Report Description

India Petroleum Resins market is expected to grow impressively through 2029 due to the growing automotive and construction industry. For FY2021, the proportion of infrastructure investments to the gross domestic product (GDP) of India was estimated to be nearly 3.95%.

Petroleum resins are versatile chemical compounds derived from petroleum or natural gas. These resins are widely used in various industries due to their excellent adhesive properties, high thermal stability, and ability to modify the physical properties of materials. Petroleum resins are amorphous, solid materials that vary in their physical and chemical properties depending on the specific manufacturing process and the feedstock used.

The building & construction industry is one of the major end-users of petroleum resins. Petroleum resins are used in a variety of applications in the building & construction industry, such as adhesives, sealants, coatings, and flooring. The increasing demand for residential and commercial buildings in India is driving the growth of the building & construction industry. This, in turn, is driving the demand for petroleum resins. The rubber industry is also a major end-user of petroleum resins. Petroleum resins are used in a variety of applications in the rubber industry, such as vulcanization agents, processing aids, and reinforcing agents. The increasing demand for tires, hoses, and other rubber products in India is driving the growth of the rubber industry. This, in turn, is driving the demand for petroleum resins.

The paint & coatings industry is another major end-user of petroleum resins. Petroleum resins are used in a variety of applications in the paint & coatings industry, such as binders, dispersants, and thickeners. The increasing demand for decorative and protective coatings in India is driving the growth of the paint & coatings industry. This, in turn, is driving the demand for petroleum resins.

Petroleum resins come in various colors, ranging from light yellow to dark amber. They can be transparent or have a translucent appearance, depending on the specific resin grade. Petroleum resins are soluble in a wide range of organic solvents, including hydrocarbons, esters, ketones, and aromatic solvents. This solubility makes them highly compatible with other materials during formulation.  Petroleum resins play a vital role in various industries, providing enhanced adhesion, thermal stability, and modification capabilities. Their diverse applications in adhesives, inks, coatings, rubber compounding, and tackifiers make them indispensable in modern manufacturing processes. However, the environmental impact of petroleum resins necessitates a continued focus on sustainability and the development of eco-friendly alternatives. By prioritizing research and innovation, we can mitigate the environmental challenges associated with these materials while benefiting from their unique properties and applications.

Petroleum resins market in India has witnessed significant growth in recent years, driven by expanding industrial sectors and increasing demand for adhesives, coatings, and rubber compounding applications. Petroleum resins, known for their versatile properties and diverse applications, have become integral components in numerous industries across the country. India is one of the fastest-growing economies in the world, with a burgeoning manufacturing sector and a robust consumer base. This growth has propelled the demand for petroleum resins as essential ingredients in various products. The Indian petroleum resins market encompasses both domestic production and imports to meet the growing demand.

Manufacturing Sector and Rising Demand for Adhesives & Sealants is Driving Market Growth.
Demand for adhesives and sealants has witnessed significant growth in India, driven by multiple industries such as packaging, woodworking, automotive, and construction. Petroleum resins, with their excellent adhesive properties, play a pivotal role in adhesive formulations. India adhesives market is approximately USD 1635 million. They enhance tackiness, bonding strength, and cohesion, making them vital components in a wide range of adhesive and sealant applications.

India's manufacturing sector has been on a rapid growth trajectory, driven by factors such as favorable government policies, ease of doing business, and the Make in India initiative. This growth has led to increased demand for petroleum resins as crucial ingredients in various manufactured products. Industries such as packaging, automotive, textiles, and construction heavily rely on petroleum resins, fueling market growth.

Increase in Demand in Various End Use Industries are Driving Market Growth
India's emphasis on infrastructure development, including roads, bridges, ports, and airports, has led to increased demand for coatings, sealants, and adhesives. Petroleum resins are extensively used in these applications to provide enhanced performance, durability, and protection against environmental factors. The construction boom has consequently boosted the demand for petroleum resins in the Indian market.

India's automotive sector is experiencing rapid growth, driven by factors such as increasing disposable incomes, urbanization, and government initiatives promoting electric vehicles and sustainable transportation. The Indian automotive industry is the third largest in the world in terms of production. Petroleum resins are utilized in rubber compounding for tire manufacturing, automotive parts, and adhesives. The growing automotive industry has contributed significantly to the demand for petroleum resins in India.

