The Global Market for Petroleum Resins is Projected to Reach 3 Million Tons by 2020

Growth in Rubber, Tire, Adhesive & Paint Industries to Drive the Global Petroleum Resins Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Petroleum Resins market. The global market for Petroleum Resins is projected to reach 3 million tons by 2020, driven by the growth in end use industries such as rubber, tire, adhesive & sealants, and paint & printing inks.

Petroleum resins, also known as petroleum hydrocarbon resins are manufactured by using C5 and C9 as raw materials. Some of the major techniques used for production include distillation, polymerization, petroleum cracking, as well as pretreatment. Due to excellent adhesion, heat and chemical resistance and mechanical properties, petroleum resin has been among the most preferred resin material for paints and coatings, printing inks, adhesives, and compounding agents. In the paint industry, petroleum resin lotion is used for strengthening synthetic coating material, while light colored petroleum resin is used to produce laquer for enhancing adherence and gloss. In the rubber industry, petroleum resin is used to enhance the hardness of synthetic rubber. Petroleum resins are also used in traffic sign coatings, printing ink, hot melt glues, and as water repellent agent for paper. Poised to benefit the market is the continuous expansion in applications into newer markets such as oil field water treatment agent, pitch modified agent, and slurry additive.

The market for petroleum resins is highly variable and dependent on factors such as economic conditions, growth in GDP, consumer purchasing power, and the overall health of end-use industries. The downturn in world economy and the financial crunch worked as a market dampener over the last couple of years. The market is currently witnessing recovery led by the revival of the global economy, growth in private industrial commercial output, and increased maintenance and repair activity. Despite the promising macroeconomic outlook, casting a long shadow of threat are the recent advancements in the field of petrochemicals which are negatively impacting the C5 petrochemicals market. The shale gas revolution in North America, for instance, is leading several companies to use liquid cracking technique for producing natural gas liquids and ethane in place of conventional ethylene. This remains one of the major reasons behind the declining use of C5 petrochemicals in a broad range of derivative industries and separation units.

As stated by the new market research report on Petroleum Resins, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.7% over the analysis period. Consumption of petroleum resins in China has benefited largely by the country’s manufacturing dominance and availability of cheap & reliable gas/energy supply. Future growth in Asia will be driven by stable economic growth and industrial activity in Southeast Asian countries and growing demand for ethylene by-products such as resin oils against the backdrop of shortages of natural raw materials.

Major players covered in the report include Arakawa Chemical Industries Ltd., Changzhou Huake Polymers Co., Ltd., Cray Valley Hydrocarbon Specialty Chemicals, Eastman Chemical Company, ExxonMobil Chemical Company, Innova Chemical Co., Ltd., KOLON Industries, Inc., Maruzen Chemical Trading Co., Ltd., Nanjing Yangzi Eastman Chemical Ltd., Neville Chemical Company, Ningbo Yonghua Resin Co., Ltd., PetroChina Lanzhou Petrochemical Co., Ltd., Puyang Ruisen Petroleum Resins Co., Ltd., Puyang Tiancheng Chemical Co., Ltd., Puyang Xinyu Petrochemical Industry Co., Ltd., Puyang Zhongde Petroleum Resins Co., Ltd., Qingdao Bater Chemical Co., Ltd., RÜTGERS Group, Shanghai Jinsen Hydrocarbon Resins Co., Ltd., ZEON Corporation, Zibo Kaixin Chemical Industry Co., Ltd., Zhejiang Henghe Petrochemical Co., Ltd., and Zibo Luhua Hongjin New Material Co., Ltd.  among others.

The research report titled “Petroleum Resins: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers and other strategic industry activities. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of Latin America).

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