Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Petroleum Resin market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Petroleum Resin Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
Global Petroleum Resin Market size- Industry Trends & Forecast Report 2026.
The global petroleum resin market is growing at a potential growth rate Year-over-Year (YoY) and has reached USD 3.2 billion in 2020. The market is further expected to touch USD billion by 2027, growing at a CAGR of almost 7% during 2021-2027 (forecast period). Petroleum resin, produced from the by-products of cracking processes, is likely to witness a growth in the market during the forecast timeframe due to a rise in the demand for adhesives, paints and coatings, printing inks, and personal hygiene products. Furthermore, the rapidly urbanizing population in Asia pacific region will fuel the growth of the petroleum resin market.
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Global Petroleum Resin Market Overview:
Petroleum Resins are by-products of the cracking process and are also known as “Hydrocarbon Resins.” Hydrocarbon Resins (HCR) are synthetic resins, produced by polymerization and various chemical processes. Aliphatic (C5), Aromatic (C9), DCPD (Dicyclopentadiene) hydrocarbons are often used as feedstock for HCR. The mixture of these hydrocarbons is also used as a feedstock to produce hydrocarbon resins. Petroleum resins are known for their improved flow, enhanced water, and heat resistivity. The petroleum resins have several areas of application, such as Paints and coatings, adhesives, tapes and labels, packaging materials, etc. Adhesives, and hot melt adhesives are emerging as the biggest market for petroleum hydrocarbon resins.
Petroleum Resin Market Forecast and Trends
Growth Drivers
Increasing urban population in Asia-Pacific region
The rise in the urban population in the Asia-Pacific region is one of the major drivers for the growth of the petroleum resin market. According to the Total and Urban Population Data of UNCTAD by the United Nations, 49% population of Asia-Pacific is still living in rural areas. Because Asia has 2 of the world’s most populated countries, the number of people living in rural areas is huge and in upcoming years the rate of urbanization is only going to go up. The demand for adhesives and sealants, paints and coating, tapes and labels is rapidly growing in the Asia-pacific region owing to the rapid rise in construction work, increasing investment in the automotive sector, and rise in Industrialization. Increased construction work, the rapidly growing packaging industry and constantly improving lifestyles are some of the drivers, helping the petroleum resin market grow.
Excellent adhesion properties at high temperature
Petroleum resin has excellent adhesion and is highly stable even at high temperatures. This, along with their anti-aging properties, fluidity, low volatility and minimized odor, and good resistivity towards the water, contribute towards their rapidly growing demand in the end-user industry. Paints and coating are where petroleum resins are used extensively due to their excellent adhesive properties. In paints and coatings, petroleum resins provide enhanced pigment wetting, gloss, adhesion, and film hardness. Along with this, they also improve the flow and provide water resistance.
Restraints
Volatile nature of the price of the feedstock and introduction of bio-friendly resins.
Feedstock for petroleum resins is a by-product of naphtha cracking. The pricing of naphtha is directly dependent on the pricing of crude oil. The crude oil market is very volatile, and prices change every day. This volatility in the crude oil market directly influences the prices of petroleum resins, which negatively affects the profits of manufacturers and distributors.
In recent times, the shift of the market is towards bio-friendly resins, which will also affect the market of petroleum resins negatively and will hamper the market growth.
Impact of COVID-19 in industry
The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The production, manufacturing, supply chain, and other operations, have slowed down globally aimed to limit the spread of the coronavirus. The global impact of the coronavirus disease 2019 (COVID-19) is likely only beginning and it significantly affected the market in 2020. The second wave of COVID-19 has started, and with the cases of the second strain of COVID-19 increasing, the countries are again announcing nationwide lockdowns. Despite the growing uncertainty and panic, technology suppliers must continue to focus on their long-term investments, maintain engagement with partners and prospects, and look to specific markets for stability.
