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.
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