What Are The Factors Driving The Petroleum Resins Market?

This report calculates the Petroleum Resins Market size, future trends, demand, revenue, price, growth, market drivers, opportunities and challenges, sales channels and distributors, and forecast (2021-2027). The competition in the global Petroleum Resins industry is analyzed, taking into consideration price, revenue, sales, and market share by company, market concentration rate, competitive situations and trends, expansion, merger and acquisition, and market shares of top companies.

(Our SAMPLE COPY of the report gives a brief introduction of the Petroleum Resins market, Detailed TOC, key players of the market, list of tables and figures, and comprising key countries & regions.)

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Petroleum resins are low molecular weight thermoplastic hydrocarbon resins obtained from cracked petroleum fractions. It has a tackifying effect, which is slight sticky effect and hence, is used in coatings, paints, varnishes, printing inks, paper, lithographic inks, adhesives, concrete curing compounds, rubber, and other applications. It is available in powders, crushed nuggets, flakes, solid block, beads, solutions, and dispersions forms.

Aliphatic C5 resins accounted for the highest market share in 2016. This is due to advantages of aliphatic C5 resins such as better glutinosity, good anti-ageing properties, fluidity, low volatility, and minimized odor. These are used in hot-melt adhesives, pressure sensitive adhesives, solvent-based adhesives, rubber damping pieces, rubber for inner tube of tires and other applications.

Adhesive and sealants accounted for the largest market share over the forecast period. Petroleum resins are used as tackifiers in adhesives and sealants to improve tack, peel strength, specific adhesion, balance adhesion and cohesion, enhance high temperature performance, and decrease cohesive strength.

North America is the second largest petroleum resins market due to growing demand from the automobiles industry. For instance, according to International Organization for Motor Vehicles Manufacturers (OICA), the total automotive sales in the U.S. and Canada was 19,785,141 in 2015, which increased to 19,849,518 in 2016.

Demand for petroleum resins for applications in adhesives and sealants is increasing in the Europe market. According to the European Adhesive and Sealant Industry (FEICA) the European adhesive and coating market was valued at US$ 16,019.03 million in 2014 and accounted for the market share of 35%.

Key market players in the petroleum resins market are adopting various strategies such as joint venture, new plant development, and capacity expansion for business expansion. For instance, in May 2017, Rain Carbon Inc. announced construction of new capacity for hydrogenated hydrocarbon resins in Uithoorn, the Netherlands. In December 2016, Rufayah Chemicals Company (RCC) and Sadara Chemical Company signed a deal to set up hydrocarbon resin plants at Jubail in Saudi Arabia’s Eastern Province at investment of US$ 500 million; and in March 2014, ExxonMobil Chemical set up a new facility for  Escorez hydrogenated hydrocarbon resin production with capacity of 90,000 tons per year in Singapore.

Key market players in the global 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.

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Important Information that can be extracted from the Report:

♦ Assessment of the COVID-19 impact on the growth of the Petroleum Resins Market

♦ Successful market entry strategies formulated by emerging market players

♦ Pricing and marketing strategies adopted by established market players

♦ Country-wise assessment of the Petroleum Resins Market in key regions

♦ Year-on-Year growth of each market segment over the forecast period 2027

 

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In Addition, The Years Considered For The Study Are As Follows:

Historical year – 2014 to 2018
Base year – 2019
Forecast period – 2020 to 2026

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