The petroleum resins market size has the potential to grow by USD 926.28 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (building and construction, tire, automotive, consumer goods, and others), type (C5, hydrogenated hydrocarbon, C9, and C5/C9), application (adhesives and sealants, paints and coatings, rubber compounding, printing inks, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Arakawa Chemical Industries Co. Ltd., Eastman Chemical Co., Exxon Mobil Corp., Idemitsu Kosan Co. Ltd., Kolon Industries Inc., Mitsui Chemicals Inc., Rain Carbon Inc., Sojitz Corp., Total SA, and Zeon Corp.
Market Overview
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Market Competitive Analysis
The petroleum resins market is fragmented. The market is characterized by the presence of well-diversified international, regional, and local vendors. The players have a vast geographical presence with large production facilities located globally. A sizeable number of small regional vendors also operate in the market and have significant shares. The competitive environment in the market will further intensify over the next five years with the increase in product extensions in terms of innovation in technology. Vendors compete based on factors such as innovation, price, operational cost, and product quality. Arakawa Chemical Industries Co. Ltd., Eastman Chemical Co., and Exxon Mobil Corp. are some of the major market participants. Although the high demand from the automotive industry will offer immense growth opportunities, the threat of substitutes will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this petroleum resins market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this petroleum resins market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Arakawa Chemical Industries Co. Ltd.
- Eastman Chemical Co.
- Exxon Mobil Corp.
- Idemitsu Kosan Co. Ltd.
- Kolon Industries Inc.
- Mitsui Chemicals Inc.
- Rain Carbon Inc.
- Sojitz Corp.
- Total SA
- Zeon Corp.
Petroleum Resins Market: Segmentation by Geography
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APAC was the largest petroleum resins market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growth of the automotive and building and construction industries and the presence of dominant vendors will significantly drive petroleum resins market growth in this region over the forecast period.
55% of the market’s growth will originate from APAC during the forecast period. China and South Korea (Republic of Korea) are the key markets for petroleum resins in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Petroleum Resins Market: Segmentation by End-user
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In the building and construction industry, petroleum resins are mainly used in flooring adhesives, epoxy paints, concrete curing agents, HMAs, and alkyd paints. Petroleum resins are mainly used in paints as a binder due to its strong adhesion and high stability. The rising urbanization, followed by the expansion in residential, non-residential, and infrastructure projects, is expected to propel the growth of the construction industry during the forecast period. Therefore, with the growth of the global construction industry, the demand for petroleum resins is expected to increase significantly during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the petroleum resins market size.
Petroleum Resins Market: Key Drivers and Trends
The petroleum resins market will grow at a CAGR of almost 8% during the forecast period. The high demand from the automotive industry is one of the primary drivers responsible for the petroleum resins market growth. Petroleum resins are specifically used in the automotive industry in tire rubber compounding as they improve chipping resistance, enhance modulus of the compound, and are compatible with natural and synthetic rubber. The use of petroleum resins has also increased in the tire industry due to its enhanced bonding and tackiness and its assistance in the proper distribution of fillers during tire vulcanization. Furthermore, regions such as APAC are foreseen to witness high growth in the automotive segment on the basis of the growth in per capita income, road infrastructure, and increase in per capita of vehicles owned, in turn, propelling the market growth.
Petroleum Resins Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive petroleum resins market growth during the next five years
- Precise estimation of the petroleum resins market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the petroleum resins industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of petroleum resins market vendors
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