Petroleum Resin Market - Forecast(2023 - 2028)

Report Code: CMR 47187 Report Format: PDF + Excel

Petroleum Resin Market Overview

The Petroleum Resin Market size is estimated to reach US$3.4 billion by 2027 after growing at a CAGR of 7.1% during the forecast period of 2022-2027. Petroleum Resin is a resin such as aliphatic, aromatic, hydrocarbon resin and hydrogenated resin which are a by-product of crude oil. The chemical resistance, anti-aging, low volatility and rich adhesive nature of these adhesives are influencing their demand in major end-users such as automotive, building & construction, aerospace and paper, thereby positively impacting the Petroleum Resin Market. Factors such as the rapid increase in automotive production, growing construction activities and bolstering growth in the aerospace industry are driving the growth in the petroleum resin industry. However, the growing price of crude oil could pose a challenge to the growth of the market and would negatively impact the Petroleum Resin Market size. The disruption caused by the COVDI-19 decreased the market demand for petroleum resins in major sectors such as automotive and building & construction, which negatively influenced the petroleum resin industry outlook.

Petroleum Resin Market Report Coverage

The “Petroleum Resin Market Report – Forecast (2022 – 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Petroleum Resin Industry.

By Grade – Industrial and Technical.
By Type – Aliphatic, Aromatic, Hydrocarbon Resin, Hydrogenated Resin and Reactive.
By Application – Paints & Coatings, Inks, Adhesives (Hot Melt and Pressure Sensitive), Tires, Concrete Curing Compound and Others.
By End-use Industry – Aerospace (General, Military and Others), Building & Construction (Residential, Commercial, Industrial and Infrastructural), Automotive (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles), Paper Industry, Rubber Industry and Others.
By Geography - North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America [Brazil, Argentina, Colombia, Chile and Rest of South America) and the Rest of the World (the Middle East and Africa)].

Key Takeaways

  • Asia-Pacific dominates the Petroleum Resin Market due to the rapidly growing automotive and building & construction sector which is stimulating the demand for petroleum resin such as aliphatic, aromatic and hydrocarbon resin for paints & coatings and adhesives applications.
  • Increase in aircraft deliveries to tackle the growing air passenger traffic problem has boosted petroleum resin demand for tire application in the aerospace sector, thereby propelling the growth of the petroleum resin industry and positively impacting the petroleum resin industry outlook.
  • Anti-aging features provided by petroleum resin improve the durability of the products which is expected to stimulate the demand for such resin for various industrial applications, resulting in positive market growth.
  • An increase in the price of crude oil will lead to a simultaneous increase in the price of the aliphatic, aromatic and hydrocarbon resins, which would hamper the market growth and would also negatively impact the Petroleum Resin Market size during the forecast period.

Figure: Petroleum Resin Market Revenue Share, By Geography, 2021 (%)
Petroleum Resin Market
For More Details on This Report - Request for Sample

Petroleum Resin Market Segment Analysis – by Grade

The industrial grade held the largest share in the Petroleum Resin Market share in 2021 and is expected to grow at a CAGR of 6.8% during the forecast period 2022-2027. Industrial grade petroleum resin consisting of aliphatic, aromatic and hydrocarbon resin has high mechanical strength and chemicals as well as temperature resistance. Such resin holds major applicability in various end-use industries such as building & construction, automotive, rubber and paper where it is used in paints & coatings, adhesives and construction materials such as concrete. The high-performance nature of the industrial grade petroleum resin coupled with the significant growth shown by these sectors is propelling the demand and usage of grade in them which is contributing to the segment growth of the industrial grade petroleum resin during the forecast period.

Petroleum Resin Market Segment Analysis – by End-use Industry

Building & construction sector held the largest share in the Petroleum Resin Market share in 2021 and is projected to grow at a CAGR of 7.4% during the forecast period 2022-2027. Petroleum resin such as aliphatic have excellent thermal stability, heat-resistance and softening effect, which is driving its demand in the sector in cement curing agent and paints & coating applications. The building & construction sector has shown significant growth on account of growing construction activities in the residential and commercial segments. For instance, according to Eurostat, in January 2022, production in commercial building construction increased by 4.2% in Europe in comparison to 2021 same month. Furthermore, according to the Australian Bureau of Statistics, in February 2022, the number of dwellings approved in Australia rose 43.5% with private sector house approvals showing a 16.5% rise. Such an increase in the building & construction sector will accelerate the demand and usage of petroleum resin for cement curing agents and paints & coatings applications, thereby driving the market growth during the forecast period.

