Petroleum Resins Market 2019: Industry Information- by Resin , Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Mar 18, 2019
Global Petroleum Resins Market Information- by Resin Type (C5, C9, Hydrogenated Hydrocarbon, C5/C9), by Application (Adhesives, Paints & Coatings, Printing Inks), by End-Use (Construction, Automotive, Packaging, Personal Hygiene) – Forecast till 2023
Pune, India - March 18, 2019 /MarketersMedia/ —
Market Research Future published on “Global Petroleum Resin Market Research Report - Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Petroleum Resins Market Information- by Resin Type (C5, C9, Hydrogenated Hydrocarbon, C5/C9), by Application (Adhesives, Paints & Coatings, Printing Inks), by End-Use (Construction, Automotive, Packaging, Personal Hygiene) – Forecast till 2023. Petroleum resins also referred to as hydrocarbon resins are low-density materials used in various applications such as adhesives, print inks, polymer- additives and coatings. Obtained through the distillation of heavy hydrocarbon feedstock, Petroleum resins, are capable of producing excellent flexibility, bonding strength and tackifying effect which makes them suitable to be used in applications such as adhesives, rubber, paints & coatings and other areas where tackiness is required.
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Owing to some of the excellent properties such as thermal stability, softening point and heat resistance petroleum resins are used in cosmetic and personal hygiene products industry. Extensive use and demand for the hydrocarbon resins is the key driving force escalating its market on the global platform.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) has recently published a study report. In its report, MRFR foretells that the global Petroleum Resin market is expected to grow exponentially by 2023, registering a phenomenal CAGR during the forecast period (2017 – 2023).
On the hand, stringent regulation laid by EPA and REACH in view of, the high amount of VOC emission released in the environment by the paints & coatings industry is expected to obstruct the market growth.
Global Petroleum Resin Market - Segmentations
The MRFR analysis is segmented into four key dynamics: -
By Resin Types: C5, C9, and Hydrogenated Hydrocarbon among others.
By Applications: Adhesives, Paints & Coatings, and Printing Inks among others.
By End-Uses: Construction, Automotive, Packaging, and Personal Hygiene among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
Whereas the adhesives segment is forecasted to perceive a higher growth in the market owing to the growing consumption of C9 resins to add unique features in the product such as fast dry, color spreading, and brightening effects.
The construction segment by end-uses will acquire the major share of the market due to widespread uses of petroleum resins in infrastructures, industrial roofing and membranes.
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Global Petroleum Resin Market - Geographical Analysis
The North America market is one of the lucrative markets for Petroleum Resins globally. The growing demand for hydrocarbon resins from some of the burgeoning sectors such as construction, automotive, and packaging is a key driving force pushing the market growth in the region. Additionally, factors such as high disposable income along with the increasing investments in the end-use industries are fostering the market growth, boosting the demand for the product.
Whereas the Europe market for Petroleum Resin is another promising market attributing to the augmenting penetration of end-user industries, the presence of automotive refinishes producers and burgeoning packaging industry. Besides, the growing consumption of hydrocarbon resins in the sectors such as aviation, energy, and marine along with the increasing innovations and technological advancements is estimated to propel the market growth.
Some of the European countries such as the U.K., Italy, Germany, and France will be observing a notable growth in the market during the review period.
Asia Pacific petroleum resin market is thriving due to the expanding production capacities in the region, substantial investments, and automation. Additionally, government initiatives such as “Make in India,” implemented by the Indian Government is fuelling the major industries to witness a significant growth. Moreover, the endless consumption of the product in some of the major end-use industries make the countries such as China, Japan, and India are the major contributors to the market growth. Numerous automotive manufacturing bases present in India, China, Japan, and South Korea are, in turn, expected to drive the Petroleum resin market, witnessing the increasing sales.
Rapidly increasing uptake of the latest OEM digital color solution is expected to drive the market growth in the region. Also, emerged as a global manufacturing hub for petroleum resins China market is expected to witness huge growth due to the availability of cost-competitive labor force and abundance of the required feedstock.
Global Petroleum Resin Market – Competitive Landscape
The competitive market of Petroleum Resin appears fragmented with the matured & small key players along with the new entrants forming a competitive landscape. Through the acquisition, strategic partnership, expansion, product/technology launch & collaboration, these players try to gain competitive advantage. Substantial investments are transpired in the R&D to develop an entirely different technology compared to their competition.
Key Players:
The Global Petroleum Resin Market is driven by some of the eminent players including Eastman Chemical Company (US), Exxon Mobil Corporation (US), Idemitsu Kosan Co.,Ltd (Japan), Arakawa Chemical Industries, Ltd. (Japan), Puyang Changyu Petroleum resins Co., Ltd.(China), Kolon Industries, Inc.(South Korea), The Dow Chemical Company(US), BASF SE(Germany), Neville Chemical Company(US), and Cray Valley(France). MRFR profiles them in its analysis & finds out their strategies that help keeping them in the forefront of the market competition.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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Source: MarketersMedia
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