Petroleum Resins Market Is Estimated To Witness High Growth Owing To Increasing Demand for Adhesives and Coatings

ashwinicmi

posted on 11 months ago — updated on 1 second ago

63
views

The global petroleum resins market is estimated to be valued at US$ 3149.18 Mn in 2021 and is expected to exhibit a CAGR of 8.35% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Petroleum Resins Market Is Estimated To Witness High Growth Owing To Increasing Demand for Adhesives and Coatings

Market Overview:
Petroleum resins are a type of thermoplastic resin derived from petroleum feedstock. They are widely used in the manufacturing of adhesives and coatings due to their excellent tackiness, high adhesive strength, and resistance to chemicals, heat, and moisture. These properties make them suitable for a wide range of applications such as packaging, personal care products, automotive, and construction.

Market Key Trends:
One key trend in the petroleum resins market is the growing demand for adhesives and coatings in various industries. The increasing need for strong, durable, and weather-resistant adhesives and coatings is driving the demand for petroleum resins. These resins provide excellent bonding and adhesion properties, making them ideal for use in the automotive, packaging, and construction sectors. Moreover, the rising construction activities, growth in the automotive industry, and increasing consumer awareness about the benefits of petroleum resins are further fueling market growth.

In conclusion, the petroleum resins market is poised to experience significant growth due to the increasing demand for adhesives and coatings across various industries. The market is expected to witness a steady CAGR of 8.35% during the forecast period 2022-2030.

PEST Analysis:

Political: The political factors influencing the petroleum resins market include government regulations and policies related to the production and consumption of petroleum products. Governments play a crucial role in implementing environmental regulations and standards that impact the production processes and emissions of petroleum resins manufacturers.

Economic: The economic factors that affect the petroleum resins market include the overall economic conditions, such as GDP growth, inflation rates, and disposable income levels. Changes in oil prices can significantly impact the cost of raw materials and transportation, which can influence the profitability of petroleum resins manufacturers.

Social: Social factors influencing the petroleum resins market include changing consumer preferences and trends. The demand for environmentally friendly and sustainable products is increasing, driving the shift towards bio-based and renewable petroleum resins. Additionally, the growing awareness about harmful emissions and pollutants is also influencing the adoption of cleaner alternatives.

Technological: Technological advancements play a significant role in the petroleum resins market. Innovations in production processes, such as catalyst technologies and refining techniques, can lead to improved product quality and cost efficiency. Furthermore, advancements in packaging and transportation technologies can enhance the shelf life and reduce the environmental impact of petroleum resins.

Key Takeaways:

The Global Petroleum Resins Market Demand is expected to witness high growth, exhibiting a CAGR of 8.35% over the forecast period (2023-2030). The increasing demand for petroleum resins in various end-use industries, such as adhesives, paints and coatings, rubber and tires, and printing inks, is driving the market growth. Additionally, the growing construction and automotive sectors, particularly in emerging economies, are contributing to the increased consumption of petroleum resins.

In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the petroleum resins market. The region's rapid industrialization, infrastructure development, and the presence of key automotive and construction sectors are driving the demand for petroleum resins. China and India are the major contributors to the regional market growth, supported by favorable government initiatives and investments in these sectors.

Key players operating in the petroleum resins market include 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. These key players are focusing on product innovations, strategic collaborations, and market expansions to strengthen their market position and cater to the growing demand for petroleum resins.