C9, and dicyclopentadiene (DCPD).

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/17837

Prime Determinants of Growth

The global petroleum resins market is expanding due to several factors:

- Increased demand from the building and construction industry

- Rise in consumer awareness of baby hygiene products
Increased demand for hydrogenated hydrocarbon resins in the food packaging industry

- However, fluctuating raw material prices may constrain market growth. Conversely, the automotive and aerospace industries' need for high-performance materials, including petroleum resins for adhesives, coatings, and composite materials, presents opportunities for specialized resin solutions.

Report Coverage & Details

- Forecast Period: 2023-2028
- Base Year: 2018
- Market Size in 2018: $2.5 Billion
- Market Size in 2028: $4.0 Billion
- CAGR: 5.2%
- No. of Pages in Report: 379
- Segments covered: Resin, End-Use Industry, Application, and Region

Drivers

Increased demand from the building and construction industry

Rise in consumer awareness of baby hygiene products
Increased demand for hydrogenated hydrocarbon resins in the food packaging industry

Opportunities

Increasing use of protective coatings and road asphalts
Rise in demand for adhesive and sealant in the packaging sector

Restraints

Fluctuating raw material prices

Segment Insights

Resin

The C5 resins segment held the largest market share in 2018, accounting for over half of the global petroleum resins market. It is expected to maintain this lead throughout the forecast period due to industrialization and urbanization in emerging economies. The hydrogenated hydrocarbon resins segment is projected to grow at the highest CAGR of 5.4% from 2023 to 2028.

Application

The adhesives and sealants segment dominated in 2018, holding nearly one-third of the market share. This segment is anticipated to remain the largest due to the growth in the building and construction sector. The paints and coatings segment is expected to grow at the highest CAGR of 5.5% from 2023 to 2028, with petroleum resins enhancing performance when blended with other substances.

End-Use Industry

The building and construction segment held the highest market share in 2018, accounting for nearly one-fourth of the global market. It is expected to continue leading due to the use of petroleum resin-based adhesives and sealants in construction. The personal hygiene segment is projected to grow at the highest CAGR of 5.7% from 2023 to 2028, driven by increased disposable income and healthcare spending.

Regional Insights

Asia-Pacific held the highest market share in 2018, accounting for more than half of the global market. This region is expected to maintain its dominance and exhibit the highest CAGR of 5.4% from 2023 to 2028 due to rapid urbanization and infrastructure development.

Leading Market Players

- 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.
- Synthomer Plc

These players adopt strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase market share and maintain dominance across regions. The report provides detailed analysis of these key players, including their business performance, operating segments, product portfolios, and strategic moves.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/petroleum-resins-market-A17417

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