Petroleum Resin Market Segment Analysis – by Geography

Asia-Pacific held the largest share in the Petroleum Resin Market share in 2021 up to 45%. The region is a manufacturing hub for major industrial sectors such as automotive and building & construction sectors which are major end-users of petroleum resin for paints & coatings and adhesives applications. Growing demand for new automobiles, as well as residential units coupled with favorable industrial policies, has increased the productivity of such sectors in Asia-Pacific. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2021, India’s automotive production stood at 4.39 million units, showing a 30% increase in comparison to 2020. Also, according to China’s National Bureau of Statistics, in Q2 of 2021, the construction sector of China registered a growth of 1.8% while its cumulative growth was 8.6% in the first half of 2021. Furthermore, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in May 2022, construction orders in Japan increased by 30.5% in comparison to the same month in 2021. Such an increase in productivity will accelerate petroleum resin demand in the automotive and building &b construction sectors for paints & coatings and adhesives applications, resulting in a positive growth of the Petroleum Resin Market in the Asia-Pacific region during the forecast period.

Petroleum Resin Market Drivers

Rapid Increase in Automotive Production:

Petroleum resin such as hydrocarbon resin has high applicability in the automotive sector where they are used in paints & coatings and hot melt adhesives applications due to their rich temperature and abrasion resistance nature. The growing demand for the passenger as well as commercial vehicles coupled with favorable government policies related to industrial investments has increased the overall production of automobiles. For instance, according to the International Organization of Motor Vehicles Manufacturers, in 2021, global automotive production stood at 80.1 million units, which showed a 3% increase from 2020’s production. Also, automotive production at the regional level showed significant growth, for instance, according to the same data provided by the International Organization of Motor Vehicles Manufacturers, in 2021, automotive production in South America increased by 18% and in Africa by 16%. Such a rapid increase in automotive production has boosted petroleum resin demand and usage for paints & coatings and adhesives applications, resulting in a positive petroleum resin industry growth.

Bolstering Growth in Aerospace Industry:

Petroleum resin has rich chemical stabilizing and viscosity properties which makes it an essential material to be used in aircraft tires for improving their durability and mechanical strength. The aerospace sector has shown significant growth over the years owing to the growing demand for new aircraft, which has increased the overall rate of aircraft deliveries. According to the General Aviation Manufacturer Association, in Q1 of 2022, total aircraft deliveries increased by 14.7% in comparison to Q1 of 2021. Furthermore, according to the annual reports of Boeing, the cumulative aircraft deliveries of the company increased by 3.5% in comparison to 2020. Such an increase in aircraft deliveries on account of growing demand has created a surge in the demand and usage of petroleum resin in aircraft tires, thereby positively impacting the growth of the petroleum resin industry during the forecast period.

Petroleum Resin Market Challenge

Growing Price of Crude Oil:

Petroleum resin is made by polymerizing the mixtures of unsaturated monomers that are obtained as a by-product of crude oil. The growing industrial demand for crude oil at the global level coupled with supply chain mishaps has increased the price of crude oil. For instance, according to the US Energy Information Administration, in October 2021, crude oil prices stood at US$86 dollars per barrel, showing a 104.7% increase in comparison to 2020’s price for the same month. The increase in crude oil price could simultaneously increase the overall price of manufacturing petroleum resin resulting in their irregular production, which could pose a challenge to the growth of the Petroleum Resin Market. This would also negatively impact the Petroleum Resin Market size during the forecast period.

Petroleum Resin Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Petroleum Resin Market. The top 10 companies in the Petroleum Resin Market are:

  1. Dow Chemical Company
  2. Exxon Mobil Corporation
  3. Eastman Chemical Company
  4. KOLON Industries Inc.
  5. Arakawa Chemical Industries Ltd.
  6. Mitsui Chemicals Inc.
  7. Zeon Corporation
  8. Total Cray Valley
  9. Lesco Chemical Limited
  10. Neville Chemical Company

Recent Developments

  • In June 2021, KOLON Industries Inc. added 15,000 tons of annual capacity in its hydrocarbon resin manufacturing and such addition increased the company’s total annual capacity of 200,000 tons for its hydrocarbon resin manufacturing.
  • In May 2021, Henkel launched a new range of hot melt adhesives Technomelt Supra ECO which offers greater sustainability, higher performance and low carbon emissions.
  • In May 2020, Exxon Mobil began production of hydrocarbon resin and hydrogenated resin at its manufacturing complex in Singapore which is the largest integrated refining and petrochemical complex of the company.

