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Petroleum Resins market Share Analysis
The ongoing boom in the construction sector is fueling the need for petroleum resins, particularly in adhesives and sealants.
WILMINGTON, DE, UNITED STATES, October 13, 2024 /EINPresswire / -- The global petroleum resins market is witnessing significant growth, driven by various factors including increased demand from the construction industry, rising consumer awareness of baby hygiene products, and growing demand for hydrogenated hydrocarbon resins in food packaging. A report titled "Petroleum Resins Market by Resin, Application, End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2023-2028," by Allied Market Research, projects that the market, valued at $2.5 billion in 2018, will reach $4.0 billion by 2028, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period.
Petroleum resins, also known as hydrocarbon or petrochemical resins, are synthetic compounds produced from petroleum-derived by-products such as C5, C9, and DCPD (dicyclopentadiene). These resins find applications across various industries, including adhesives, sealants, coatings, and rubber compounding.
Key Growth Drivers:
- Construction Industry Demand: The ongoing boom in the construction sector is fueling the need for petroleum resins, particularly in adhesives and sealants, which are vital for enhancing adhesion in building materials.
- Rising Awareness of Hygiene: Increased consumer focus on baby hygiene products is also boosting demand for specialized resins.
- Food Packaging: The food packaging sector is seeing growing use of hydrogenated hydrocarbon resins, driving further market expansion.
Opportunities:
- The growing demand for protective coatings and road asphalts presents a significant opportunity for market expansion.
- The increased use of adhesive and sealant products in packaging is also expected to contribute to market growth.
Restraints:
- The primary challenge for the petroleum resins market lies in the fluctuating prices of raw materials, which may hinder growth.
Segment Insights:
- Resin Type: The C5 resins segment dominated the market in 2018, accounting for over half of the global market share. It is projected to continue leading through 2028, as industrialization and urbanization rise, especially in developing regions. Meanwhile, hydrogenated hydrocarbon resins are expected to witness the highest growth, with a CAGR of 5.4%.
- Applications: The adhesives and sealants segment was the largest application segment in 2018, driven by the growing construction industry. This segment is projected to maintain its leadership, while the paints and coatings segment is forecast to grow at the highest CAGR of 5.5%.
- End-Use Industry: The building and construction industry held the largest share in 2018 and is expected to continue dominating the market. However, the personal hygiene segment is predicted to grow at the fastest rate, with a CAGR of 5.7%, spurred by rising disposable incomes and increased spending on healthcare and hygiene.
Regional Outlook:
The Asia-Pacific region accounted for more than half of the global market revenue in 2018 and is projected to maintain its dominance through 2028. The region's rapid urbanization and infrastructure development, particularly in countries like China and India, are driving increased demand for petroleum resins in construction adhesives and sealants.
Leading Players:
Key players in the market include Arakawa Chemical Industries, Exxon Mobil Corporation, Kolon Industries, Inc., Neville Chemical Company, and Synthomer Plc. These companies are focusing on product innovation, expansions, and strategic partnerships to strengthen their market position.
This comprehensive report provides detailed insights into the market dynamics, competitive landscape, and future growth prospects of the global petroleum resins market, making it a valuable resource for stakeholders.
David Correa
Allied Market Research
+1 800-792-5285
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