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Global Petroleum Resins Market | Asia Pacific is growing at the highest CAGR by 2023
Global Petroleum Resins Market Information by: Resin Type (C5, C9, Hydrogenated Hydrocarbon, C5/C9), Application (Adhesives, Paints & Coatings, Printing Inks), End-Use (Construction, Automotive, Packaging, Personal Hygiene) – Forecast till 2023
The Low molecular weight materials which are formed by polymerization of alkenes, alkynes and aromatic compounds acquired from the cracking of heavy carbon feedstock are called petroleum resins. It has various significant properties such as softening point, solubility and chemical as well as thermal resistance. It is used to provide flexibility, strength and imparts low-odor to the product.
The global petroleum resins market has been driven by the scope of its application in various sectors such as construction, automotive, packaging, personal hygiene, and others. Moreover, it is estimated that the construction segment is set to witness the highest growth in the market due to the growing consumption of hydrocarbon resins in water-proof structures and membranes.
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Major Key Players:
The Major Players operating in the Petroleum Resins Market are:
- Exxon Mobil Corporation (U.S.),
- Eastman Chemical Company (U.S.),
- Idemitsu Kosan Co.,Ltd (Japan),
- Puyang Changyu Petroleum Resins Co. Ltd. (China),
- Arakawa Chemical Industries,Ltd (Japan),
- Kolon Industries, Inc (South Korea),
- BASF SE (Germany),
- The Dow Chemical Company ( U.S.),
- Cray Valley (France),
- Neville Chemical Company(U.S.)
The Global Petroleum Resins Market is categorized on the basis of Type, Application, and End User:
On The Basis Of Type-
- Hydrogenated Hydrocarbon,
On The Basis Of Application-
- Paints & Coatings,
- Printing Inks
On The Basis Of End User-
- Personal Hygiene
Geographically, Petroleum Resins Market is segmented across Five Regions in the world namely:
- Asia Pacific,
- North America,
- Latin America,
- Middle East & Africa.
Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for petroleum resins market in various applications. Countries such as China, Japan and India are the major players in this region.
The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for aromatic compounds in packaging, healthcare, and energy sectors. A recognized growth is observed in the European region owing to the growing consumption of hydrocarbon resins in automotive and aerospace industries to produce lightweight vehicles. Moreover, it is projected that the advancing research & development of product in the market has propelled this region to witness a significant growth in Germany, the U.K. and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing production of resins in oil & gas, petrochemical and automobile industries. Additionally, the growing demand of aromatic compounds in architectural, paints and coating industries is projected to boost the market in the Latin American region.
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