Petroleum resins are highly versatile hydrocarbon resins produced from the selective polymerization of refinery streams, a byproduct of crude oil distillation. These resins are commonly used in the production of painting, coating, adhesive and sealant applications, owing to their advantages such as superior gloss, flexibility, and water resistance. The growing demand for paints & coatings from industries like construction and automotive has augmented the usage of petroleum resins.
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 21% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing usage of petroleum resins in the paints & coatings industry has been a key growth driver for the global market. Petroleum resins efficiently enhance properties like flexibility, durability, adhesion and water resistance of paints & coatings. This has boosted their demand from industries like construction, automotive, packaging etc. where high performance coatings are required. Growing infrastructure and construction activities along with automobile production worldwide has augmented the consumption of paints & coatings. According to the Oxford Economics, the global construction industry is expected to grow by 85% to hit USD 15.5 trillion by 2030. Such growth in end-use industries is expected to accelerate the demand for petroleum resins over the forecast period.
Segment Analysis
The global petroleum resins market is dominated by the C5/C9 aromatic resins sub-segment owing to their higher resilience and better adhesion properties compared to other types of resins. C5/C9 aromatic resins find wide application in hot melt adhesives, road markng paints, and printing inks industries due to their capacity to enhance tackiness, compatibility and wetting.
Key Takeaways
The Global Petroleum Resins Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 21% over the forecast period 2023 to 2030.
Regional analysis:
Asia Pacific region held the largest market share in 2023 and is expected to be the fastest growing region during the forecast period due to presence of countries like China, India and Indonesia which are the major consumers as well as producers of petroleum resins. Rapid industrialization, infrastructural development and growth of end use industries in the region is expected to drive the demand for petroleum resins.
Key players:
Key players operating in the petroleum resins market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. These players are focusing on new product development and capacity expansion through mergers and acquisitions to gain a competitive edge in the market.
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