Petroleum resins are amorphous substances that are synthesized by the catalytic polymerization of olefins and are further refined by fractionation to yield desired resins. They offer benefits such as excellent tack, adhesion, flexibility and water resistance. Petroleum resins find widespread usage as tackifiers in hot-melt adhesives, inks, coatings and tire adhesives.
The global petroleum resins market is estimated to be valued at US$ 4259.01 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the petroleum resins market includes Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. These players are focusing on capacity expansion and new product launches to gain a competitive edge in the market.
There is high growth potential in the emerging economies owing to growing infrastructure, increasing disposable incomes and rising standards of living. Consumption of PMR and C5 resins is increasing in the coatings, inks, adhesives and rubbers industries in the Asia Pacific region.
International players are actively pursuing geographic expansion opportunities in developing nations through partnerships, mergers and acquisitions to strengthen their foothold. For instance, In April 2022, DRT completed the acquisition of Resinall, Brazil's largest manufacturer of aliphatic hydrocarbon resins, to expand its production capacity and product portfolio in South America.
Market drivers and restrain
The increasing demand from rubber and coatings industry is one of the key factors driving the growth of the global petroleum resins market. Petroleum resins are widely used as tackifiers in rubbers owing to their excellent tack, adhesion and flexibility properties. They improve the hot melt properties of rubber compounds. Growing construction and automotive industries are augmenting the demand for rubber products which in turn is propelling the petroleum resins market.
Volatile raw material prices can act as a major restraint for the petroleum resins market. The prices of petroleum-based feedstocks fluctuate based on crude oil price volatility in the international markets. Uncertainty over raw material supply and price variation poses challenges for petroleum resins manufacturers in terms of maintaining stable production costs.
Segment Analysis
Petroleum resins can be segmented into C5, C9 and hydrogenated petroleum resins. C5 resins are the dominating segment as they are inexpensive and have better adhesive and tackifying properties compared to other variants. C5 petroleum resins are used in applications such as hot melt adhesives, printing inks, road marking paints, rubber compounding and coatings due to their cost effectiveness.
Regional Analysis
Asia Pacific is considered as the fastest growing as well as dominating regional market for petroleum resins. The growth in the region is attributed to strong growth in the automotive, construction and tire industries, particularly in China and India. Asia Pacific held over 45% of the overall market share in 2024 due to rising infrastructure development activities and increasing automotive production in China, India and other developing Asian countries. North America and Europe are also significant markets due to growth in applications such as hot melt adhesives, printing inks, sealants and coatings.
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https://www.ukwebwire.com/petroleum-resins-market-size-share-growth-outlook-2023/
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