Global Petroleum Resins Market Introduction
Petroleum resins are the by-products of petroleum cracking. These are also known by alternate names such as hydrocarbon resins. These are synthetic resins manufactured from polymerization and chemical processes. Petroleum resins are formed from a variety of feedstock such as aliphatic (C5), aromatic (C9), DCPD (dicyclopentadiene) or mixtures of these. Petroleum resins are used in a variety of applications such as adhesives and sealants, paints, coatings and inks, rubber and plastic compounding industries and others. There has also been an increasing demand for petroleum resins in the hot melt adhesives. This is attributed to its properties such as low odour and high thermal stability.
Global Petroleum Resins Market Dynamics
Global Petroleum Resins Market Drivers
One of the major factors driving the growth of global petroleum resins market is its excellent adhesion property even at high temperature and pressure conditions. The rising demand for petroleum resins from hot melt adhesives is also expected to drive the market growth.
The immense demand for petroleum resins from various end use industries such as paints, coatings and inks, adhesives and sealants, chemical processing and polymerization also bolsters the market growth.
Global Petroleum Resins Market Restraints
A major challenge faced by the global petroleum resins market is the rising price for feedstock, since the feedstock for petroleum resins is naphtha, which is derived from crude oil. Thus, prices of these petroleum-based resins tend to be volatile as they are influenced by volatility in prices of crude oil. This adversely affects profitability of manufacturers and in turn, may inhibit market growth.
Secondly, the introduction of eco-friendly bio-based resins is also impeding the growth of the global petroleum resins market. The bio-based alternatives are lower in VOC (volatile organic compounds) and tend to be safer than the conventional petrochemical resins.
Global Petroleum Resins Market Trends
Strengthening the product portfolio with innovative products is the growing trend in the global petroleum resins market, as the market for petroleum resins is consolidated with a few global players holding major shares in the market. As a result, to win an edge over the other competitors, the manufacturers are using product innovation as a differentiating property. There has also been constant research and development for the development of higher grade with improved properties and thermal stability in the global petroleum resins market.
Global Petroleum Resins Market Segmentation
The global petroleum resins market can be segmented on the basis of product type/raw material/feedstock type, application, end use sector and region.
On the basis of product type or raw material/feedstock used for manufacturing, the global petroleum resins market can be segmented as:
On the basis of application, the global petroleum resins market can be segmented as:
On the basis of end use sector, the global petroleum resins market can be segmented as:
Global Petroleum Resins Market Regional Outlook
The global petroleum resins market is dominated by Asia Pacific region. With a strong base for various end use industries such as paints and coatings, metal working and other consumer products in the region, the region continues to exhibit its dominance throughout the forecast period. China and India account for major shares in the Asia Pacific petroleum resins market. North America and Europe are also expected to hold significant shares in the global petroleum resins market. Other regions such as Latin America, Middle East and Africa and Japan are projected to represent sluggish growth over the forecast period
Global Petroleum Resins Market Participants
Some of the market participants identified across the value chain of the global Petroleum Resins market are:
The Dow Chemical Company, Exxon Mobil Corporation, Eastman Chemical Company, KOLON Industries Inc., Arakawa Chemical Industries Ltd., Total S.A., Mitsui Chemicals Inc.
China based players:
Puyang Tiancheng Chemical Co., Ltd., Shanghai Jinsen Hydrocarbon Resins Co., Ltd, Shandong Qilong Chemical Co.,Ltd., among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
Regional analysis includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.