The Global "Petroleum Resins Market" is expected to grow at a high CAGR of 5.7% during the forecasting period (2022-2029).
Petroleum Resins a type of thermal plasticizing hydrocarbon resin produced by C5, C9 fraction, byproducts of petroleum cracking, preheating, andy distillation. It is a polymer with low molecular weight. These petroleum resins are resistant to water, resistant to ethanol, and chemicals. Petroleum resins are generally used with other kinds of resins as promoters, adjusting agents, modifiers.
The main driving factor for this Petroleum Resins market is the growth in the automotive industry. Petroleum Resins are used for many parts of cars and other automotive. Petroleum Resins are used for manufacturing paints, rubber. These Paints are used for the body of the automotive, and rubbers are used for the tires. So, the Petroleum Resins market increases with an increase in demand for automotive. The global passenger car sales had increased from 69,506,882 in 2016 to 70,849,456 in 2017.
The other driving factor for this petroleum resins market is the increase in the construction of buildings. These petroleum resins are used in the paints where paints are used in building design. As the population increases, the buildings count increases. In this manner, the rise in construction of buildings would be a driving factor for the petroleum resins market. The introduction of eco-friendly resins is a restraint for this market. These eco-friendly resins have less amount of volatile organic compounds. So, these resins are more preferred than petroleum resins.
By Type of Resin, Global Petroleum Resins Market can be segmented into Aliphatic petroleum resin, Aromatic petroleum resin, Dicyclopentadiene petroleum resin, Mixed petroleum Resin. Aromatic petroleum resins are the most used resins.
Aromatic petroleum resins contain a certain amount of polyenes. Indene. The boiling point range of these resins is about 140 -200 Celsius. So, C5 hydrocarbons are not present because they have low boiling points. Aromatic petroleum resins are made up of C9 resin oil that contains various monomers. This Global Petroleum market can be divided into Paints, Adhesives, rubbers, inks, and paper industry by type of Application. Paints mainly use C9 petroleum resins with a high softening point. Petroleum resins are added to increase the final finishes of paint, adhesiveness of paint films, and increase the hardness.
Rubbers mainly use C9 resins with a low softening point. These resins have good mutual solubility. Rubbers added with petroleum resins will increase the strength, softening property.
By Geography, Global Petroleum Resins Market can be divided into North America, Europe, Asia – Pacific, Middle East, and Africa, South America. North America would get the highest share at the end of the forecast period. Most of these resins are used for paints, adhesives, rubbers.
Most of the paint manufacturers are present in North America. Sherwin William is a leading manufacturer of paints in the world. Most of these paints are manufactured in North America. Net sales of these paints in 2017 is $ 14,983,788 and in 2018 it was $ 17,524,493. This shows that there is an increase in the production of paints.
Europe would have the next highest share at the end of the forecast period. Many paints and adhesives manufacturers are present in Europe but less than the manufacturers present in North America. AkzoNobel, BASF are the main manufacturers of paints in Europe.
Many Key Companies adopt strategies such as mergers, acquisitions, partnerships, and expanding their companies by opening new branches to gain dominance over other countries. New Product Launches are also one way to increase the lead.
Eastman to Expand Resin and Polymer Production.
Hydrogenation is our next step. Trends towards high sophisticated consumer and industrial goods require clean and safe raw materials. We will provide NOVARES pure resins in due course. The construction of the plant is in progress.
Neville Chemical Company announces plans to produce hydrogenated hydrocarbon resins.
Major companies that produce petroleum resins are ExxonMobil, BASF, Eastman, Neville, Rutgers Novares, Cray Valley, Puyang Changyu petroleum resins, Bitoner Resins, Qingdao Higree chemical Co Ltd, Innova Chemical Co Ltd.
Get your free sample proposal with a single click!