Petroleum Resins Market

Petroleum Resins Market - Global Trends, and Forecast
till 2026
Petroleum resins are low molecular weight thermoplastic hydrocarbon resins
obtained from cracked petroleum fractions. It has a tackifying effect, which is slight
sticky effect and hence, is used in coatings, paints, varnishes, printing inks, paper,
lithographic inks, adhesives, concrete curing compounds, rubber, and other
applications. It is available in powders, crushed nuggets, flakes, solid block, beads,
solutions, and dispersions forms.
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Increasing use of petroleum resins for application in different end-use industries
including automotive, construction, and consumer goods among others for coating,
waterproofing and rubber compounding is driving growth of the petroleum resins
market. Growing demand for petroleum resins containing low volatile organic
compounds (VOCs) due to stringent government regulations on VOCs emissions
such as Directive 1999/13/EC for VOCs emissions from vehicle coatings and others
is further fuelling growth of petroleum resins market. Volatility in the cost of raw
materials is one of the major factor restraining growth of the global petroleum resins
market.
Aliphatic C5 resins accounted for the highest market share in 2016. This is due to
advantages of aliphatic C5 resins such as better glutinosity, good anti-ageing
properties, fluidity, low volatility, and minimized odor. These are used in hot-melt
adhesives, pressure sensitive adhesives, solvent-based adhesives, rubber damping
pieces, rubber for inner tube of tires and other applications.
Adhesive and sealants accounted for the largest market share over the forecast
period. Petroleum resins are used as tackifiers in adhesives and sealants to improve
tack, peel strength, specific adhesion, balance adhesion and cohesion, enhance high
temperature performance, and decrease cohesive strength.
Automotive industry accounted for the highest market share in 2016 owing to the use
of petroleum resins in rubber compounding to enhance modulus of the compound
and chipping resistance. According to the International Organization for Motor
Vehicles Manufacturers (OICA), the global motor vehicle production was 90,780,583
in 2015, which increased to 94,976,569 in 2016. This growth in motor production is
increasing demand for petroleum resins in the automotive industry.
Asia Pacific is the dominant petroleum resins market owing to increasing demand
from various application segments such as paints, sealants, adhesives, coating from
automotive and construction industries. For instance, according to India Brand Equity
Foundation — a trust established by the Department of Commerce, Ministry of
Commerce and Industry — the passenger vehicle production in India is expected to
increase US$ 10 million in 2020 from US$3.2 million in 2015. Also, according to the
International Trade Association, Department of Commerce, the total automotive
market size in 2015 was 24.94 million units, which increased to 28.36 million units in
2016. Thus, rapid growth in automotive industry in India and China is driving growth
of the petroleum resins market in Asia Pacific.
North America is the second largest petroleum resins market due to growing demand
from the automobiles industry. For instance, according to International Organization
for Motor Vehicles Manufacturers (OICA), the total automotive sales in the U.S. and
Canada was 19,785,141 in 2015, which increased to 19,849,518 in 2016.
Demand for petroleum resins for applications in adhesives and sealants is increasing
in the Europe market. According to the European Adhesive and Sealant Industry
(FEICA) the European adhesive and coating market was valued at US$ 16,019.03
million in 2014 and accounted for the market share of 35%.
Key market players in the petroleum resins market are adopting various strategies
such as joint venture, new plant development, and capacity expansion for business
expansion. For instance, in May 2017, Rain Carbon Inc. announced construction of
new capacity for hydrogenated hydrocarbon resins in Uithoorn, the Netherlands. In
December 2016, Rufayah Chemicals Company (RCC) and Sadara Chemical
Company signed a deal to set up hydrocarbon resin plants at Jubail in Saudi
Arabia’s Eastern Province at investment of US$ 500 million; and in March 2014,
ExxonMobil Chemical set up a new facility for Escorez hydrogenated hydrocarbon
resin production with capacity of 90,000 tons per year in Singapore.
Key market players in the global petroleum resins market are 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.
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Asia Pacific is the dominant petroleum resins market owing to increasing demand from various application segments such as paints, sealants, adhesives, coating from automotive and construction industries.

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