The global petroleum resins market was valued at $2.5 billion in 2018, and is projected to reach $4.0 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028.
Petroleum resins are a specific type of synthetic resin produced by distilling petroleum or natural gas. They are used in industrial products like adhesives, paints, coatings, inks, and rubber-based products. These resins are well-known for their excellent adhesive capabilities, strong heat and chemical resistance, and outstanding material compatibility. Petroleum resins are in great demand because of their qualities, which make them crucial parts in the production of a variety of products.
The wide utilization of petroleum resins in building and construction sectors drives the growth of the market. One of the main applications for these resins is in adhesives and sealants, where they offer significant bonding properties between various materials, including wood, metal, concrete, and plastics. These adhesives are used to assemble and attach building components, such as panels, flooring, and insulating materials, enhancing the overall structural integrity and durability of construction projects. Petroleum resins are also used in the building industry's paints and coatings production. These resins improve the performance of coatings by enhancing adhesion, weather resistance, and chemical stability. These coatings are frequently used to shield the facades, roofs, and floors of buildings from damaging environmental elements, UV rays, and chemical exposure. In addition, petroleum resins are used in the manufacturing of rubber-based building materials. They are frequently used as tackifiers in rubber compounds to improve the bonding of rubber particles. This produces high-quality rubber products including seals, gaskets, and waterproofing materials. These rubber-based solutions are essential for protecting buildings from water leaks and other environmental hazards and extending the life of the structures. Owing to these excellent advantages of petroleum resins in the building and construction industry, the market for petroleum resins will expand significantly during the forecast period.
The increase demand of hydrogenated hydrocarbon resins in the food packaging industry boosts the markets’ growth. Hydrogenated hydrocarbon resins are a type of synthetic resin derived from petroleum or natural gas, and they are commonly used in industries such as adhesives, coatings, inks, and rubber. In food packaging, hydrogenated hydrocarbon resins are utilized as coatings or adhesives. They can be used as adhesives to laminate layers of packaging materials together, forming strong bonds and ensuring the package's structural integrity. They must adhere to rules and standards in this application to prevent them from migrating into the packaged food. Furthermore, hydrogenated hydrocarbon resins are used as coatings to improve the packaging material's qualities. They enhance the packaging's barrier qualities, making it more resistant to moisture, gases, and other external factors that might degrade the food's quality and safety. These resins also improve the packaging's printability, enabling eye-catching and useful designs. Owing to these factors, the surge in the demand for these resins will stimulate the petroleum resins market growth.
The fluctuations in the raw materials that are used to produce petroleum resins restrain the markets’ growth. Petroleum resins are significantly impacted by fluctuations in crude oil prices because they are synthetic resins made from petroleum or natural gas. The costs associated with the feedstock needed to produce resin can be directly impacted by changes in crude oil prices. Increased production costs for petroleum resins result from rising crude oil prices, which raises the final product's market prices. The overall dynamics of supply and demand in the petrochemical sector are a significant factor influencing the price of petroleum resin. Price increases may result from an increase in demand for petroleum resins brought on by expanding industrial uses such as adhesives, coatings, and rubber products as producers compete to supply the market. In contrast, during times of low demand or surplus supply, prices may be downward pressured by excess inventory and supplier competition. Owing to these factors, the fluctuating raw materials prices hinder the growth of the petroleum resins market.
Petroleum resins are widely employed in protective coatings and road asphalt because of their high adhesive characteristics, chemical resistance, and capacity to alter and improve the properties of the final products. These are frequently utilized as essential components in various kinds of protective coatings, including automotive, marine, and industrial coatings. They serve as binders to hold the coating's multiple components together and provide cohesive strength and substrate adherence. These resins improve the coatings' tensile strength and weather resistance while shielding surfaces from corrosive agents, ultraviolet light, and chemical exposure. Moreover, petroleum resins are frequently added to road asphalt to improve performance. These resins help modify the properties of asphalt to better meet the needs of road building and enhance the overall performance of the pavement when combined with bitumen, the main ingredient in asphalt. In addition, the addition of petroleum resins to road asphalt may reduce the asphalt's susceptibility to temperature changes, enhancing its ability to function effectively under a variety of weather circumstances. Owing to these factors, the rise in demand for protective coatings and road asphalt presented a lucrative growth opportunity for the petroleum resins market.
