Eastman Chemical Company (U.S.), ExxonMobil Corporation (U.S.), Total CrayValley (U.S.), Kolon Industries (South Korea), Shandong Landun Petroleum Resin Co., Ltd. (China), Puyang Tiacheng Chemical Co., Ltd. (China), Mitsui Chemicals Inc. (Japan). and Shanghai Jinsen Hydrocarbon Resins Co., Limited (China). among others are some of the prominent players at the forefront of competition in the Global Petroleum Resins Market and are profiled in MRFR Analysis.
Petroleum Resins Market – Market Overview
Petroleum Resins are a lucrative market and is expected to have a steady growth during the forecast years. Petroleum Resins or hydrocarbon resin are synthetic resins are by products of petroleum cracking, which are manufactured from polymerization and other chemical processes. These resins are formed from a wide range of feedstock such as aromatic (C9), dicyclopentadiene, aliphatic (C5), and from the mixture of these. The high thermal stability and low odor properties has surged the demand for petroleum resins in hot melt adhesives. Moreover, Petroleum Resin are also used in paints and coatings, adhesives and sealants, inks, plastic and rubber compounding industries and others. Furthermore, the various advantages of petroleum resin such as peel strength, heat resistance, high softening point has paved the way for these resin in many end user industries which is the major factor driving the growth of the market during the forecast years. However, the price volatility of the raw materials coupled with increasing demand for substitutes due to its low VOC content are the major down side to the growth of the market.
According to the analysis of MRFR, the major market forces and trends driving growth of the Global Petroleum Resins Market includes growth of construction sector and the burgeoning growth in the automobile industry. Moreover, the increasing personal disposable income in the developing economies throughout the globe has augmented the construction activities especially in India and china which in turn is further expected to fuel the growth of the global petroleum resins market owing to its extensive use in paints and coatings. In addition to this, high performance, quick dryness and brightness of petroleum resin has augmented its use in the road marking paints is expected to add to the market growth.
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Petroleum Resins Market- Competitive Landscape
The Global Petroleum Resins Market is a highly lucrative market driven by flourishing growth in construction and petrochemical industry, along with the propelling automobile industry. Eastman Chemical Company (U.S.), ExxonMobil Corporation (U.S.), Total CrayValley (U.S.), Kolon Industries (South Korea), and Shandong Landun Petroleum Resin Co., Ltd among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the global Petroleum resins Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing Globalization and urbanization in the developing economies of the region has propelled the construction of residential and commercial infrastructure which is a dominant factor for the demand for paint and coatings in the region. Moreover, increasing population in India and China has brought about more government spending in infrastructural developments coupled with the growing automobile industry in the region is also expected to drive the market of petroleum resins positively during the forecast years. Furthermore, the presence of manufacturing base of rubber compounding, tapes, and adhesives among others is also substantially adding to the market growth.
Industry/ Innovation/ Related News:
13 February, 2017- CPC Corporation, Taiwan’s leading petroleum company has planned a new wave of investment over the period of 6 years to enhance its energy portfolio. The company is planning to invest US$ 6.85 billion. This increased investment is expected to increase the production of petroleum resin in the Asia Pacific region.
16 March, 2017- South Korean Hanwha Chemical has planned in expansion of its hydrogenated petroleum resin business by 2019. They have started their plant expansion process with an investment of 130 billion. This expansion will help Hanwha chemicals to strengthen their market in the lucrative Asia Pacific region.
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