The global petroleum resins market revenue was around US$ 2.77 billion in 2022 and is estimated to reach US$ 5.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2023 to 2031.
Petroleum resins are lower molecular weight thermoplastic hydrocarbon resins acquired from cracked petroleum fractions. It has a pacifying effect, which is a slight moist effect and hence, is utilized in paints, coatings, printing inks, varnishes, lithographic inks, paper, adhesives, concrete curing compounds, rubber, and other applications. It is available in crushed nuggets, powders, solid blocks, flakes, solutions, beads, and dispersions forms.
Market Driving Factors
The rapid surge in automotive production boosts market growth. Petroleum resin such as hydrocarbon resin has high applicability in the automotive sector where they are utilized in coatings & paints and hot melt adhesives applications owing to their abrasion resistance nature and rich temperature. The increasing demand for passenger as well as commercial vehicles coupled with encouraging government policies related to industrial investments has raised the overall automobile production.
Supporting growth in the aerospace industry drives the market growth. Petroleum resin has rich viscosity and chemical stabilizing properties which makes it an important material to be utilized in aircraft tires for enhancing their mechanical and durability strength. The aerospace sector has shown substantial growth over the years due to the increasing demand for new aircraft, which has surged the overall rate of aircraft deliveries.
The existence of profitable substitutes such as rosin resin constrains the market growth.
Regional Analysis
Asia-Pacific is one of the fastest-increasing regions in the market. This region experienced an increase in the use of petroleum resins in several industries owing to various driving factors. In addition, the rapid financial growth and industrialization in nations such as India, China, and Southeast Asian nations have surged the demand for raw materials, including petroleum resins. These resins discover vast applications in coatings, adhesives, and printing inks, catering to the profitable manufacturing sectors.
Segmentation Insights
Resin Insight
The C5 resins segment dominates the market in terms of the largest share during the forecast period. The surge in consumption of petroleum resins in synthetic rubber, paints & coatings, labels, and tapes is expected to boost the market expansion. In addition, the demand for petroleum resin is expected to increase because of its widespread use in a variety of applications, such as rubber, hot melt adhesives, wax modification, and plastic modification, as well as its many advantages, including superior thermal stability, tack ability, peeling strength, and heat resistance.
End Use Industry Insight
The building and construction segment dominates the market in terms of the largest share. Petroleum resins are important components in different construction materials, sealants, adhesives, coatings, and composite products, contributing to the sector's expansion and innovation. Furthermore, various trends and drivers shape the use of petroleum resins in this industry, paving the way for other applications and advancements. Moreover, one important driver for the surge adoption of petroleum resins in building & construction is their unique binding and adhesive properties.
Application Insight
The adhesives and sealants segment dominates the market in terms of the largest share. The surge in technical advancements and R&D activities has increased the demand for a broad range of electronic & electrical devices such as smartphones, tablets, laptops, and others where adhesives and sealants are broadly used for bonding different components. This acts as one of the main drivers for the segment growth.
Prominent Companies
Segmentation Outline
The global petroleum resins market segmentation focuses on Resin, End Use Industry, Application, and Region.
By Resin
By End Use Industry
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL PETROLEUM RESINS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PETROLEUM RESINS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PETROLEUM RESINS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PETROLEUM RESINS MARKET, BY RESIN
5.1 OVERVIEW
5.2 C5 RESINS
5.3 C9 RESINS
5.4 HYDROGENATED HYDROCARBON RESINS
5.5 C5/C9 RESINS
5.6 DICYCLOPENTADIENE (DCPD) RESIN
6 GLOBAL PETROLEUM RESINS MARKET, BY END USE INDUSTRY
6.1 OVERVIEW
6.2 BUILDING AND CONSTRUCTION
6.3 TIRE INDUSTRY
6.4 PERSONAL HYGIENE
6.5 AUTOMOTIVE
6.6 OTHERS
7 GLOBAL PETROLEUM RESINS MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 ADHESIVES AND SEALANTS
7.3 PRINTING INKS
7.4 PAINTS AND COATINGS
7.5 RUBBER COMPOUNDING
7.6 OTHERS
8 GLOBAL PETROLEUM RESINS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL PETROLEUM RESINS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 NEVILLE CHEMICAL COMPANY
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 HENAN ANGLXXON CHEMICAL CO LTD
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 RUISEN RESIN CO LTD
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 EXXON MOBIL CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 KOLON INDUSTRIES INC
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 LESCO CHEMICAL LIMITED
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 INNOVA (TIANJIN) CHEMICAL CO LTD
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 PUYANG TIANCHENG CHEMICAL CO LTD
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ARAKAWA CHEMICAL INDUSTRIES LTD
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 SYNTHOMER PLC
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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