The petroleum resins market is segmented into resin type, application, end-use industry, and region. Depending on resin type, the market is divided into C5 resins, C9 resins, hydrogenated hydrocarbon resins, C5/C9 resins and dicyclopentadiene (DCPD) resin. On the basis of application, it is categorized into adhesives & sealants, printing inks, paints & coatings, rubber compounding and others. On the basis of end-use industry, it is classified into building & construction, tire industry, personal hygiene, automotive and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players analyzed in this report are Arakawa Chemical Industries,Ltd., 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., and Synthomer PLC. These players have adopted various key strategies including expansion and acquisition to increase their market share.
Petroleum resins are a specific type of synthetic resin produced by distilling petroleum or natural gas. They are used in industrial products like adhesives, paints, coatings, inks, and rubber-based products. These resins are well-known for their excellent adhesive capabilities, strong heat and chemical resistance, and outstanding material compatibility. Petroleum resins are in great demand because of their qualities, which make them crucial parts in the production of a variety of products.
The wide utilization of petroleum resins in building and construction sectors drives the growth of the market. One of the main applications for these resins is in adhesives and sealants, where they offer significant bonding properties between various materials, including wood, metal, concrete, and plastics. These adhesives are used to assemble and attach building components, such as panels, flooring, and insulating materials, enhancing the overall structural integrity and durability of construction projects. Petroleum resins are also used in the building industry's paints and coatings production. These resins improve the performance of coatings by enhancing adhesion, weather resistance, and chemical stability. These coatings are frequently used to shield the facades, roofs, and floors of buildings from damaging environmental elements, UV rays, and chemical exposure. In addition, petroleum resins are used in the manufacturing of rubber-based building materials. They are frequently used as tackifiers in rubber compounds to improve the bonding of rubber particles. This produces high-quality rubber products including seals, gaskets, and waterproofing materials. These rubber-based solutions are essential for protecting buildings from water leaks and other environmental hazards and extending the life of the structures. Owing to these excellent advantages of petroleum resins in the building and construction industry, the market for petroleum resins will expand significantly during the forecast period.
The increase demand of hydrogenated hydrocarbon resins in the food packaging industry boosts the markets’ growth. Hydrogenated hydrocarbon resins are a type of synthetic resin derived from petroleum or natural gas, and they are commonly used in industries such as adhesives, coatings, inks, and rubber. In food packaging, hydrogenated hydrocarbon resins are utilized as coatings or adhesives. They can be used as adhesives to laminate layers of packaging materials together, forming strong bonds and ensuring the package's structural integrity. They must adhere to rules and standards in this application to prevent them from migrating into the packaged food. Furthermore, hydrogenated hydrocarbon resins are used as coatings to improve the packaging material's qualities. They enhance the packaging's barrier qualities, making it more resistant to moisture, gases, and other external factors that might degrade the food's quality and safety. These resins also improve the packaging's printability, enabling eye-catching and useful designs. Owing to these factors, the surge in the demand for these resins will stimulate the petroleum resins market growth.
The fluctuations in the raw materials that are used to produce petroleum resins restrain the markets’ growth. Petroleum resins are significantly impacted by fluctuations in crude oil prices because they are synthetic resins made from petroleum or natural gas. The costs associated with the feedstock needed to produce resin can be directly impacted by changes in crude oil prices. Increased production costs for petroleum resins result from rising crude oil prices, which raises the final product's market prices. The overall dynamics of supply and demand in the petrochemical sector are a significant factor influencing the price of petroleum resin. Price increases may result from an increase in demand for petroleum resins brought on by expanding industrial uses such as adhesives, coatings, and rubber products as producers compete to supply the market. In contrast, during times of low demand or surplus supply, prices may be downward pressured by excess inventory and supplier competition. Owing to these factors, the fluctuating raw materials prices hinder the growth of the petroleum resins market.
