Petroleum resins find extensive usage in applications like adhesives, inks, paints, and coatings due to their excellent properties including good adhesion, flexibility, heat and aging resistance. They help produce durable, long lasting and cost effective protective coatings for automobiles. The growing automotive industry globally has prompted a rise in demand for petroleum resins to manufacture coatings for vehicles. Excellent gloss retention and resistance to weathering makes petroleum resins suitable for automotive OEM coatings.
The Global Petroleum Resins Market Size is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The usage of petroleum resins in automotive coatings has been steadily rising over the years. Petroleum resin based coatings help provide protection from environmental degradation, dust, stones chips and corrosion to vehicles. They work as excellent adhesives in automotive under-the-hood applications as well. The growing consumption in automotive coatings stems from their unrivaled gloss and UV resistance properties as well as cost effectiveness. As the automotive production increases globally with rising vehicle ownership, the demand for petroleum resins from this application segment is expected to gain strong momentum during the forecast period.
Segment Analysis
The global petroleum resins market is divided into two key segments - hydrocarbon resins and hydrogenated hydrocarbon resins. The hydrocarbon resins segment currently dominates the market, accounting for over 60% share globally owing to its widespread applications in hot-melt adhesives, road marking, industrial tapes, roofing, and other construction applications. Hydrogenated hydrocarbon resins are also gaining popularity due to their better resistance to chemicals and weathering than hydrocarbon resins.
Key Takeaways
The global petroleum resins market is expected to witness high growth over the forecast period of 2024 to 2031. The global Petroleum Resins Market is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific accounted for the largest market share in 2024 and is expected to maintain its dominance through 2031. Rapid industrialization and infrastructure development activities in China, India, Indonesia, and other Asian countries will drive the demand for petroleum resins in road construction, roofing, adhesives and other applications in the region.
North America and Europe are also significant markets for petroleum resins, mainly driven by established end-use industries and stringent environmental regulations regarding VOC emissions.
Key players: Key players operating in the petroleum resins market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others.
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