The global petroleum resins market is anticipated to expand at a CAGR of above 7% from 2017 to 2021, according to a recent market research report from Technavio.
High demand from the automotive industry is one of the primary factors driving the market growth. Petroleum resins are specifically used in the automotive industry in tire rubber compounding as they enhance modulus of the compound, improve chipping resistance, and are compatible with natural and synthetic rubber. The application of petroleum resins has also increased in the tire industry because of its improved bonding and tackiness and its assistance in the proper distribution of fillers during tire vulcanization. Additionally, regions such as APAC are expected to witness high growth in the automotive segment due to the growth in per capita income, road infrastructure, and increase in per capita of vehicles owned, which will in turn drive the growth of the global petroleum resins market.
In terms of type, the global petroleum resins market is segmented intohydrogenated hydrocarbon resins, C5 resins, C9 resins, and C5/C9 resins. The C5 resins type dominated this market in 2016, and is likely to maintain the dominance during the forecast period. Factors like wide-spread usage in the end-user industries such as construction, automotive, and personal care drive the segment’s growth in this market.
In terms of application, the market is segmented into paints and coatings, adhesives and sealants, rubber compounding, tapes and labels, printing inks, and others. The adhesives and sealants application segment reportedly led the global petroleum resins market in 2016, and is expected to continue the lead in the next four years. The rising demand for adhesives and sealants for various applications in industries such as automobiles, construction, and chemicals will fuel the growth of the market in the future.
In terms of geography, the market is segmented into APAC, Europe, North America, and ROW. APAC dominated the market in 2016 and is expected to maintain the dominance during the forecast period. The increase in demand for petroleum resins by automotive and building and construction industries and the increased per capita income in countries such as India, China, and Thailand, will be the major factors accelerating the growth of the market.
Key players in the global petroleum resins market are Arakawa Chemical Industries, Eastman Chemical, ExxonMobil, Kolon Industries, and Total Cray Valley. Other prominent players include Lesco Chemicals, ZEON CHEMICALS, Puyang Shenghong Chemical, Innova Chemical, Anglxxon Chemical Products, Shandong Landun Petroleum Resins, Puyang Tiancheng Chemical, and Neville Chemical.
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