The Petroleum Resin Market Size was valued at USD 4.00 Billion in 2023. The Petroleum Resin industry is projected to grow from USD 4.29 Billion in 2024 to USD 7.21 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.65% during the forecast period (2024 - 2032).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
COVID 19 Analysis
The pandemic of COVID 19 has affected the petroleum resin market and all the other businesses in a bad way. Owing to the lockdown situation and post lockdown scenario, most of the manufacturing units were shut down and hence pushed various economies towards forced recession. During the COVID outbreak, the manufacturing and production units of the petroleum resin market faced a steep downfall in revenue.
It is expected that the petroleum resin market in the market is expected to recover from these losses at the end of the first quarter in the coming year during the forecasted period from 2017 to 2025.
Competitive Landscape
The most prominent key players in the petroleum resin market in the global market are as follows:
• Exxon Mobil Corporation (U.S.)
• Total Cray Valley (France)
• Sojitz Corporation (Japan)
• Kolon Industries Inc. (South Korea)
• Arakawa Chemical Industries, Ltd (Japan)
• QINGDAO HIGREE CHEMICAL CO., LTD (China)
• Puyang Tiancheng Chemical Co., Ltd (China)
• Qingdao Reehua Yuanhai Biotech Co., Ltd (China)
• Puyang United Chemical Co., Ltd (China)
• LESCO CHEMICAL LIMITED (China)
• Neville Chemical Company (U.S.)
These major key players of the petroleum resin market in the global market use various innovative strategies like joint ventures, agreements, mergers and acquisitions, partnership, expansion, and product development for increasing the customer base in the potential global market.
Novoset is happy to announce the signing of a Licensing Agreement with Shin-Etsu Chemical Co., Ltd. of Japan for the manufacture and distribution of modified hydrocarbon resins based on Novoset's intellectual property. The new resins have ultra-low dielectric loss qualities at high frequencies, low CTE, very low moisture absorption, a high Tg, and exceptional long-term thermo-oxidative stability at 250°C.
In 2018, ExxonMobil stated on Wednesday that it had begun production at its new hydrogenated hydrocarbon resins plant in Singapore, which it said would be the world's largest, with a capacity of 90,000 tons per year. The new EscorezTM factory is part of the US oil and gas giant's integrated manufacturing complex in Singapore, which is the world's largest integrated refining and petrochemical facility.
Market Overview
The low molecular weight has been made from the cracking of petroleum fractions. Many exhibits excellent high softening characteristics, tracking properties, resistance to thermo-oxidative degradation, good water repellency, glossiness, and high resistance to acids and alkalis have been possible because of many petroleum resin market types like C9 resin, C5 resin, and hydrogenated in the petroleum resin market and further these properties are used in different industries like plastic films, printing inks, paints and coating, and many other industries.
Market Dynamics
Drivers
The increasing application of the petroleum resin market for the production of hot-melt adhesives is the key growth driver in the petroleum resin market in the global market during the forecasted period. Not only this, but the growing consumption of paints and coating industry in the petroleum resin market in the global market also drives the market as it is used in road-making paints production and many other types of paints also for the construction industry and automotive industry.
Opportunities
The increasing demand for the petroleum resin market owing to the increase in demand for a product in rubber compounding application provides various growth opportunities in the global market. Also, the increasing consumption of petroleum resin in various emerging countries of the Middle East and Africa region and the Asia-Pacific region provides various growth opportunities in the global market during the estimated period from 2017 to 2025.
Restraints
The petroleum - resin market is growing at a fast pace in the global market, but some factors restraints the growth of the petroleum resin market, like the increasing prices of raw material in the petroleum resin market, poses a threat to its growth. Also, the presence of favorable substitutes in the market, such as rosin resin, hampers the growth of the petroleum resin market in the global market.
Value Chain Analysis
The petroleum resin market in the global market is very useful, and owing to innovation in technology and increasing innovative methods of production, it helps in increasing the market share and overall global market. The petroleum resin market helps in the manufacturing of electronic industrial solder flux, food-grade ester gum, coatings, inks, adhesives, and many other industries. The decreasing prices of crude oil also help in increasing the demand for petroleum resin market in the global market.
Market Segmentation
The petroleum resin market in the global market has been divided based on type, form, application, and end-users.
Based on the Type
The petroleum resin market in the global market has been divided based on type into C9 resins, C5 resins, hydrogenated petroleum resins, dicyclopentadiene (DCPD), and C5/C9 resin. The largest share in the global market has been held by C5 dividend owing to its increasing use of
adhesives and sealants, rubber and paints, and coatings.
Based on the Form
The petroleum resin market in the global market has been divided based on form into a masterbatch and true batch. Owing to the low cost and increasing availability, the true form of the petroleum resin market holds the largest share.
Based on the application
The petroleum resin market in the global market has been divided based on application into plastic films, rubbers, printing inks, adhesives, and paints and coating. The adhesives dividend holds the largest market share during the forecasted period.
