H1 2023: In the first half of 2023, the Petroleum Resin market in the Asia Pacific region witnessed dynamic price movements. In the first quarter of 2023, fluctuations in feedstock Crude Oil prices exerted an impact on the pricing dynamics of Petroleum Resin in the Asian market, leading to an upward trajectory in prices. Notably, during the Chinese New Year celebrations, there was a surge in demand for the product, particularly in the downstream construction sector. Consequently, in the Chinese market, the product's prices saw increase till March 2023. The primary driver behind this pricing trend was the heightened demand from downstream industries during the festive season. Moving into the second quarter of 2023, the Asian Petroleum Resin market underwent a bearish trend. In the Chinese market, the product's price declined in the first and last months of the second quarter. The subdued demand from downstream construction industries, coupled with global inflationary pressures, intensified the strain on manufacturers' inventories. The reduction in raw material prices contributed to lower production costs, adding pressure on manufacturers to stabilize prices, resulting in a sustained downward trend. However, in May 2023, despite a decrease in feedstock Crude Oil prices, the price of Petroleum Resin increased, primarily attributed to an improvement in demand from the construction sector.
The global Petroleum Resin market stood at approximately 2140 thousand tonnes in 2022 and is anticipated to grow at a healthy CAGR of 4.7% during the forecast period until 2032.
Petroleum resins, derived from crude oil, find extensive applications across diverse industries owing to their remarkable properties. Petroleum resin, derived from petroleum feedstocks, serves as a versatile synthetic resin with widespread applications across industries. In the adhesives sector, it acts as a tackifying agent, augmenting adhesion properties and enhancing stickiness and cohesion. Its utility extends to the paint and coatings industry, where it functions as a binder or additive, contributing to improved hardness, adhesion, and durability of coatings, as well as enhancing gloss and color stability in paints. Additionally, petroleum resin finds application in the rubber industry, where it serves as a tackifier in rubber compounding, streamlining manufacturing processes. In tire production, it enhances the adhesion between tread and layers, thereby improving tire performance and longevity. The resin also plays a crucial role in printing inks, optimizing adhesion to surfaces and overall print quality. Its inclusion in sealants, caulks, and road marking paints improves adhesion, flexibility, and durability. Furthermore, petroleum resin is utilized in the cable and wire industry for insulation and jacketing materials, contributing to flexibility and adhesion. In woodworking, it enhances the bonding strength of adhesives for wood products. Its role extends to inkjet inks, providing viscosity control and improving adhesion. The diverse applications of petroleum resin underscore its significance as a key ingredient in enhancing the performance and properties of various products across multiple industrial sectors.
The Petroleum Resin market is experiencing significant growth driven by its utilization in key sectors, including Building & Construction, the Tire Industry, and Automotive applications. In the construction domain, petroleum resins are in demand for their incorporation into sealants, adhesives, and coatings, enhancing the resilience and adhesion characteristics of construction materials. As the global construction industry expands, particularly in emerging markets, the continual demand for petroleum resins is expected to persist. In the Tire Industry, these resins play a pivotal role in enhancing the adhesion properties of tire components, contributing to the durability, performance, and safety of tires. With the automotive sector witnessing global growth, there is an increasing need for high-quality tires with superior performance attributes, thus driving the demand for petroleum resins. Furthermore, the Automotive industry relies on petroleum resins for diverse applications such as adhesives, coatings, and polymer modification. In automotive manufacturing, these resins contribute to the development of high-performance adhesives and coatings, ensuring the integrity of components and surfaces. They are also employed in polymer modification to enhance the mechanical properties of automotive parts. As the automotive sector continues to advance and innovate, the demand for petroleum resins is poised to rise, underlining their integral role in these industries and their contribution to the quality and performance of end products. The global Petroleum Resin market size is anticipated to reach nearly 3400 thousand tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Petroleum Resin. The Asia Pacific region is poised to uphold its leadership in the Petroleum Resin market due to a confluence of factors. With robust economic growth, particularly in China and India, the region witnesses heightened industrial development, propelling demand for petroleum resins in applications like adhesives, coatings, and sealants. A thriving manufacturing hub, the region sustains high demand in sectors such as tire manufacturing and polymer modification, crucial areas where petroleum resins play a pivotal role. Urbanization and population growth further amplify the need for construction materials, maintaining a substantial demand for petroleum resins in the building and construction sector. Additionally, the Asia Pacific's integral role in the global petrochemical industry ensures a stable supply of raw materials, enhancing its cost-effectiveness and production efficiency, reinforcing its sustained dominance in the Petroleum Resin market.
