Petroleum Resin Market Size Highlights
The Global Petroleum Resin Market Size was valued at USD 2,956.0 Million in 2018 and is projected to reach USD 4,626.7 Million by the end of 2027, at a CAGR of 6.65% during the forecast period. The petroleum resins are derived from the by-product of naphtha cracker, a pyrolysis gas, which contains C5 to C9 hydrocarbons stream, that are further distilled to get separate C5 fraction and C9 fractions, and then polymerized to produce petroleum resin.
Some of the Key Players operating in the Global Petroleum Resin Market Size are Exxon Mobil Corporation (US), Eastman Chemical Company (US), Total Cray Valley (France), Sojitz Corporation (Japan), Kolon Industries Inc (South Korea), Arakawa Chemical Industries, Ltd (Japan), ZEON CORPORATION (Japan), QINGDAO HIGREE CHEMICAL CO., LTD (China), Puyang Tiancheng Chemical Co., Ltd (China), Qingdao Reehua Yuanhai Biotech Co., Ltd (China), Puyang United Chemical Co., Ltd (China), LESCO CHEMICAL LIMITED (China), and Neville Chemical Company (US).
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According to MRFR analysis, the global Petroleum Resin Market Size has been segmented based on type, form, application, end-use industry, and region.
By type, the Global Petroleum Resins Market has been segmented into C5 resins, C9 resins, dicyclopentadiene (DCPD), hydrogenated petroleum resins, and C5/C9 resins. The C5 resin segment dominated the global market with the largest share of 35.59% in 2018 and is expected to grow at the fastest rate during the forecast period. This is largely attributed to its aliphatic nature which makes it highly compatible with natural and synthetic rubber such as polyethylene, butyl rubber, amorphous polyolefins, styrene-isoprene-styrene (SIS) block copolymers, styrene-ethylene butylene-styrene (SEBS) block copolymers; hot melt adhesives, and paints & coatings, among others.
Based on form, the global petroleum resins market has been categorized into true and masterbatch. The true form of petroleum resins is predominantly used across various end-use industries and is expected to register a CAGR of 6.74% during the forecast period.
On the basis of application, the global petroleum resins market has been divided into adhesives, paints & coatings, printing inks, rubbers, plastic films, and others. The adhesives segment dominated with the largest market share in 2018. The segment was valued at USD 1,206.0 million in 2018 and is estimated to exhibit the highest CAGR during the forecast period.
By end-use industry, the global petroleum resins market has been categorized into construction, automotive, packaging, personal hygiene, and others. The construction industry is estimated to be the fastest-growing segment during the review period. Petroleum resin in the form of coatings are used in industrial roofing, and horizontal masonry, among others. Also, C5 resin is mainly used as a binder for hot-melt road-marking materials, which is used for road construction projects.
Geographically, the global Petroleum Resin Market Size has been divided into North America, Latin America, the Middle East & Africa, Asia-Pacific, and Europe. As per the analysis of MRFR, the Asia Pacific market was the dominant regional market, accounting for the leading market share of over 45% in 2018 and is expected to register highest CAGR during the forecast period. Asia-Pacific follows Europe, which accounted for the second-largest share of the global Petroleum Resin Market Size in 2018.
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