Global Petroleum Resins Market is estimated to be valued at US$ 3149.18 Mn in 2021, according to the Global Petroleum Resins Market Report, by Product Type (Aliphatic C5 Resins, Aromatic C9 Resins, C5/C9 Resins, and Hydrogenated Hydrocarbon Resins), by Application (Adhesive and Sealants, Paints & Coatings, Rubber Compounding, Printing Inks, Tapes and Labels, and Others), by End-use Industry (Automotive, Building & Construction, Consumer Goods, Tire Industry, Personal Hygiene, and Others), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global petroleum resins market was valued at US$ 3149.18 Mn in 2021. Petroleum resins market is expected to register a CAGR of 8.35% over the forecast period (2022–2030), to reach US$ 6454.21 Mn by 2030.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/petroleum-resins-market-1251
Key Trends and Analysis of the Global Petroleum Resins Market:
- Aliphatic C5 resins accounted for the highest market share in 2021, owing to its use as tackifying agent in rubbers, ethylene vinyl acetate, Styrene-isoprene block copolymers, and amorphous polyolefins among others. According to Malaysian Rubber Board, the global consumption of rubber was 26,403 thousand tons in 2014, which increased to 26,731 thousand tons in 2021. This increasing demand for rubber is driving growth of the aliphatic C5 resins segment in the global petroleum resins market.
- Adhesives and sealants accounted for the largest segment in the global petroleum resins market. According to, the medical adhesives and sealants market was valued at US$ 3149.18 Mn in 2021 and is expected to exhibit a CAGR of 35 % to surpass US$ 6454.21 Mn by 2030. This is growth in the medical adhesives and sealants market is fuelling growth of petroleum resins market as petroleum resins, which are hypo-allergenic such as hydrogenated C9 aromatic resins are suitable for use in medical adhesives.
- Automotive industry is the largest end-use industry application segment in the global petroleum resin market. This is due to its various applications such as tire rubber compounding for improving chipping resistance and enhancing modulus of the compounding.
Key Takeaways of the Global Petroleum Resins Market:
- According to a study, Asia Pacific accounted for the highest market share of 38.39% in terms of revenue in the global petroleum resins market in 2021. This is attributed to the significant growth in the construction and automobile industries especially in the emerging economies of China and India.
- North America is the second largest petroleum resins market, owing to increasing demand for paints, coatings, adhesives, sealants, and others from the construction sector. According to United States Census Bureau, the value of construction was US$ 3149.18 Mn in 2021.
- Key players operating in the global petroleum resins market include Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation, Neville Chemical Company, Total Cray Valley, and Anglxxon Chemical Co., Ltd.
