Industry Updates-
August 2019: Rain Carbon Inc. has begun the phased start-up of the production facility of its hydrogenated hydrocarbon resins in Castrop-Rauxel, Germany. The plant can produce up to 50,000 tons per year.
Key Players
- Neville Chemical Company
- Cray Valley
- The Dow Chemical Company
- BASF SE
- Kolon Industries Inc
- Arakawa Chemical Industries, Ltd
- Puyang Changyu Petroleum resins Co., Ltd.
- Idemitsu Kosan Co., Ltd
- Eastman Chemical Company
- Mobil Corporation
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Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the Petroleum Resins Market based on End Use, Application, and Resin Type.
Based on Resin Type, the petroleum resins market is segmented into C5/C9, hydrogenated hydrocarbon, C9, and C5. Of these, the C5 segment will have the largest share in the market over the forecast period. This is owing to the alluring features that it offers such as chemical resistance.
Based on Application, the petroleum resins market is segmented into printing inks, paints and coatings, and adhesives. Of these, the paints and coatings segment will dominate the market over the forecast period owing to its adhesiveness and alkali resistance, along with its ability to improve the final finishing.
Based on End Use, the petroleum resins market is segmented into personal hygiene, packaging, automotive, and construction. Of these, the construction segment will lead the market over the forecast period owing to the increasing use of petroleum resins in membranes, industrial roofing, and infrastructures.
Market Analysis
The Petroleum Resins Market is predicted to have exponential growth over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Petroleum resins, simply put, are low-density material that is manufactured through polymerization of aromatic compounds, alkynes, and alkenes obtained from the distillation of hydrocarbon feedstock. Excellent heat resistance, softening point, and thermal stability are some of its key characteristics. Petroleum resins are available in various forms, such as dispersions, solutions, beads, solid block, flakes, crushed nuggets, and powders.
Various factors are propelling the petroleum resins market growth. These factors as per the new Market Research Future (MRFR) report, include the increasing demand from different end use industries including polymerization, chemical processing, adhesives and sealants, coatings and inks, and paints, and the large-scale use of petroleum resins due to its excellent characteristics such as high softening point, heat resistance, tack ability, peeling strength, and thermal stability. Besides, increasing industrialization and urbanization worldwide, improving economic conditions, and improving purchasing power of consumers are also pushing market growth.
On the flip side, the availability of eco-friendly bio-based resins and increasing price of feedstock are factors that may hamper the petroleum resins market growth over the forecast period.
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Regional Analysis
By region, the petroleum resins market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, Latin America, and the Middle East and Africa. Of these, the Asia Pacific region will spearhead the market over the forecast period chiefly due to the burgeoning demand in packaging, automotive, and construction industries. India, Japan, and China are the key contributors in the region owing to the increasing consumption of C5 resin in various end use industries.
The Petroleum Resins Market in North America is predicted to have favorable growth during the forecast period. Factors aiding growth in this region include the growing demand for hydrocarbon resins in automobile, packaging, and construction sectors, growing investments in end use industries, and high disposable income. Mexico, Canada, and the US are the key contributors in this region owing to the increasing demand for aromatic compounds in tire and personal care industries.
The Petroleum Resins Market in Europe is predicted to have a remarkable growth over the forecast period. Factors aiding growth in the region include technological advancements and growing innovation, and increasing consumption of hydrocarbon resins in marine, energy, construction, aviation, and automotive industries. France, Italy, Germany and the UK are the key contributors in this region.
The Petroleum Resins Market in Latin America is predicted to have a healthy growth over the forecast period chiefly due to the increasing consumption of aromatic resins in energy sectors, building, construction, tires, and rubber.
The Petroleum Resins Market in the Middle East and Africa is predicted to have a positive growth during the forecast period chiefly on account of the growing production of petroleum resins in petrochemical and oil and gas industries.
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