Petroleum Resin Market: By Type
Based on the type of feedstock used to produce petroleum resin, the market is divided into C5-resin, C9-resin, DCPD-resin, and HHCR resin. C5-resin had the biggest share of the market previously and is likely to maintain the same growth rate during the forecast period. Excellent adhesive strength, anti-aging properties, enhanced thermal resistivity, and protection against water are some of the major properties encouraging the use of C5-resin. C9-resin and DCPD-resin market are growing with notable CAGR and are likely to maintain the same growth rate.
Petroleum Resin Market: By End Use
Based on the End-use, the petroleum resin market is segmented into adhesives and sealants, paints and coatings, printing inks, personal hygiene products, the automotive, rubber industry, and others, etc. The adhesive and sealant market are likely to dominate the global market for the forecast period. With the increasing number of urbanizing population with an ever-increasing need for personal hygiene products, the rapidly growing industrial sector is going to drive the market. The automotive sector with a high demand for rubber will also be contributing to the growth of the market.
Petroleum ResinMarket: Regional Insight
On a global scale, the petroleum resin market is fragmented into the Asia-Pacific region, Europe, North America, South America, and the Middle East. Asia-Pacific region is most likely to dominate the petroleum resin market followed by North America and the others. The developing countries in the Asia-Pacific region such as China. Japan and India have major opportunities for industrial production, retail sales, and fixed-asset investment for Petroleum Resin. Several other economies such as Indonesia, the Philippines, and Singapore in the Asia Pacific region are also forecast to grow at modest rates. The company’s productivity is directly proportional to the productivity of workers. Hence, businesses in these regions are commonly embracing different instruments to help workers increase their productivity.
Recent Developments
· First announced in August 2019, Reliance Industries and Saudi Aramco are trying to finalize a deal worth USD 15 billion. Mukesh
Ambani is trying to sell 20% stake in Reliance Jamnagar refinery to Saudi Aramco, as Reliance try to shift their focus from Energy
segment of Oil and Gas business to Chemical business.
- In October 2020, Total Cray Valley announced that their hydrocarbon resin business in France is not for sale: If reports from the last year were to be believed, Total Cray Valley were planning to sell their resin business in France, but in October 2020, Total cleared the air and said their France business is not for sale
Competitive landscape
Petroleum resin market is fragmented owing to the presence of number of companies that provides varied petroleum resin products. However, the companies that hold the majority share of Petroleum resin market are Brasken, Cymetech (Owned by Sojitz), Reliance Industries, Henghe Petrochemical Co., Ltd, Shandong ShenxianRuisen Petroleum Resins Co., Ltd, Cepsa, Mitsui Chemicals, Ineos Phenol, ExxonMobil, Rain carbon, Zeon Corporation, Idemitsu, Puyang Changyu Petroleum Resins, Lesco, Kolon Hydrocarbon, PuyangTiancheng Chemical Co.,Ltd. Arakawa Chemical Industries, Eastman Chemical Company, BASF, Dow Chemicals, and other prominent players.
In the petroleum resin market, prominent market participants compete based on price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation.
Scope of the Report
By Types
Ø Aliphatic C5 Resins
Ø Aromatic C9 Resins
Ø Dicyclopentadiene (DCPD)
Ø Hydrogenated hydrocarbon Resins (HHCR)
Ø C5/C9 Resins
By End Use Industry
Ø Adhesive and sealants
Ø Pressure Sensitive Adhesives (PSA)
Ø Holt Melt Adhesives (HMA)
Ø Paints and Coatings
Ø Printing Inks
Ø Rubber Compounding
Ø Tapes and Labels
Ø Others
By Region
Ø North America
Ø Europe
Ø Asia Pacific
Ø Middle East and Africa
Ø Latin America
Table of Content
Chapter 1: Global Petroleum Resin Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Petroleum Resin market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Petroleum Resin Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Petroleum Resin market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Petroleum Resin market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Petroleum Resin market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Petroleum Resin market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Petroleum Resin business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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