Press release
Petroleum Resins Market Estimated to Experience a Hike in Growth by 2025
One of the major factors driving the growth of global petroleum resins market is its excellent adhesion property even at high temperature and pressure conditions. The rising demand for petroleum resins from hot melt adhesives is also expected to drive the market growth.
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The immense demand for petroleum resins from various end use industries such as paints, coatings and inks, adhesives and sealants, chemical processing and polymerization also bolsters the market growth.
A major challenge faced by the global petroleum resins market is the rising price for feedstock, since the feedstock for petroleum resins is naphtha, which is derived from crude oil. Thus, prices of these petroleum-based resins tend to be volatile as they are influenced by volatility in prices of crude oil. This adversely affects profitability of manufacturers and in turn, may inhibit market growth.
Secondly, the introduction of eco-friendly bio-based resins is also impeding the growth of the global petroleum resins market. The bio-based alternatives are lower in VOC (volatile organic compounds) and tend to be safer than the conventional petrochemical resins.
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Strengthening the product portfolio with innovative products is the growing trend in the global petroleum resins market, as the market for petroleum resins is consolidated with a few global players holding major shares in the market. As a result, to win an edge over the other competitors, the manufacturers are using product innovation as a differentiating property. There has also been constant research and development for the development of higher grade with improved properties and thermal stability in the global petroleum resins market.
The Dow Chemical Company, Exxon Mobil Corporation, Eastman Chemical Company, KOLON Industries Inc., Arakawa Chemical Industries Ltd., Total S.A., Mitsui Chemicals Inc.
Puyang Tiancheng Chemical Co., Ltd., Shanghai Jinsen Hydrocarbon Resins Co., Ltd, Shandong Qilong Chemical Co.,Ltd., among others.
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