Healthcare IT (HCIT) is the largest segment driving the growth of...

Healthcare IT (HCIT) is the largest segment driving the growth of Petroleum Resins Market

Veröffentlicht 2023-11-30 12:26:30

Market Overview:
Petroleum resins are hydrocarbon resins obtained from petroleum distillates resulting in thermoplastic materials. They have good adhesion properties and are extensively used as tackifiers in adhesives, hot melts, construction chemicals and as binders in inks, caulks, pastes and other applications. Petroleum resins offer excellent wetting and bonding properties along with good resistance properties making them ideal for a variety applications.

Market key trends:
One of the key trends witnessed in the petroleum resins market is the growing use of sustainable bio-based resins. Rising environmental concerns and stringent regulations regarding emissions has shifted the focus of market players toward development of bio-based and ecologically friendly petroleum resins. Manufacturers are investing in R&D to develop resins from renewable feedstock such as tall oil, vegetable oils and terpene which helps reduce dependence on petroleum. For instance, Eastman offers sustainable families of resin such as Eastman Amberlyst resin which provides balance of sustainability and performance for applications in sealants, caulks, tire and rubber products.
Market Key Trends:
One of the key trends in the petroleum resins market is the increasing use of petroleum resins in various industrial applications like adhesives, printing inks, and road markings. Petroleum resins offer benefits like better adhesion, flexibility, permeability, and moisture resistance. This has increased their adoption in applications like hot melt adhesives, construction industry, toners & developers, packaging etc. With growing infrastructure and construction activities globally, the demand for adhesives, roofing materials, and road construction using petroleum resins is increasing steadily.

SWOT Analysis
Strength: Eco-friendly and cost-effective raw material extraction from crude oil makes petroleum resins economical to produce.
Weakness: Vulnerable to fluctuations in crude oil prices.
Opportunity: Growing end-use industries like automotive, packaging, and construction offer scope for increased demand.
Threats: Stringent environmental regulations regarding VOC emissions during production; Development of bio-based resins.

Key Takeaways
The global Petroleum Resins Market Share is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period 2023 to 2030, due to increasing infrastructural development and industrial activities worldwide.

Regional analysis: Asia Pacific region dominates the global petroleum resins market and is expected to grow at the fastest rate during the forecast period. China, India, Japan, Indonesia, Vietnam are major consumers of petroleum resins owing to rapid industrialization and infrastructure growth.

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.