Press release
Petroleum Resins Market Analysis: Current Landscape and Future Outlook
Petroleum Resins Market
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).
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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.
πππππ’π§ πππ©π¨π«π πππππ’π₯π¬: https://www.alliedmarketresearch.com/petroleum-resins-market-A17417
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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