The global petroleum resin market is expected to reach US$2.58 billion by 2021, with a compound annual growth rate of 7.7%.
The market is mainly driven by the growing demand from end-user industries such as personal hygiene products, tires, automobiles, and construction. The Middle East, Africa and Latin America are expected to have strong growth in the next five years. In Saudi Arabia, Brazil and Nigeria, the growing personal hygiene market has strengthened the demand for petroleum resins in these regions.
1. Asia-Pacific region: the largest market for petroleum resins
The Asia-Pacific region is currently the largest market for petroleum resins. China is the largest consumer of petroleum resin in the region.
The following are the favorable factors to promote the petroleum resin market in the Asia-Pacific region:
-Petroleum resin manufacturers are mainly concentrated in this area.
-The growing demand for commercial and industrial buildings in the area.
-Investment in the automotive sector continues to grow.
2. C5 petroleum resin: the product with the largest proportion in the petroleum resin market
Petroleum resins are divided into four main types, C5 petroleum resins, C9 petroleum resins, hydrogenated hydrocarbon resins and C5/C9 blended petroleum resins. These are the widely used petroleum resin types. In 2015, C5 petroleum resin occupies the largest market share in terms of value and quantity because it is easy to produce and cost-effective.
3. Adhesives and sealants: the largest application field in the petroleum resin market
Petroleum resin can be used in adhesives and sealants, printing inks, paints and coatings, rubber ingredients, tapes and labels. Due to the increasing use of adhesives and sealants in the construction and bookbinding terminal industries, compared with other application fields, petroleum resins accounted for the market value and quantity of adhesives and sealants in the field Has the largest market share.
The main manufacturers in the petroleum resin market are Eastman Chemical Company (USA), Exxon Mobil Corporation (USA), Total Cray Valley (USA) and Kolon Industries (South Korea), Shandong Landun Petroleum Resin Co., Ltd. (China), Puyang Tiancheng Chemical Co., Ltd. (China) and Shanghai Jinsen Hydrocarbon Resin Co., Ltd. (China).