Petroleum resins are a type of synthetic resins that are derived from petroleum feedstock. They are used as a key raw material in the manufacturing of adhesives, coatings, and printing inks, among others. The global petroleum resins market is expected to grow at a moderate rate due to the increasing demand from various end-use industries such as construction, automotive, and packaging.
One of the major factors driving the growth of the petroleum resins market is the increasing demand for adhesives in the construction industry. Petroleum resins are widely used as a raw material in the production of adhesives due to their excellent adhesive properties and high tack. The growing construction industry in emerging economies such as China and India is expected to boost the demand for petroleum resins in the coming years.
Moreover, the rising demand for packaging materials and printing inks is also expected to drive the growth of the petroleum resins market. Petroleum resins are widely used in the manufacturing of packaging materials such as laminates and tapes due to their excellent adhesion properties. In addition, the increasing demand for high-quality printing inks is expected to boost the demand for petroleum resins in the printing industry.
However, the availability of substitutes such as rosin resins and increasing environmental concerns related to the use of petroleum-based products are expected to hinder the growth of the petroleum resins market. Nevertheless, the development of bio-based petroleum resins is expected to create growth opportunities for the market in the near future.
Regionally, Asia-Pacific is expected to dominate the global petroleum resins market due to the growing construction and packaging industries in the region. North America and Europe are also expected to witness significant growth due to the increasing demand from the automotive and packaging industries.