Packaging industry in India is witnessing substantial growth due to rising consumerism, urbanization, and the e-commerce boom. Petroleum resins play a crucial role in packaging adhesives, labels, coatings, and laminates. The rigid sector accounts for 36% of India’s total packaging The demand for attractive packaging, enhanced product protection, and sustainability has further boosted the use of petroleum resins in the packaging sector. India's expanding middle-class population, rising disposable incomes, and changing lifestyles have led to increased consumption of consumer goods. Petroleum resins find applications in various consumer goods, including footwear, textiles, electronics, and appliances. The demand for petroleum resins in these sectors has been on the rise, driven by the growing consumer goods market.

Increasing Focus on Sustainability and Development of New and Innovative Petroleum Resins Driving Market
Manufacturers are constantly developing new and innovative petroleum resins that offer improved performance and durability. These new resins are helping to meet the growing demand for petroleum resins in a variety of applications. There is a growing focus on sustainability in the petroleum resins market. Manufacturers are developing petroleum resins that are more sustainable, and these resins are becoming increasingly popular.

Major Challenges faced by Petroleum Resins Market
India relies heavily on imports to meet its petroleum resins demand. This dependence exposes the market to fluctuations in international prices, supply chain disruptions, and foreign exchange risks. Reducing import dependence and promoting domestic production of petroleum resins through capacity expansion, research, and development initiatives can help mitigate this challenge.

The prices of raw materials used in petroleum resin production, such as crude oil and natural gas, are subject to global market dynamics. Fluctuations in raw material prices can impact the cost of production and pricing of petroleum resins. To address this challenge, manufacturers can explore strategic partnerships, hedging mechanisms, and long-term supply agreements to stabilize raw material costs.


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Recent Trends & Developments

  • The Make in India initiative, launched in 2014, has played a crucial role in promoting domestic manufacturing and reducing import dependence. The initiative has encouraged investments in the petroleum resins sector, leading to capacity expansions and the establishment of new manufacturing facilities in the country.
  • The NIP, launched in 2019, aims to develop world-class infrastructure in India. This initiative has created opportunities for the use of petroleum resins in coatings, adhesives, and sealants for infrastructure projects, contributing to market growth. The Indian government's commitment to achieving the United Nations' Sustainable Development Goals has influenced the petroleum resins market. Emphasis on environmental sustainability has led to increased focus on eco-friendly and bio-based alternatives in resin production
  • Arakawa Chemical Industries launched its new hydrogenated petroleum resin in 2022. The new resin is designed to offer improved thermal stability and chemical resistance in a variety of applications.

Market Segmentation
India Petroleum Resins Market is segmented based on Product Type, End User Industry, and Region. Based on Product Type, India Petroleum Resins market is segmented into Aliphatic C5 Resins Sheets, Aromatic C9 Resins, C5/C9 resins, and Hydrogenated Hydrocarbon Resins. Based on End User Industry India Petroleum Resins market is categorized into Building & Construction. Tire, Automotive, Consumer Goods, Personal Hygiene and Others. Based on Region, India Petroleum Resins market is divided into North India, South India, West India, East India .

Market Players
Dow Chemical International Private Limited, Mitsui Chemicals India Private Eastman Chemical India Pvt. Ltd, Cray Valley Resins India Pvt Ltd, Chemtech India, Acme Rub Chem, Fine O Chem International Co, Dycon Chemicals , Chemex Chemicals, Triveni Chemicals. are some of the key players of the India Petroleum Resins Market.

Attribute

Details

Base Year

2023

Historic Data

2019 – 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Revenue in USD Million, Volume in Tonnes, and CAGR for 2019-2023 and 2024-2029

Report coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Product Type

End User Industry

Regional scope

North India, South India, West India, East India

Key companies profiled

Dow Chemical International Private Limited, Mitsui Chemicals India Private Eastman Chemical India Pvt. Ltd, Cray Valley Resins India Pvt Ltd, Chemtech India, Acme Rub Chem, Fine O Chem International Co, Dycon Chemicals , Chemex Chemicals, Triveni Chemicals.,    

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, India Petroleum Resins market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

  • India Petroleum Resins Market, By Product Type:
    • Aliphatic C5 Resins Sheets
    • Aromatic C9 Resins
    • C5/C9 Resins
    • Hydrogenated Hydrocarbon Resins
  • India Petroleum Resins Market, By End User Industry:
    • Building & Construction
    • Tire
    • Automotive
    • Consumer Goods
    • Personal Hygiene
    • Others
  • India Petroleum Resins Market, By Region:
    • North India
    • South India
    • West India
    • East India

Competitive landscape

Company Profiles: Detailed analysis of the major companies present in India Petroleum Resins market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
India Petroleum Resins Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.