Relevant Reports

Resins Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code – CMR 1053

Phenolic Resins Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code – CMR 0819

Corrosion Resistant Resin Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code – CMR 0611 

For more Chemicals and Materials Market reports, please click here

1. Petroleum Resin Market - Market Overview
    1.1 Definitions and Scope
2. Petroleum Resin Market - Executive Summary
    2.1 Key Trends by Grade
    2.2 Key Trends by Type
    2.3 Key Trends by Application
    2.4 Key Trends by End-use Industry
    2.5 Key Trends by Geography
3. Petroleum Resin Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Petroleum Resin Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Petroleum Resin Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Petroleum Resin Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Petroleum Resin Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Petroleum Resin Market – by Grade (Market Size – US$ Million/ Billion)
    8.1 Industrial
    8.2 Technical
9. Petroleum Resin Market – by Type (Market Size – US$ Million/Billion)
    9.1 Aliphatic
    9.2 Aromatic
    9.3 Hydrocarbon Resin
    9.4 Hydrogenated Resin
    9.5 Reactive
10. Petroleum Resin Market – by Application (Market Size - US$ Million/Billion)
    10.1 Paints & Coatings
    10.2 Inks
    10.3 Adhesives
        10.3.1 Hot-Melt
        10.3.2 Pressure Sensitive
    10.4 Tires
    10.5 Concrete Curing Compound
    10.6 Others
11. Petroleum Resin Market - by End-use Industry (Market Size - US$ Million/Billion)
    11.1 Aerospace
        11.1.1 General
        11.1.2 Military
        11.1.3 Others
    11.2 Building & Construction
        11.2.1 Residential
        11.2.2 Commercial
        11.2.3 Industrial
        11.2.4 Infrastructural
    11.3 Automotive
        11.3.1 Passenger Vehicles
        11.3.2 Light Commercial Vehicles
        11.3.3 Heavy Commercial Vehicles
    11.4 Paper Industry
    11.5 Rubber Industry
    11.6 Others
12. Petroleum Resin Market - by Geography (Market Size - US$ Million/Billion)
    12.1 North America
        12.1.1 the USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 the UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 the Netherlands
        12.2.6 Spain
        12.2.7 Belgium
        12.2.8 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 the Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Petroleum Resin Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Petroleum Resin Market – Industry/Competition Segment Analysis Premium 
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Petroleum Resin Market – Key Company List by Country Premium Premium 
16. Petroleum Resin Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
* "Financials would be provided to private companies on a best-effort basis."
Connect with our experts to get customized reports that best suit your requirements. Our reports include global-level data, niche markets and competitive landscape.

