Petroleum Resins Market, 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) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Petroleum resins are obtained from cracking of heavy carbon feedstock. It has properties such as solubility, softening points, thermal stability, and chemical stability. Increasing demand of petroleum resins in footwear, leather, contact adhesives, hot melt adhesives, fragrance fixatives, plastic and rubber modification, wax modification, pharmaceutical adhesives, and other applications is propelling growth of global petroleum market. Volatile cost of raw material such as crude oil is one of the major restraint to growth of the petroleum resins market.
Market Dynamics
Asia Pacific accounted for the largest share in the petroleum resins market in 2021, followed by North America and Europe. Asia Pacific accounted for 38.39% market share in 2021. Growth in construction and automobile industry is driving growth of the petroleum market in this region. For instance, according to the International Trade Association, Department of Commerce, the automobile output in China is expected to reach 30 million units by 2020 and 35 million by 2030. Automotive sector is the largest end user of petroleum resins. This is owing to its properties such as compatibility with ethylene-vinyl acetate, styrene-butadiene-styrene and others for application in the automobiles.
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