The global Petroleum Resins Market is estimated to be valued at US$ 3697.05 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Petroleum resins are semi-solid hydrocarbon compounds derived from petroleum distillation which are thermoplastic in nature and are insoluble in water. They exhibit properties such as chemical resistance, moisture resistance, and high adhesion and find applications as tackifiers in adhesives and sealants.
Market key trends:
One of the key trends driving the growth of petroleum resins market includes increasing application of resins in 5G telecommunication industry. The deployment of 5G network requires high-performance and durable materials that can withstand high temperature and other climatic conditions. Petroleum resins meet these criteria and hence find increasing usage in substrates, substrate protection tapes, and die attach films used in 5G semiconductor packaging. They help in improving semiconductor reliability, insulation, and heat dissipation. The increasing investments in 5G infrastructure and technologies are expected to boost the demand for petroleum resins significantly over the forecast period.
Segment Analysis
The global petroleum resins market is segmented into hydrocarbon resin, rosin ester resin, and modified resin. The hydrocarbon resins segment dominated the market and accounted for over 65% share of the global petroleum resins market in 2023 due to extensive use of hydrocarbon resins in applications that require high heat distortion and outstanding weatherability properties. Hydrocarbon resins are widely used in applications such as road markings, hot melt adhesives, and printing inks.
Key Takeaways
The Global Petroleum Resins Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing demand from end-use industries such as coatings, adhesives & sealants, rubber compounding, printing inks, and others.
Regional analysis
Asia Pacific accounted for around 40% of the global petroleum resins market in 2023 and is expected to witness the fastest growth during the forecast period due to rising demand from countries such as China and India. North America and Europe are also significant markets for petroleum resins due to high presence of end-use industries in these regions.
Key players
Key players operating in the 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. Key players focus on expanding their production capacities and geographic reach to strengthen their position in the global market.
For More Insights, Read: https://www.newsstatix.com/petroleum-resins-market-size-share-and-growth-forecast-2023-2030/
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