Petroleum resins are widely employed in protective coatings and road asphalt because of their high adhesive characteristics, chemical resistance, and capacity to alter and improve the properties of the final products. These are frequently utilized as essential components in various kinds of protective coatings, including automotive, marine, and industrial coatings. They serve as binders to hold the coating's multiple components together and provide cohesive strength and substrate adherence. These resins improve the coatings' tensile strength and weather resistance while shielding surfaces from corrosive agents, ultraviolet light, and chemical exposure. Moreover, petroleum resins are frequently added to road asphalt to improve performance. These resins help modify the properties of asphalt to better meet the needs of road building and enhance the overall performance of the pavement when combined with bitumen, the main ingredient in asphalt. In addition, the addition of petroleum resins to road asphalt may reduce the asphalt's susceptibility to temperature changes, enhancing its ability to function effectively under a variety of weather circumstances. Owing to these factors, the rise in demand for protective coatings and road asphalt presented a lucrative growth opportunity for the petroleum resins market.
The petroleum resins market is segmented into resin type, application, end-use industry, and region. Depending on resin type, the market is divided into C5 resins, C9 resins, hydrogenated hydrocarbon resins, C5/C9 resins and dicyclopentadiene (DCPD) resin. On the basis of application, it is categorized into adhesives & sealants, printing inks, paints & coatings, rubber compounding and others. On the basis of end-use industry, it is classified into building & construction, tire industry, personal hygiene, automotive and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players analyzed in this report are Arakawa Chemical Industries,Ltd., 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., and Synthomer PLC. These players have adopted various key strategies including expansion and acquisition to increase their market share.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the petroleum resins market analysis from 2018 to 2028 to identify the prevailing petroleum resins market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the petroleum resins market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global petroleum resins market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Resin
- C5 Resins
- C9 Resins
- Hydrogenated Hydrocarbon Resins
- C5/C9 Resins
- Dicyclopentadiene (DCPD) Resin
By End Use Industry
- Building and Construction
- Tire Industry
- Personal Hygiene
- Automotive
- Others
By Application
- Adhesives and Sealants
- Printing Inks
- Paints and Coatings
- Rubber Compounding
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Itlay
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- RuiSen ReSin Co. Ltd.
- Exxon Mobil Corporation
- Kolon Industries, Inc.
- Henan Anglxxon Chemical Co.,Ltd.
- Neville Chemical Company
- Lesco Chemical Limited
- Synthomer PLC
- INNOVA (TIANJIN) Chemical Co.,LTD
- Puyang Tiancheng Chemical Co.,Ltd.
- Arakawa Chemical Industries,Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PETROLEUM RESINS MARKET, BY RESIN
CHAPTER 5: PETROLEUM RESINS MARKET, BY APPLICATION
CHAPTER 6: PETROLEUM RESINS MARKET, BY END USE INDUSTRY
CHAPTER 7: PETROLEUM RESINS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the petroleum resins market was valued at $2.5 billion in 2018, and is estimated to reach $4 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028.Petroleum resin is a type of synthetic resin derived from petroleum or natural gas feedstocks. It is produced by copolymerizing or polymerizing hydrocarbons derived from crude oil during the refining process. Petroleum resins are versatile substances with a variety of industrial uses. These resins are renowned for having great adhesive qualities, excellent thermal and chemical resistance, and good compatibility with other materials. Petroleum resins serve a purpose in many different industries, including rubber products, adhesives, coatings, inks, and more due to these properties.
The petroleum resins market is expanding due to the widespread use of petroleum resins in the construction and building sectors. Due to urbanization, construction activity, favorable demographics, rising household incomes, and the rise of the IT sector in several developing countries, the building and construction industry is witnessing growth. Petroleum resin is often used in furniture manufacturing for many applications due to its adhesive and bonding qualities. It is an essential part of woodworking adhesives, especially those used in furniture production. These adhesives hold together edges, veneers, and joints made of wood. The furniture's general durability and firmness are increased by the resin, which assures a strong and long-lasting bond. Petroleum resin is used for making furniture finishes and coatings. In addition to improving gloss and clarity of the finish and providing scratch and wear resistance, it increases the coating's adherence to the surface. Moreover, the production of paints and coatings for the construction industry uses petroleum resins. These resins boost adhesion, weather resistance, and chemical stability, which enhance coating performance. These coatings are widely used to protect building facades, roofs, and floors from harmful chemicals, UV radiation, and environmental components. The market for petroleum resins will experience significant growth due to these exceptional benefits in the building and construction sectors.
