The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Petroleum Resins Market

 Market Overview:

Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives.

Market Dynamics:
The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Petroleum resins find major application in hot melt and pressure sensitive adhesives owing to their excellent tackifying properties. The growth of the global adhesives market directly impacts the demand for petroleum resins.
Another driver for the market is increasing use of liquid synthetic rubbers derived from petroleum resins. Petroleum resins serve as a tackifying agent in liquid synthetic rubbers and find extensive applications in tires, footwear, mechanical goods, pharmaceutical stoppers, and others. According to a report by Global Market Insights, the global liquid synthetic rubber market was valued at US$ 2.7 billion in 2019 and is projected to exceed US$ 4 billion by 2026, growing at over 5% CAGR during the forecast period. This growing demand for liquid synthetic rubbers from different end-use industries also supplements the growth of the petroleum resins market.
Segment Analysis
The global Petroleum Resins Market Share is segmented by type into C5 resins, C9 resins and hydrogenated hydrocarbon resins. Among these, the C5 resins segment dominates the market and accounts for more than 35% share of the global petroleum resins market. C5 resins provide better performance properties such as viscosity control, adhesion promotion and gloss enhancement. These properties make C5 resins widely suitable for applications such as printer inks, road marking, rubber products, hot melt adhesives, and coatings.

PEST Analysis
Political: There are no significant political risks impacting the petroleum resins market globally.
Economic: The growing construction and automotive industries along with increasing disposable incomes in developing countries are driving demand for petroleum resins positively impacting the market growth.
Social: Increasing urbanization and changing lifestyles are increasing the demand for coated and sealed products using petroleum resins.
Technological: Advancements in resins manufacturing technologies have improved the performance characteristics of petroleum resins making them suitable for a wider range of applications.

Key Takeaways
The global petroleum resins market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing consumption in construction and automotive sectors. The market size for 2023 is US$ 3697.05 Mn.

Regional analysis: Asia Pacific is expected to dominate the global petroleum resins market over the forecast period. Rapid urbanization and growth in end-use industries in countries such as China and India are driving the demand for petroleum resins in the region.

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. The key players are focusing on new product launches and capacity expansion strategies to strengthen their market share.


Read More:

https://www.dailyprbulletin.com/petroleum-resins-market-demand-share-analysis/

Comments

Post a Comment

Popular posts from this blog

The Global Electric Powertrain Market Poised for Growth Driven by Sustainable Transportation

Image
  Electric Powertrain Market The global electric powertrain market is seeing rapid adoption as consumers seek more environmentally friendly transportation options. Electric powertrains offer much lower operating costs than internal combustion engines while also being more energy efficient with fewer moving parts. Battery electric vehicles and hybrids containing electric motors and batteries are able to deliver torque instantly for smooth acceleration and regenerative braking that captures kinetic energy to charge the batteries while slowing down. Automakers are developing advanced powertrain technologies that combine smaller, lighter electric motors with improved batteries capable of longer ranges between charges. The global Electric Powertrain Market is estimated to be valued at US$ 94.12 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the ...
Read more

The Bladder Liners Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Urinary Incontinence

Image
  Bladder Liners Market Market Overview: Benzodiazepines are a class of psychoactive drugs belonging to the benzodiazepine family. These drugs are prescribed for various medical conditions such as anxiety disorders, panic disorders, insomnia, seizures, alcohol withdrawal syndrome, muscle spasms, and as an anesthesia aid. Some common examples of benzodiazepines include alprazolam, clonazepam, diazepam, and lorazepam. These drugs work by increasing the action of gamma-aminobutyric acid (GABA), a major inhibitory neurotransmitter in the central nervous system. Due to their calming properties, they are widely used to treat insomnia, anxiety, panic attacks, agitation, seizures, muscle spasms, and alcohol withdrawal. Market Dynamics: The Benzodiazepine Drugs Market is primarily driven by the rising prevalence of anxiety disorders worldwide. As per Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting nearly 40 million ...
Read more

Poultry Market is Expected to be Flourished by Growing Demand for Protein-Rich Food

Image
Poultry Market The poultry market comprises farming of domesticated birds such as chickens, ducks, turkeys, and geese, primarily for their meat and eggs. Poultry meat is one of the most consumed meats globally owing to its high protein content. Chicken is the most commonly produced meat worldwide, with over 95 million tons produced annually. Poultry farming provides affordable animal protein to consumers while generating income and employment for farmers and allied industries. The global poultry industry includes large integrated production facilities, small commercial farms, and backyard flock operations. Technological advancements have increased efficiency in breeding, hatching, feeding, housing, and disease control. The global poultry market is estimated to be valued at US$ 15.88 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: One of the key driv...
Read more