Petroleum Resins Market is Anticipated to Witness High Growth Owing to Increasing Demand from Rubber and Coatings Industry
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Petroleum Resins Market |
The petroleum resins market
comprises aliphatic resins and aromatic resins. These resins are thermoplastic
polymers utilized as tackifiers in hot melt adhesives, and in printing inks and
coatings formulations to improve adhesion and tack to various substrates.
Petroleum resins are cost-effective, have excellent moisture resistance and
inertness, and enhance the performance of formulations. They are widely
utilized in tire and rubber applications to improve tackiness and other
properties. Major end-use industries include adhesives and sealants, printing inks,
coated papers, rubber products, and others.
The Global Petroleum Resins
Market is estimated to be valued at US$
4259.01 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the
Petroleum Resins market are Siemens Healthineers AG, Shimadzu Corporation,
Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA,
Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon
Inc. (Canon Medical Systems Corporation), among others. These players are
focusing on product innovation and launching solutions catering to wide range
of end-use applications.
The demand for petroleum resins
is growing on account of increasing demand from adhesives and sealants industry
where they are used as tackifiers in hot melt adhesives. Petroleum resins
enhance the adhesion and cohesion properties of adhesive formulations. The
global adhesives industry is growing at a healthy rate presenting lucrative
growth opportunities over the coming years.
The Global
Petroleum Resins Market Share is expanding globally with growing demand
from regions including Asia Pacific, North America, and Europe. Asia Pacific
dominates the overall market and the demand is increasing from countries like China,
India, Japan, Taiwan and South Korea. North America and Europe are also
significant consumers with major end-use industries present in these regions.
Market drivers
One of the key drivers for this
market is the increasing demand from adhesives and sealants applications.
Petroleum resins are widely used as tackifiers in hot melt adhesives. Adhesives
find widespread usage in various industries including packaging, construction,
footwear, automotive, etc. Growing applications of adhesives across industries
is positively impacting the demand for petroleum resins.
The ongoing geopolitical
conflicts have adversely impacted the growth of the petroleum resins market in
various regions across the globe. The rise in tensions between major economies
like the US, China and Russia has disrupted global trade and supply chain
dynamics. sanctions imposed by western countries have restricted exports from
Russia, a key supplier of petroleum products. This has driven up input costs
and created localized supply shortages in certain parts of Europe and Asia
Pacific. Additionally, lockdowns and restrictions during the pandemic led to
temporary shutdowns of manufacturing facilities, affecting output and market
demand.
However, some regions like Asia
Pacific and South America have shown resilience and are expected to drive
future growth. Key players need to diversify their supplier bases and look for
alternative sourcing options from markets like the Middle East and Africa to
reduce dependencies on a single region. Strategic partnerships and
collaborations could help improve access to resources and balance regional
supply-demand dynamics. Manufacturers also need to focus on developing specialized
products to cater to niche application areas and leverage advances in
downstream sectors that utilize petroleum resins. Adopting a multi-localized
approach tailored for each geography will be essential to navigate an uncertain
geopolitical environment in the long run.
In terms of value, the petroleum
resins market is currently concentrated in North America and Europe due to
their advanced end-use industries and established manufacturing bases. The
United States accounts for over 30% share due to a strong transportation sector
and packaging industry. Meanwhile, countries like China, India, Indonesia and
Brazil are contributing to the fastest growth in the Asia Pacific and South
America region. This growth is spurred by increasing infrastructure investment,
expanding construction activities and rising consumption of consumer goods
across emerging economies.
The Asia Pacific region is poised
to be the fastest growing market for petroleum resins during the forecast
period. Rapid industrialization and urbanization along with a rising middle
class population are driving demand from major applications like paints &
coatings, adhesives & sealants, and printing inks industry in the region.
Additionally, countries like China, India and ASEAN nations are witnessing
massive investments toward infrastructure and industrial development
initiatives which will boost consumption of petroleum resin-based goods. Hence,
players need to carefully tap into high growth potential countries to leverage
geographical opportunities.
Get More Insights Here
https://www.newsanalyticspro.com/petroleum-resins-market-size-share-growth-outlook-2023/
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