The rise in awareness regarding baby hygiene products also drives the markets’ growth. Petroleum resin is frequently used in a variety of baby hygiene products because of its excellent adhesive and bonding properties. One of the primary applications for petroleum resin is the production of disposable diapers. The absorbent core, acquisition layer, and outer cover materials of the diaper are all coated with petroleum resin to glue them together. The resin's excellent adhesive properties ensure these components stay in place, avoiding leaks and effectively retaining moisture, which is required to keep the baby dry and comfortable. To ensure a tight fit and prevent any potential leakage at the leg openings, petroleum resin is typically used in the elastic waistband and leg cuffs of diapers. In addition, petroleum resin is a great option for maintaining the quality and performance of baby hygiene products, improving the general well-being and care of infants and toddlers. The high adhesion to a variety of substrates and moisture resistance of petroleum resin are some of these properties. The market for petroleum resins expanded due to the boom in demand for baby hygiene products.
The cost of crude oil has a major effect on the cost of raw materials. As most petroleum resin raw materials are petroleum-based, crude oil price variations might affect them. Thus, a change in crude oil prices directly affects the cost of the raw materials needed for producing petroleum resins. In addition, the pricing of petroleum resin can be affected by economic and geopolitical factors. Supply chains might be hampered, production levels can be affected, and market uncertainty can lead to price changes due to political instability, trade conflicts, or global economic downturns. Prices are also impacted by technological improvements and innovations in the resin production process. Producers may see cost reductions because of more effective production processes or new sources for raw materials, which could result in more competitive pricing on the market. These considerations make the variable cost of raw materials a hindrance to the market expansion for petroleum resins.
The surge in demand for petroleum resins in protective coatings and road asphalt created an excellent growth opportunity. Petroleum resins are useful additives for protective coatings and road asphalts because they give these materials essential qualities that improve their performance, toughness, and endurance in tough and demanding environments. Their broad use in these applications has helped the infrastructure and building materials sectors advance. These resins not only offer protection but can also help the coating flow and level during application, giving the surface a smoother, more even finish. They also help the coating become harder and more resistant to abrasion, which increases its durability over time. Moreover, petroleum resins strengthen the asphalt mix's cohesion and increase its resistance to rutting and cracking, which are frequent problems in road pavements. The resins also increase the bitumen's adherence to the aggregate (rock particles) in the asphalt mix, making the resulting road surface more resilient and long-lasting. Due to these factors, the market for petroleum resins is provided with a valuable growth potential by the increase in demand for protective coatings and road asphalt.
The petroleum resins market is classified into resin type, application, end-use industry, and region. Based on resin type, the market is segmented into C5 resins, C9 resins, hydrogenated hydrocarbon resins, C5/C9 resins and dicyclopentadiene (DCPD) resin. Depending on application, it is categorized into adhesives & sealants, printing inks, paints & coatings, rubber compounding and others. On the basis of end-use industry, it is divided into building & construction, tire industry, personal hygiene, automotive and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the liquid packaging carton market are Arakawa Chemical Industries,Ltd., 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., and Synthomer PLC. These players have adopted various key strategies including expansion and acquisition to increase their market share.
Companies Mentioned
- RuiSen ReSin Co. Ltd.
- Exxon Mobil Corporation
- Kolon Industries, Inc.
- Henan Anglxxon Chemical Co.,Ltd.
- Neville Chemical Company
- Lesco Chemical Limited
- Synthomer PLC
- INNOVA (TIANJIN) Chemical Co.,LTD
- Puyang Tiancheng Chemical Co.,Ltd.
- Arakawa Chemical Industries,Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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