Market Overview
Petroleum resins provide abrasion resistance and are used as modifiers for various rubbers, plastics, and alkyd resins in applications such as printing inks, adhesives, coatings, caulks, and sealants. Their advantages include excellent compatibility with various polymers, easy handling, low cost, and good water and chemical resistance. They find increasing use in automotive components, construction materials, and electronic applications.
Market key trends:
One of the key trends in the petroleum resins market is the increasing use of sustainable and bio-based materials. Biopolymers from renewable resources such as pine wood offer an environmentally friendly alternative to petroleum resins. Their properties are comparable to conventional petroleum resins and they provide opportunities for the petrochemical industry to reduce dependence on crude oil. This is expected to drive the demand for bio-based resins in the coming years.
Segment Analysis
The global petroleum resins market is segmented by type into C5 resins, C9 resins, and hydrogenated hydrocarbons. C5 resins dominated the global market and accounted for over 50% market share in 2022. C5 resins find wide application in pavement marking, inks, adhesives, toners & printers, and coatings industries owing to their excellent properties such as good adhesion, flexibility, and weather resistance.
Key Takeaways
Market size: The global petroleum resins market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period 2023 to 2030, due to increasing demand from construction and automotive industries.
Regional analysis: Asia Pacific dominated the global market in 2022 and accounted for over 40% share of the total market. Rapid industrialization and economic growth in countries such as China and India have been driving the market in the region. North America is projected to be the fastest growing region over the forecast period.
Key players: Key players operating in the petroleum resins market are Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation, Neville Chemical Company, Total Cray Valley, and Anglxxon Chemical Co., Ltd. ExxonMobil leads the global market with over 25% share owing to its broad product portfolio and large production capacity.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it