Based on the end-user industry, the global Petroleum Resin market is divided into Building & Construction, Tire Industry, Automotive, Consumer Goods, Personal Hygiene, and Others. However, Building & Construction industry dominates the global Petroleum Resin market followed by Tire industry.
Major players in the Global Petroleum Resin market are ExxonMobil, Eastman, Kolon, Cray Valley, ZEON, Formosan Union, Mitsui Chemicals, Arakawa Chemical, Rain Carbon, Resinall, Idemitsu, Neville, Shangdong Qilong, Zibo Luhua, Zhejiang Henghe, Jinhai Chenguang, Daqing Huake, Guangdong Xinhuayue, Fuxun Huaxing, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
Objective of the Study:
• To assess the demand-supply scenario of Petroleum Resin which covers production, demand and supply of Petroleum Resin market in the globe.
• To analyse and forecast the market size of Petroleum Resin
• To classify and forecast Global Petroleum Resin market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Petroleum Resin market in the globe.
To extract data for Global Petroleum Resin market, primary research surveys were conducted with Petroleum Resin manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Petroleum Resin market over the coming years.
ChemAnalyst calculated Petroleum Resin demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Petroleum Resin. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Petroleum Resin manufacturers and other stakeholders
• Organizations, forums and alliances related to Petroleum Resin distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Petroleum Resin manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Petroleum Resin market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
2140 thousand tonnes
Market size Volume in 2032
3400 thousand tonnes
Growth Rate
CAGR of 4.7% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Building & Construction, Tire Industry, Automotive, Consumer Goods, Personal Hygiene, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
I am satisfied with overall performance of ChemAnalyst. Weekly updates before the final report were especially helpful and reassuring. Additional requests on the interim and/or final reports were handled in a swift and professional manner
Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
Disruption Tracker
Disruption Tracker reflect the major shutdown on monthly basis which will help you in
tracking the inventory management and smooth functioning of business. Unforeseen shutdowns and disruptions
resulting in a loss of production capacity to impact the bottom line. The capacity tracker provides industries
with a global view of production and consumption capacity loss that reflects the corresponding conversion factors.
It also highlights the immediate impact on supply due to planned and unplanned outages as well as upcoming start-up
of new capacities. Additionally, it emphasizes how each shutdown—whether due to a maintenance turnaround or a case
of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the net market size of Petroleum Resin in terms of volume in 2022?
Ans:
The global market size of Petroleum Resin had reached approximately 2140 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Petroleum Resin?
Ans:
Asia Pacific region is the leading consumer of Petroleum Resin globally.
Q3.
Do you offer single or multiuser license?
Ans:
Online Access 12 Months – Single User License (Up to 3 users can access the database) Online Access 12 Months – Enterprise License (Up to 10 Users can access the database)
Q4.
Will I get access to the analyst who authored this report?
Ans:
You will have 24/7 access to the analyst during the subscription period.
Our Solutions
Custom Research
We at ChemAnalyst provide tailor-made solutions to our clients based on their requirements which help them in building and expanding their business by developing customized strategy such as sales strategy, GTM Strategy, product portfolio and new product development. Our dedicated team helps clients in getting the best solution for their requirements. We at ChemAnalyst look forward to serving our clients for long term association.
Techno Economic Feasibility Report (TEFR)
ChemAnalyst provide TEFR reports which include market sizing, plant cost (ISBL and OSBL units), financial modelling, covering all the major financial calculations and ratios including production cost, IRR, major technology, licensing fee (if required), and others fixed and variable costs. TEFR reports will help the client to build greenfield project as well as brownfield expansion for a specific geography. Our Team of experts have delivered multiple TEFR reports which help clients in moving ahead of their business competition by grabbing the opportunity and expanding their business portfolio.
Price Benchmarking
Pricing benchmark report provides real-time data perpetuating current market scenarios, in a world that is changing at a rapid pace, having real-time prices is an imperative to make impactful insights and thereby informed decisions. The Price Benchmarking report provides pricing data for an individual market, or group of markets, which can be converted into localized insights and comparable listings. Benchmarking Reports help clients to make informed decisions by construing the data on several filters: region, country, category, grade and subsequently increasing their brand presence. Clients majorly require pricing benchmarks when they opt for a competitive pricing strategy.