The properties of petroleum resins depend on the olefin present in the raw material. Their molecular weight and softening point are closely related to their molten state. They are soluble in petroleum-based solvents and halogenated hydrocarbons. They are compatible with many other resins. A wide range of uses for petroleum resins is growing. In the paper industry, Petroleum Resins Market are used to improve print quality, smoothness, and hydrophobic properties. They can also be used as a water treatment agent, and asphalt modification. They are safe to use in foods, pharmaceuticals, and other products, making them one of the most popular types of resins.
Market Dynamics:
The application of petroleum resin for producing hit-melt adhesives is increasing, which is expected to boost growth of the global petroleum resins market over the forecast period. For instance, in April 2022, Cray Valley launched new hydrocarbon resin, Eingtack 20, that provides significant compatibility with many other polymers olefins, elastomers. It improves the flexibility and track and low-temperature properties.
The growing cost of raw materials is expected to obstruct growth of the global petroleum resins market over the forecast period.
Impact of COVID-19:
The disrupted market activities such as manufacturing, supply of raw materials and even distribution operations due to the pandemic hampered growth of the market. These disrupted market activities occurred due to countries imposing stringent regulations and movement restrictions on people to control the virus spread. Many industries were affected by the pandemic the product demand declined in the pandemic. Moreover, there was lack of manpower in factories for manufacturing and other market activities. Hence, the global petroleum resins market witnessed adverse impact of the COVID-19 pandemic. However, the market will recover the growth as the lockdown regulations get lifted.
Key Takeaways:
- The global petroleum resins market is estimated to grow, with a CAGR of % over the forecast period due to increasing demand for petroleum resins in different applications such as footwear, contact adhesives, plastic and rubber modification and more. For instance, in October 2019, Borealis launched novel BorPure resin designed for flip-top cap applications and to cater the value chain demand for high quality solutions that offer excellent organoleptics.
- Asia Pacific is anticipated to witness substantial growth in the global petroleum resins market over the forecast period, due to increasing in demand for petroleum resins for building and construction, and robust presence of major market players across the region.
- Key players functioning in the global petroleum resins market include Anglxxon Chemical Co., Ltd., Arakawa Chemical Industries, Total Cray Valley, Eastman Chemical Company, Neville Chemical Company, Exxon Mobil Corporation, Ltd., Seacon Corporation, Kolon Industries, Inc., Zeon Corporation, and Lesco Chemical Limited.
☛ Useful Reference…⋙ https://www.coherentmarketinsights.com/market-insight/petroleum-resins-market-1251
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