by Petroleum resins are aromatic hydrocarbon resins produced from petroleum refinery streams. They are widely utilized in applications such as inks, adhesives, paints, rubbers, tires and other applications due to their ability to impart properties such as improved hardness, adhesion and water resistance. The growing automotive industry has supported the increasing consumption of tires and other plastic components in vehicles.
The Global Petroleum Resins Market Size is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing consumption of resins in the automotive industry has been a key factor driving the petroleum resins market. Petroleum resins are widely used in the production of tires due to their properties such as high adhesion and water resistance. They help improve various tire properties. With the rising vehicle production across the globe, especially in emerging economies, the demand for tires has also increased significantly which in turn has supported market growth of petroleum resins over the past few years. The trend is expected to continue during the forecast period with growth in the automotive industry.
SWOT Analysis
Strength: Petroleum resins are highly durable and can withstand extreme weather conditions. They offer superior resistance to UV radiation, heat and corrosion.
Weakness: Petroleum resins face strong competition from bio-based and non-petroleum alternatives. The production of petroleum resins also contributes to environmental pollution.
Opportunity: Rising infrastructural activities in emerging economies boost the paints and coatings industry which drives the demand for petroleum resins. Petroleum resins are increasingly used in hot melt adhesives and road marking applications.
Threats: Stringent environmental regulations on VOC emissions limit the use of petroleum resins in certain applications. Volatility in crude oil prices also impacts the prices of petroleum resins.
Key Takeaways
The global petroleum resins market is expected to witness high growth. The global Petroleum Resins Market is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period owing to rapid industrialization and infrastructure development activities in China and India. China represents highest consumption and is one of the major suppliers of petroleum resins globally.
Key players operating in the petroleum resins market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
