India Petroleum Resins Market to Cross $ 162 Million by 2023
Rapid
growth in paints & coatings industry, rising FDI investments in
construction sector and healthy growth in automotive sector to drive India petroleum
resins market through 2023
According
to TechSci Research report, “India Petroleum Resins Market
By Type, By Application, By End-Use Industry, Competition, Forecast &
Opportunities, 2013 – 2023’’, India
petroleum resins market is forecast to reach $ 162 million by 2023, owing to robust growth in
the paints & coatings industry, backed by rising demand for commercial set
ups and increasing construction of residential complexes across the country. With
government’s “Make in India” initiative, foreign direct investments in the
construction sector are growing. Several affordable smart city housing projects
worth USD2 billion were announced by the government in 2017. Such market
developments are expected to drive demand for petroleum resins in India during
the forecast period.
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Aliphatic
C5 resins segment accounted for the largest share in India petroleum resins
market in 2017, owing to its extensive use as an additive in the process of
rubber compounding to manufacture vehicle tires as well as automotive
dashboards. These resins are also extensively used in the packaging industry.
With increasing demand for commercial and passenger vehicles, in addition to
growing FMCG sector, the Aliphatic C5 resins segment is expected to continue dominating
India petroleum resins market during forecast period. The western region of
India is the largest contributor to the country’s petroleum resins market,
owing to the presence of numerous automotive and tire manufacturing industries coupled
with increasing infrastructural development in the region.
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“Petroleum
resins are widely used in various adhesives and sealants as well as a base in
the formulation of paints & coatings, as resins like aromatic C9 resins and
C5/C9 copolymer resins have greater heat resistance and also help in pigment
stability. Moreover, there is growing demand for pressure sensitive adhesives
for various applications such as labels, double-sided tapes and surgical tapes,
which is boosting demand for petroleum resins. As automobile production in the
country grew from 20.6 million units in 2012 to 29 million units in 2017, demand
for petroleum resins used for rubber compounding in tire industry has also been
growing over the years, and the trend is expected to continue in the coming
years as well.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Petroleum
Resins Market By Type, By Application, By End-Use Industry, Competition,
Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of petroleum
resins market and provides statistics and information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers to take sound investment decisions.
Besides, the report also identifies and analyses the emerging trends along with
essential drivers, challenges and opportunities in India petroleum resins
market.
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