(MENAFN- EIN Presswire) EINPresswire/ -- The global petroleum resins market is witnessing robust growth driven by several key factors, including rising demand from the building and construction industry, increasing consumer awareness of baby hygiene products, and growing usage of hydrogenated hydrocarbon resins in the food packaging sector.

According to a report published by Allied Market Research, titled“Petroleum Resins Market by Resin (C5 Resins, C9 Resins, Hydrogenated Hydrocarbon Resins, C5/C9 Resins, Dicyclopentadiene (DCPD) Resin), by Application (Adhesives and Sealants, Printing Inks, Paints and Coatings, Rubber Compounding, Others), by End-Use Industry (Building and Construction, Tire Industry, Personal Hygiene, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2023–2028”, the market was valued at $2.5 billion in 2018 and is projected to reach $4.0 billion by 2028, registering a CAGR of 5.2% from 2023 to 2028.

Petroleum resins, also known as hydrocarbon resins or petrochemical resins, are synthetic materials derived from petroleum-based feedstocks such as C5, C9, and dicyclopentadiene (DCPD). They are widely used as performance-enhancing additives in adhesives, coatings, and rubber compounds.

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Market Dynamics:-

Key Growth Drivers:

- Rising demand from the building and construction industry
- Increasing consumer focus on baby hygiene products
- Growing demand for hydrogenated hydrocarbon resins in food packaging

Opportunities:

- Expanding use of protective coatings and road asphalts
- Increasing demand for adhesives and sealants in the packaging sector

Restraints:

- Fluctuating raw material prices, which may impact production costs and profit margins

Market Segmentation Insights:-

By Resin Type:

- C5 Resins accounted for the largest market share in 2018, representing over half of the global market, and are expected to maintain dominance through 2028.
- Growth is primarily driven by rapid industrialization and urbanization in emerging economies.
- The Hydrogenated Hydrocarbon Resins segment is projected to record the fastest CAGR of 5.4% from 2023 to 2028, due to rising demand in packaging and food-contact applications.

By Application:

- Adhesives and Sealants held the largest share in 2018, contributing to nearly one-third of the global market.
- Growth in the construction sector and infrastructure projects fuels demand, as petroleum resin-based adhesives improve bonding and durability.
- The Paints and Coatings segment is expected to grow at the highest CAGR of 5.5%, as petroleum resins enhance gloss, hardness, stability, and water resistance in coating formulations.

By End-Use Industry:

- Building and Construction dominated the market in 2018, accounting for nearly one-fourth of total revenue, and is expected to retain its lead position through 2028.
- Petroleum resins enhance adhesion and bonding in applications like flooring, roofing, and insulation.
- The Personal Hygiene segment is projected to grow at the fastest CAGR of 5.7%, driven by higher disposable incomes and increased spending on hygiene products.

Regional Analysis:

- The Asia-Pacific region led the global market in 2018, contributing to over half of total revenue, and is expected to maintain dominance through 2028.

- The region is also forecast to register the highest CAGR of 5.4%, owing to rapid urbanization, infrastructure expansion, and increased demand for construction adhesives and sealants across China, India, and Southeast Asia.

Key Market Players:-

Major companies operating in the global petroleum resins market include:

- Arakawa Chemical Industries
- Exxon Mobil Corporation
- Henan Anglxxon Chemical Co. Ltd.
- Innova (Tianjin) Chemical Co. Ltd.
- Kolon Industries, Inc.
- Lesco Chemical Limited
- Neville Chemical Company
- Puyang Tiancheng Chemical Co. Ltd.
- Ruisen Resin Co. Ltd.
- Synthomer Plc

These companies focus on product innovation, strategic collaborations, and geographical expansion to strengthen their market positions and meet growing global demand.

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About Us:

Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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