Petroleum Resins Market Growth and Restrain Factors Analysis Report

The global petroleum resins market is witnessing steady growth, driven by rising demand from the building and construction sector, increasing consumer awareness regarding baby hygiene products, and growing utilization of hydrogenated hydrocarbon resins in food packaging applications.

According to a report published by Allied Market Research, titled "Petroleum Resins Market by Resin Type, Application, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2023-2028," the market was valued at $2.5 billion in 2018 and is projected to reach $4.0 billion by 2028, registering a CAGR of 5.2% during the forecast period.

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Understanding Petroleum Resins:-

Petroleum resins also known as hydrocarbon or petrochemical resins are synthetic resins derived from petroleum-based feedstocks. They are produced through the polymerization of petroleum by-products such as C5, C9, and dicyclopentadiene (DCPD). These resins are widely used to enhance adhesion, durability, gloss, and chemical resistance across multiple industrial applications.

Key Growth Drivers and Market Dynamics:-

Prime Drivers:

- Rising demand from the building and construction industry
- Growing awareness and consumption of baby and personal hygiene products
- Increased adoption of hydrogenated hydrocarbon resins in food packaging

Opportunities:

- Expanding use of petroleum resins in protective coatings and road asphalts
- Growing demand for adhesives and sealants in the packaging industry
- Rising applications in automotive and aerospace sectors requiring high-performance materials

Restraints:

- Fluctuating raw material prices, impacting production costs and margins

Market Segmentation Insights:-

By Resin Type:

- The C5 resins segment dominated the market in 2018, accounting for more than half of the global revenue, and is expected to maintain its leadership throughout the forecast period. Rapid industrialization and urbanization in emerging economies are fueling demand across construction, automotive, and consumer goods industries.

- Meanwhile, hydrogenated hydrocarbon resins are anticipated to grow at the fastest rate, with a projected CAGR of 5.4% (2023-2028), driven by increasing use in food-grade and high-performance applications.

By Application:

- The adhesives and sealants segment held the largest market share in 2018, contributing nearly one-third of total revenue. Growth in construction activities, urban development, and government infrastructure spending continues to drive demand for high-performance adhesive solutions.

- The paints and coatings segment is expected to register the highest CAGR of 5.5%, as petroleum resins are increasingly blended with other resins to enhance gloss, hardness, water resistance, chemical stability, and cost efficiency.

By End-Use Industry:

- The building and construction sector led the market in 2018, accounting for nearly one-fourth of total revenue. Petroleum resins play a critical role in improving bonding strength, durability, and reliability of construction materials.

- The personal hygiene segment is projected to grow at the fastest CAGR of 5.7%, supported by rising disposable incomes and increasing healthcare and hygiene awareness globally.

Regional Outlook:-

- Asia-Pacific dominated the petroleum resins market in 2018, accounting for more than half of the global revenue, and is expected to maintain its leadership through 2028. The region is also forecast to grow at the highest CAGR of 5.4%, driven by rapid urbanization, infrastructure development, and expanding construction activities that boost demand for adhesives and sealants.

Key Market Players:-

Major players operating in the global petroleum resins 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.
- Synthomer Plc

These companies focus on product innovation, strategic collaborations, expansions, joint ventures, and agreements to strengthen their market presence and gain a competitive edge. The report provides comprehensive insights into their business performance, product portfolios, and strategic initiatives shaping the competitive landscape.

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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.

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