Market Scenario:
Petroleum Resins are gummy materials synthesized by the polymerizing unsaturated Petroleum constituents such as alkenes, alkynes and aromatic compounds. Petroleum resins find extensive uses in adhesives, rubber, asphalt, paints & coatings, and other industries due to their inexpensive and wide availability. They possess intrinsic properties of thermal stability, softening point and heat resistance which has resulted in expansion of their uses in packaging industry. The Petroleum Resins Market is expected to generate a stable CAGR growth of 8.2 % over the forecast period of 2017 to 2023.
Drivers
Growing demand from end users such as rubbers, adhesives, packaging, and other industries is the critical driver of the market. The development of large oil fields in recent years in Russia, Venezuela, Brazil and others is leading to regional diversification of once consolidated market. The fast expanding construction industry has created a larger demand for water-proof coatings, paints which is expected to aid the market.
Regional Analysis:
Asia Pacific accounts for the major share of the market owing to large demand from end users such as construction, automotive, packaging, and others. China, Japan and India are the major leading nations in the Asia Pacific market. The large chemical and plastic industry of China is a major consumer of the Petrochemical Resins. Moreover China has also developed as a large industrial base.
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North American accounts for the second largest market led by the U.S. followed by Europe. The European market is led by U.K., Denmark, Norway, Germany and France. Latin America is expected to generate fastest growth on account of growing crude oil exploration and production. Venezuela, Brazil, Mexico are lucrative markets in this region. The Middle East & Africa is anticipated to witness second fastest growth in the market led by Saudi Arabia, Kuwait and others.
Segmental Analysis:
To get an accurate assessment of the differential market potential the Global Petroleum Resins Market is segmented by resin Type, Application, End-Use and Regions.
Resin type – C5, C9, hydrogenated hydrocarbon, and C5/C9. The C5 segment holds a major share of the market. However a rapid growth of the C5/C9 segment is expected owing to growing consumption in end use industries. The eco-friendly and reliable nature offered by the hydrogenated hydrocarbon resin is expected to make it the fastest growing segment.
Application – adhesives, paints & coatings, printing inks. The paints & coatings segment holds the major share due to their superior properties such as alkali resistance and adhesiveness. Adhesives is estimated to witness a higher growth owing to the growing demand of C9 resins having superior properties such as color spreading, fast dry, and brightening effects.
End-use – construction, automotive, packaging, personal hygiene. Among these, construction segment holds the major share of the market due to extensive use of petroleum resins in infrastructures, industrial roofing and membranes.
Regions – Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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