Published by Coherent Market Insights
Posted on September 28, 2021
Petroleum resins are low molecular weight thermoplastic hydrocarbon resins obtained from cracked petroleum fractions. It has a tackifying effect, which is slight sticky effect and hence, is used in coatings, paints, varnishes, printing inks, paper, lithographic inks, adhesives, concrete curing compounds, rubber, and other applications. It is available in powders, crushed nuggets, flakes, solid block, beads, solutions, and dispersions forms.
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Increasing use of petroleum resins for application in different end-use industries including automotive, construction, and consumer goods among others for coating, waterproofing and rubber compounding is driving growth of the petroleum resins market. Growing demand for petroleum resins containing low volatile organic compounds (VOCs) due to stringent government regulations on VOCs emissions such as Directive 1999/13/EC for VOCs emissions from vehicle coatings and others is further fuelling growth of petroleum resins market. Volatility in the cost of raw materials is one of the major factor restraining growth of the global petroleum resins market.
Asia Pacific held the largest revenue share of 38.39% in 2016 and is expected to retain its dominance over the forecast period.
Key market players in the petroleum resins market are adopting various strategies such as joint venture, new plant development, and capacity expansion for business expansion. For instance, in May 2017, Rain Carbon Inc. announced construction of new capacity for hydrogenated hydrocarbon resins in Uithoorn, the Netherlands. In December 2016, Rufayah Chemicals Company (RCC) and Sadara Chemical Company signed a deal to set up hydrocarbon resin plants at Jubail in Saudi Arabia’s Eastern Province at investment of US$ 500 million; and in March 2014, ExxonMobil Chemical set up a new facility for Escorez hydrogenated hydrocarbon resin production with capacity of 90,000 tons per year in Singapore.
Key market players in the global petroleum resins market are Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation, Neville Chemical Company, Total Cray Valley, and Anglxxon Chemical Co., Ltd.
Market Dynamics
Asia Pacific accounted for the largest share in the petroleum resins market in 2016, followed by North America and Europe. Asia Pacific accounted for 38.39% market share in 2016. Growth in construction and automobile industry is driving growth of the petroleum market in this region. For instance, according to the International Trade Association, Department of Commerce, the automobile output in China is expected to reach 30 million units by 2020 and 35 million by 2025. Automotive sector is the largest end-user of petroleum resins. This is owing to its properties such as compatibility with ethylene-vinyl acetate, styrene-butadiene-styrene and others for application in the automobiles. For instance, according to International Organization for Motor Vehicles Manufacturers (OICA), the global production of passenger vehicles was 68,618,998 in 2015, which increased by 5.4% to reach 72,291,747 in 2016.
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Key features of the study:
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The post Petroleum Resins Market Outlook 2021: Big Things Are Happening appeared first on Gatorledger.
Petroleum resins are low molecular weight thermoplastic hydrocarbon resins obtained from cracked petroleum fractions. It has a tackifying effect, which is slight sticky effect and hence, is used in coatings, paints, varnishes, printing inks, paper, lithographic inks, adhesives, concrete curing compounds, rubber, and other applications. It is available in powders, crushed nuggets, flakes, solid block, beads, solutions, and dispersions forms.
To Remain ‘Ahead Of Your Competitors, Request For A Sample: https://www.coherentmarketinsights.com/insight/request-sample/1251
Increasing use of petroleum resins for application in different end-use industries including automotive, construction, and consumer goods among others for coating, waterproofing and rubber compounding is driving growth of the petroleum resins market. Growing demand for petroleum resins containing low volatile organic compounds (VOCs) due to stringent government regulations on VOCs emissions such as Directive 1999/13/EC for VOCs emissions from vehicle coatings and others is further fuelling growth of petroleum resins market. Volatility in the cost of raw materials is one of the major factor restraining growth of the global petroleum resins market.
Asia Pacific held the largest revenue share of 38.39% in 2016 and is expected to retain its dominance over the forecast period.
Key market players in the petroleum resins market are adopting various strategies such as joint venture, new plant development, and capacity expansion for business expansion. For instance, in May 2017, Rain Carbon Inc. announced construction of new capacity for hydrogenated hydrocarbon resins in Uithoorn, the Netherlands. In December 2016, Rufayah Chemicals Company (RCC) and Sadara Chemical Company signed a deal to set up hydrocarbon resin plants at Jubail in Saudi Arabia’s Eastern Province at investment of US$ 500 million; and in March 2014, ExxonMobil Chemical set up a new facility for Escorez hydrogenated hydrocarbon resin production with capacity of 90,000 tons per year in Singapore.
Key market players in the global petroleum resins market are Arakawa Chemical Industries, Eastman Chemical Company, Exxon Mobil Corporation, Ltd., Kolon Industries, Inc., Lesco Chemical Limited, Zeon Corporation, Seacon Corporation, Neville Chemical Company, Total Cray Valley, and Anglxxon Chemical Co., Ltd.
Market Dynamics
Asia Pacific accounted for the largest share in the petroleum resins market in 2016, followed by North America and Europe. Asia Pacific accounted for 38.39% market share in 2016. Growth in construction and automobile industry is driving growth of the petroleum market in this region. For instance, according to the International Trade Association, Department of Commerce, the automobile output in China is expected to reach 30 million units by 2020 and 35 million by 2025. Automotive sector is the largest end-user of petroleum resins. This is owing to its properties such as compatibility with ethylene-vinyl acetate, styrene-butadiene-styrene and others for application in the automobiles. For instance, according to International Organization for Motor Vehicles Manufacturers (OICA), the global production of passenger vehicles was 68,618,998 in 2015, which increased by 5.4% to reach 72,291,747 in 2016.
Hurry Up…and Get a 2000$ Discount On a Price…!!! https://www.coherentmarketinsights.com/insight/request-discount/1251
Key features of the study:
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Petroleum Resins Market Outlook 2021: Big Things Are Happening appeared first on Gatorledger.
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