LIST OF TABLES

1.Global Petroleum Resins Market By Type Market 2019-2024 ($M)
1.1 Aliphatic C5 Resins Market 2019-2024 ($M) - Global Industry Research
1.2 Aromatic C9 Resins Market 2019-2024 ($M) - Global Industry Research
1.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 ($M) - Global Industry Research
1.4 C5/C9 Resins Market 2019-2024 ($M) - Global Industry Research
2.Global Petroleum Resins Market By End-Use Industry Market 2019-2024 ($M)
2.1 Building & Construction Market 2019-2024 ($M) - Global Industry Research
2.2 Tire Industry Market 2019-2024 ($M) - Global Industry Research
2.3 Automotive Market 2019-2024 ($M) - Global Industry Research
2.4 Personal Hygiene Market 2019-2024 ($M) - Global Industry Research
2.5 Consumer Goods Market 2019-2024 ($M) - Global Industry Research
3.Global Petroleum Resins Market By Type Market 2019-2024 (Volume/Units)
3.1 Aliphatic C5 Resins Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Aromatic C9 Resins Market 2019-2024 (Volume/Units) - Global Industry Research
3.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 (Volume/Units) - Global Industry Research
3.4 C5/C9 Resins Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Petroleum Resins Market By End-Use Industry Market 2019-2024 (Volume/Units)
4.1 Building & Construction Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Tire Industry Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Automotive Market 2019-2024 (Volume/Units) - Global Industry Research
4.4 Personal Hygiene Market 2019-2024 (Volume/Units) - Global Industry Research
4.5 Consumer Goods Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Petroleum Resins Market By Type Market 2019-2024 ($M)
5.1 Aliphatic C5 Resins Market 2019-2024 ($M) - Regional Industry Research
5.2 Aromatic C9 Resins Market 2019-2024 ($M) - Regional Industry Research
5.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 ($M) - Regional Industry Research
5.4 C5/C9 Resins Market 2019-2024 ($M) - Regional Industry Research
6.North America Petroleum Resins Market By End-Use Industry Market 2019-2024 ($M)
6.1 Building & Construction Market 2019-2024 ($M) - Regional Industry Research
6.2 Tire Industry Market 2019-2024 ($M) - Regional Industry Research
6.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
6.4 Personal Hygiene Market 2019-2024 ($M) - Regional Industry Research
6.5 Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
7.South America Petroleum Resins Market By Type Market 2019-2024 ($M)
7.1 Aliphatic C5 Resins Market 2019-2024 ($M) - Regional Industry Research
7.2 Aromatic C9 Resins Market 2019-2024 ($M) - Regional Industry Research
7.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 ($M) - Regional Industry Research
7.4 C5/C9 Resins Market 2019-2024 ($M) - Regional Industry Research
8.South America Petroleum Resins Market By End-Use Industry Market 2019-2024 ($M)
8.1 Building & Construction Market 2019-2024 ($M) - Regional Industry Research
8.2 Tire Industry Market 2019-2024 ($M) - Regional Industry Research
8.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
8.4 Personal Hygiene Market 2019-2024 ($M) - Regional Industry Research
8.5 Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
9.Europe Petroleum Resins Market By Type Market 2019-2024 ($M)
9.1 Aliphatic C5 Resins Market 2019-2024 ($M) - Regional Industry Research
9.2 Aromatic C9 Resins Market 2019-2024 ($M) - Regional Industry Research
9.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 ($M) - Regional Industry Research
9.4 C5/C9 Resins Market 2019-2024 ($M) - Regional Industry Research
10.Europe Petroleum Resins Market By End-Use Industry Market 2019-2024 ($M)
10.1 Building & Construction Market 2019-2024 ($M) - Regional Industry Research
10.2 Tire Industry Market 2019-2024 ($M) - Regional Industry Research
10.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
10.4 Personal Hygiene Market 2019-2024 ($M) - Regional Industry Research
10.5 Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
11.APAC Petroleum Resins Market By Type Market 2019-2024 ($M)
11.1 Aliphatic C5 Resins Market 2019-2024 ($M) - Regional Industry Research
11.2 Aromatic C9 Resins Market 2019-2024 ($M) - Regional Industry Research
11.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 ($M) - Regional Industry Research
11.4 C5/C9 Resins Market 2019-2024 ($M) - Regional Industry Research
12.APAC Petroleum Resins Market By End-Use Industry Market 2019-2024 ($M)
12.1 Building & Construction Market 2019-2024 ($M) - Regional Industry Research
12.2 Tire Industry Market 2019-2024 ($M) - Regional Industry Research
12.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
12.4 Personal Hygiene Market 2019-2024 ($M) - Regional Industry Research
12.5 Consumer Goods Market 2019-2024 ($M) - Regional Industry Research
13.MENA Petroleum Resins Market By Type Market 2019-2024 ($M)
13.1 Aliphatic C5 Resins Market 2019-2024 ($M) - Regional Industry Research
13.2 Aromatic C9 Resins Market 2019-2024 ($M) - Regional Industry Research
13.3 Hydrogenated Hydrocarbon Resins Market 2019-2024 ($M) - Regional Industry Research
13.4 C5/C9 Resins Market 2019-2024 ($M) - Regional Industry Research
14.MENA Petroleum Resins Market By End-Use Industry Market 2019-2024 ($M)
14.1 Building & Construction Market 2019-2024 ($M) - Regional Industry Research
14.2 Tire Industry Market 2019-2024 ($M) - Regional Industry Research
14.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
14.4 Personal Hygiene Market 2019-2024 ($M) - Regional Industry Research
14.5 Consumer Goods Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Petroleum Resin Market Revenue, 2019-2024 ($M)
2.Canada Petroleum Resin Market Revenue, 2019-2024 ($M)
3.Mexico Petroleum Resin Market Revenue, 2019-2024 ($M)
4.Brazil Petroleum Resin Market Revenue, 2019-2024 ($M)
5.Argentina Petroleum Resin Market Revenue, 2019-2024 ($M)
6.Peru Petroleum Resin Market Revenue, 2019-2024 ($M)
7.Colombia Petroleum Resin Market Revenue, 2019-2024 ($M)
8.Chile Petroleum Resin Market Revenue, 2019-2024 ($M)
9.Rest of South America Petroleum Resin Market Revenue, 2019-2024 ($M)
10.UK Petroleum Resin Market Revenue, 2019-2024 ($M)
11.Germany Petroleum Resin Market Revenue, 2019-2024 ($M)
12.France Petroleum Resin Market Revenue, 2019-2024 ($M)
13.Italy Petroleum Resin Market Revenue, 2019-2024 ($M)
14.Spain Petroleum Resin Market Revenue, 2019-2024 ($M)
15.Rest of Europe Petroleum Resin Market Revenue, 2019-2024 ($M)
16.China Petroleum Resin Market Revenue, 2019-2024 ($M)
17.India Petroleum Resin Market Revenue, 2019-2024 ($M)
18.Japan Petroleum Resin Market Revenue, 2019-2024 ($M)
19.South Korea Petroleum Resin Market Revenue, 2019-2024 ($M)
20.South Africa Petroleum Resin Market Revenue, 2019-2024 ($M)
21.North America Petroleum Resin By Application
22.South America Petroleum Resin By Application
23.Europe Petroleum Resin By Application
24.APAC Petroleum Resin By Application
25.MENA Petroleum Resin By Application
26.Total Cray Valley, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Eastman Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Exxon Mobil Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Arakawa Chemical Industries Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Lesco Chemical Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Zeon Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Neville Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Seacon Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)