According to the report, the petroleum resins market was valued at $2.5 billion in 2018 and is estimated to reach $4.0 billion by 2028, exhibiting a CAGR of 5.2% from 2023 to 2028.
Petroleum Resins, also referred to as hydrocarbon Resins or Petrochemical Resins, are synthetic resins composed of petroleum or petroleum-based materials. They are manufactured by polymerizing petroleum or petroleum-derived by-products. Examples of such by-products include C5, C9, and DCPD (dicyclopentadiene).
The C5 resins segment to maintain its leadership status throughout the forecast period-
Based on resin, the C5 Resins segment held the highest market share in 2018, accounting for more than half of the global petroleum resins market and is projected to maintain its leadership status throughout the forecast period. As industrialization and urbanization continue in emerging economies, the demand for products that use C5 petroleum resins is likely to increase. This is particularly evident in industries such as construction, automotive, and consumer goods. However, the hydrogenated hydrocarbon resins segment would display the highest CAGR of 5.4% from 2023 to 2028.
The adhesives and sealants segment to maintain its leadership status throughout the forecast period-
Based on application, the adhesives and sealants segment held the highest market share in 2018, accounting for nearly one-third of the global petroleum resins market and is projected to maintain its leadership status throughout the forecast period. The surge in population, rise in urbanization, and increase in government spending boosts the growth of the building & construction sector to witness significant growth where adhesives & sealants are widely used to fill cracks, openings, and seal joints. However, the paints and coatings segment is projected to grow at the highest CAGR of 5.5% from 2023 to 2028. Petroleum resins cannot be used alone, usually with other substances and as blends to improve the performance of paints & coatings. In the coatings industry, petroleum resin can be combined with other resins to achieve lower costs, improve product gloss, hardness, water resistance, stability and chemical resistance, and other properties of purpose.
The building and construction segment to maintain its lead position throughout the forecast period-
Based on end use industry, the building and construction segment held the highest market share in terms of revenue in 2018, accounting for nearly one-fourth of the global petroleum resins market and is projected to maintain its lead position throughout the forecast period. Petroleum resins in industry are used as adhesives and sealants. Their inclusion in these formulations significantly improves adhesion and bonding properties, ensuring a strong and reliable attachment among different building materials. From windows and doors to flooring and roofing, petroleum resin-based adhesives contribute to the overall stability and durability of constructed elements. However, the personal hygiene segment is projected to grow at the highest CAGR of 5.7% from 2023 to 2028. An increase in disposable income and a rise in healthcare spending on personal hygiene are anticipated to play a significant role in the expansion of the personal hygiene business.
Asia-Pacific to maintain its dominance by 2028-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2018, accounting for more than half of the global petroleum resins market and is projected to maintain its dominance during the forecast period. The same region would also display the highest CAGR of 5.4% from 2023 to 2028. The increase in urbanization and infrastructure development in the region has led to a rise in construction activities. Petroleum resins are essential components in construction adhesives and sealants, enhancing their performance and durability.
Leading Market Players: -
Arakawa Chemical Industries.
Exxon Mobil Corporation
Henan Anglxxon Chemical Co. Ltd.
Innova (Tianjin) Chemical Co. Ltd
Kolon Industries, Inc.
Lesco Chemical Limited
Neville Chemical Company
Puyang Tiancheng Chemical Co. Ltd.
Ruisen Resin Co. Ltd.
Synthomer Plc
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