Based on the End-Users
The petroleum resin market in the global market has been divided based on the end-users into automotive, construction, personal hygiene, packaging, and others. The substantial market share is held by the construction industry dividend.
Regional Analysis
The petroleum resin market in the global market has been divided based on region into the Asia-Pacific region, the Europe region, the North America region, the Middle East and Africa region, and the Latin America region. Owing to the presence of the largest-growing economies in the Asia-Pacific region, it holds the maximum market share during the forecasted period. This region dominates in petroleum resin market in the global market owing to rapid industrialization in various industries in nations like China and India.
The second-largest market trade has been held by the Europe region owing to increasing demand for consumption in petroleum resin in various industries like the automotive industry and packaging industry. In-country like Germany, it shows various growth opportunities during the forecasted period from 2017 to 2025. Other regions also develop but at a slow pace.
Recent Developments
To develop sustainable packaging in October 2021- TBM Co., Ltd. announced the signing of a sales contract with PT. KEMAS Indah Maju deals with environmental problems by launching LIMEX Pellet as a plastic substitute to inject molding for the beauty industry. KEMAS is the leading beauty and health plastic molding firm across Indonesia, serving beauty brands across the globe.LIMEX Pellet comprises 50% or more inorganic material such as calcium carbonate, lowers the volume of petroleum-derived plastics by up to 37%, and CO2 emissions by up to 28% as that of petroleum-derived plastics, as per the TBM survey. It can substitute acrylonitrile
butadiene styrene (ABS), polypropylene (PP) resin, which is used in several cosmetic containers and can be offered at a steady price because of less price volatility the main raw material of LIMEX, limestone, matched with petroleum resin.
December 2021- Ford has disclosed that the company is now using 100-percent recycled ocean plastics to develop a Bronco Sport compact SUV component. Ford alleges to be the first automaker to use 100-percent recycled ocean plastics to manufacture auto parts. The firm also claimed that recycled plastic generated from ocean debris is qualitatively equivalent to petroleum-based resin but saves up to 10% and requires less energy to produce.
In September 2019, for manufacturing the tire product throughout the Asia-Pacific region, a new tire additive division had been set up in Shanghai, China, by the Eastman for optimizing the manufacturing process for enhancing the tire products performance at the headquarters of Eastman’s that is in China.
The increasing use of petroleum resin in road-making paints increases the scope of the petroleum resin market in the global market during the forecasted period from 2017 to 2025.
It has also been observed that there has been a substantial increase in the investment of the petroleum resin market in the global market by various stakeholders for manufacturing paints and adhesives for gathering swing.
Cracking of petroleum fractions is done for lowering the molecular weight in the hydrocarbons, which will further add essence to the petroleum resin market in the global market.
Various chemical and physical properties are used in the petroleum resin market that helps in popularising it; also, the sticking ability is used in various industries like paper, concrete curing compounds, rubber, printing inks, and adhesives industries in the global market.
Report Overview
This global petroleum resin market research report consist of the following major elements:
• Market Overview
• COVID 19 Analysis
• Market Dynamics
• Value Chain Analysis
• Market Segmentation
• Regional Analysis
• Competitive Landscape
• Recent Development
Users
Consulting in chemical experts, investors and trade experts, government bodies, association bodies, and industrial bodies, suppliers and traders, petroleum resin manufacturers, and many others.
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 4.00 Billion |
| Market Size 2022 |
USD 4.29 Billion |
| Market Size 2030 |
USD 7.21 Billion |
| Compound Annual Growth Rate (CAGR) |
6.65% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018 & 2020 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Form, Application and End-Use |
| Geographies Covered |
North America, Europe, AsiaPacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Eastman Chemical Company (US), Exxon Mobil Corporation (US), Neville Chemical Company (US), Total Cray Valley (France), Kolon Industries Inc (South Korea), Arakawa Chemical Industries, Ltd (Japan), ZEON CORPORATION (Japan), Sojitz Corporation (Japan), QINGDAO HIGREE CHEMICAL CO., LTD (China), Puyang Tiancheng Chemical Co., Ltd (China), Qingdao Reehua Yuanhai Biotech Co., Ltd (China), Puyang United Chemical Co., Ltd (China), and LESCO CHEMICAL LIMITED (China) |
| Key Market Opportunities |
The increase in demand for a product in rubber compounding application provides various growth opportunities in the global market. |
| Key Market Dynamics |
The increasing application of the petroleum resin market for the production of hot-melt adhesives. Growing consumption of paints and coating industry |
Petroleum Resins Market Highlights:
Frequently Asked Questions (FAQ) :
The global petroleum resin market is predicted to touch USD USD 7.21 Billion by 2032.
The petroleum resin market is predicted to grow at an 6.65% CAGR between 2024 - 2032.
Asia Pacific is predicted to have lions share in the petroleum resin market during the forecast period.
Low processing cost, favorable regulatory scenario, and increasing use in the paints & coatings industry is boosting market growth
Easy availability of substitutes and fluctuating raw material prices may deter market growth.
