Petroleum Resin Market to Grow with a CAGR of 6.90% through 2028
Growing demand
of petroleum resin in paints and coatings industry is expected to drive the Global
Petroleum Resin Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Petroleum Resin Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the Global
Petroleum Resin Market stood at USD2.76 billion in 2022 and is anticipated to
grow with a CAGR of 6.90% in the forecast period, 2023-2028. The initiatives
taken by government based on petroleum resin has led to favorable market
conditions for the Global Petroleum Resin Market. Several factors contribute to
the growth of various petroleum resin products.
As part of
government initiatives, there is a strong emphasis on promoting technological
advancements and allocating resources to support research and development in
the petroleum resin sector. These initiatives aim to foster innovation and
drive the development of more efficient and environmentally friendly petroleum
resins, which could have a significant impact on various industries.
In India, the
government has taken proactive measures to actively encourage the adoption of
electric vehicles. This forward-thinking initiative is expected to have a
ripple effect on the petroleum resin market, as these resins play a crucial
role in the manufacturing of various components used in electric vehicles. By
promoting the use of electric vehicles, the government is not only addressing
environmental concerns but also stimulating growth in the petroleum resin
industry.
In Canada, the
government has proposed comprehensive regulations on petroleum resins,
hydrocarbon resin, polymerized C5-12 distillates, and oxidized hydrocarbon
waxes. These regulations are designed to ensure the safe and responsible use of
these substances, promoting environmental sustainability, and protecting public
health. By implementing robust regulations, the government is proactively
addressing any potential risks associated with the use of these substances,
while also fostering a climate of responsible manufacturing practices.
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In the paints
and coatings industry, petroleum resins play a crucial role in enhancing the
performance and aesthetics of the final product. These resins not only provide superior
adhesion, ensuring the paint or coating firmly adheres to the surface, but they
also contribute to improved color stability and gloss, adding to the visual
appeal.
Additionally,
petroleum resins offer the advantage of controlling the drying time of paints
and coatings, resulting in a smooth and even finish. Their exceptional
compatibility with other polymers used in paint and coating formulations allows
for the creation of products with specific properties tailored to different
applications, providing versatility and customization options.
By incorporating
petroleum resins into paint and coating formulations, manufacturers can
optimize the performance and durability of their products, meeting the diverse
needs of various industries. Whether it's enhancing adhesion, improving color
stability, or controlling drying time, these resins offer a comprehensive
solution for achieving high-quality and long-lasting finishes.
The Global
Petroleum Resin Market is segmented into type, application, end user, regional
distribution, and company.
Based on its type,
the Aliphatic C5 resins segment held the largest share in the market. The
increased consumption of petroleum resins in paints & coatings, synthetic
rubber, tapes, and labels is anticipated to drive the market growth during the
forecast period. This growing demand can be attributed to the widespread use of
petroleum resin in various applications, such as hot melt adhesives, rubber,
plastic modification, and wax modification. The versatility of petroleum resin,
coupled with its numerous benefits, including excellent thermal stability,
peeling strength, tack ability, and heat resistance, further contribute to its
rising popularity in the market. With its ability to enhance the performance
and durability of different products, petroleum resin continues to be a
preferred choice for industries looking for superior quality materials.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
The
Asia-Pacific region has witnessed a significant surge in the utilization of
petroleum resins across diverse industries, driven by several key factors.
Firstly, the rapid pace of industrialization and robust economic growth in
countries like China, India, and Southeast Asian nations has substantially
heightened the demand for essential raw materials, including petroleum resins.
These versatile resins play a pivotal role in a wide range of applications,
such as adhesives, coatings, and printing inks, thereby catering to the
ever-expanding manufacturing sectors in these thriving economies. This upward
trend is a testament to the growing reliance on petroleum resins as a vital
component for enhancing the performance and quality of various end products in the
dynamic and evolving marketplace of the Asia-Pacific region.
Major companies
operating in Global Petroleum Resin Market are:
- Arakawa
Chemical Industries,Ltd.
- 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
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“Growing
application of petroleum resin in various end user industries are key drivers
of the petroleum resin market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of petroleum resin with every passing year are anticipated to
register an impressive growth to Global Petroleum Resin Market in the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Petroleum Resin Market By Type (Aliphatic
C5 resins, Aromatic C9 Resins, C5/C9 Resins and Hydrogenated hydrocarbon Resins),
By Application (Adhesive & Sealants, Printing Inks, Tapes & Labels,
Rubber Compounding, Paints & Coatings, Others), By End User (Building &
Construction, Consumer Goods, Automotive, Personal Hygiene, Tire and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Petroleum Resin Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Petroleum
Resin Market.
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