Petroleum Resins Market will grow substantially with a highest CAGR by 2023
Petroleum Resins Market:
Petroleum Resins are low-density materials which are manufactured by polymerization of alkenes, alkynes and aromatic compounds obtained from the distillation of heavy hydrocarbon feedstock. These resins are capable of producing tackifying effect which makes them applicable in various applications such as adhesives, Paints & coatings and printing inks. Excellent thermal stability, softening point and heat resistance are the major trends and factors promoting the market confidently. Owing to these factors, they are used in various end-use industries such as construction, automotive, packaging, personal hygiene, and others.
Top Global Key Players: Some of the well-known players operating in the Global Petroleum Resins Market are, BASF SE (Germany), The Dow Chemical Company ( U.S. ), Exxon Mobil Corporation (U.S.), Eastman Chemical Company (U.S.), Idemitsu Kosan Co. Ltd. (Japan), Puyang Changyu Petroleum Resins Co. Ltd. (China), Arakawa Chemical Industries Ltd. (Japan), Kolon Industries Inc. (South Korea), Cray Valley (France), and Neville Chemical Company (U.S.)
Market Categorization: The Global Petroleum Resins Market is segmented into resin type, application and end-use. On the basis of resin type, the market is further classified into C5, C9, Hydrogenated hydrocarbon, and C5/C9. On the basis of application, the market is subdivided into adhesives, paints & coatings, and printing inks. On the basis of end-use, the market is segregated into construction, automotive, packaging, and personal hygiene.
Regional Analysis: The Global Petroleum Resins Market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Among these, Asia Pacific holds the major share of the global market and is projected to continue leading, owing to the increasing consumption of resins in aerospace, automotive, packaging, and others. The new initiative implemented by the government such as “Make in India” scheme has propelled the end-use industries to witness a massive growth in the couple of years. It is estimated that the hydrogenated hydrocarbon segment is set to observe the highest CAGR in the market due to its growing use to manufacture high standard and efficient vehicles. The C5 resin is the leading segment in the market due to its increasing use in construction and buildings, paints and coating industries. These factors have led to China, Japan and India to be the leading players in this region.
The North America market is expected to grow at a higher CAGR due to extensive consumption of hydrocarbon resins in construction and buildings and automobile sectors, and others. The U.S., Canada and Mexico have achieved a significant stage in the market due to strict rules and regulations set by the government to follow low density materials that provides high standard and optimal performance. Therefore, the growing demand for aromatic compounds in packaging, health care sectors is estimated to drive the market during the forecast period.
A notable development is achieved in Europe due to the growing demand for lightweight materials in food packaging, hygiene films, compounding, and others. The growing innovation and technological advancements have propelled the market to witness a higher growth. Owing to these factors, countries such as Germany, the U.K. and Italy are the major contributors to this market.
A considerable development is predicted in Latin American region such as in Brazil, Uruguay and Argentina due to the growing consumption of petroleum resins in construction and buildings, chemical and energy sectors. Moreover, a rapid development is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to increasing production of petroleum based products in major industries.
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