The global petroleum resins market revenue was around US$ 2.8 billion in 2021 and is estimated to reach US$ 4.69 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.

Petroleum resin is an aromatic hydrocarbon resin that results from the cracking of petroleum. It can be found in the following forms: powders, bread, solid blocks, flakes, solid blocks, crushed nuggets, solutions, and dispersions. Two aliphatic crackers, piperylene, and isoprene, are used to make C5 resin, whereas aromatic crackers, such as alpha-methyl styrene, vinyl-toluene, indene, and others, are used to make C9 resin. These petroleum resins are used as tackifiers, performance enhancers, tackifiers, and homogenizers. Petroleum resins improve, increase fatigue resistance, and tensile strength and moisten the filler surface. In addition to their numerous advantages, they help prevent cuts from forming by relieving stress at the crack's tip.

Factors Influencing Market Growth

- The petroleum resin market is anticipated to develop because of the increased use of petroleum resin in the paints and coatings sector since it gives a high gloss.

- The exceptional compatibility of petroleum resins with a wide range of products, including sodium bisulfite (SBS) and ethylene-vinyl acetate (EVA), will further propel the market for these materials.

- Rising consumer awareness of newborn baby hygiene products in developing countries like China and India is anticipated to be a major development driver for petroleum resin.

- An increase in infrastructure investment for building new highways and a focus on repair and maintenance operations are predicted to be the key driving factors for the petroleum resins market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had negatively impacted the petroleum resins market. The need for petroleum resins has declined as the demand from the tire industry and paints and coatings has reduced, particularly for C9 and C5 petroleum resins. The adhesives and sealants industry has encountered several challenges throughout the pandemic. Due to the temporary shutdown of numerous tire production facilities caused by the COVID-19 pandemic, the demand for hydrocarbon resins in the tire and rubber industries has also been impacted. The market for petroleum resins is expected to rise as economies try to get back to normal. The automotive, building & construction, and tire industries are now back to normal after the pandemic, which will increase demand for petroleum-based products throughout the anticipated time.

Regional Insights

Asia-Pacific accounted for 55.2% of the market share in 2021 and it is expected to rise at a CAGR of 6.5% during the forecast period. Owing to rising demand from the electronics and construction industries. In addition, increasing industrialization and high investments in the construction and automotive sector in the developing economies of South Korea, and Japan drive the growth of the market growth in the region.

Leading Competitors

The leading competitors in the global petroleum resins market are:

- Arakawa Chemical Industries, Ltd
- Eastman Chemical Company
- Exxon Mobil Corporation
- Henan Anglxxon Chemical Co. Ltd
- Innova (Tianjin) Chemical Co
- Kolon Industries, Inc
- Lesco Chemical Limited
- Neville Chemical Company
- Puyang Tiancheng Chemical Co., Ltd
- RuiSen ReSin Co. Ltd
- Seacon Corporation
- Shandong Landun Petroleum Resin Co
- Shanghai Jinsen Hydrocarbon Resins Co., Ltd
- TotalEnergies
- Zeon corporation
- Others

Segmentation Analysis

The global petroleum resins market segmentation focuses on Resin, Application, End-use Industry, and Regions.

Segmentation based on Resin
- C5 Resins
- C9 Resins
- Hydrogenated Hydrocarbon Resins
- C5/C9 Resins
- Dicyclopentadiene (DCPD) Resin
Segmentation based on Application
- Adhesives and Sealants
- Printing Inks
- Paints and Coatings
- Rubber Compounding
- Others
Segmentation based on End-use Industry
- Personal Hygiene
- Automotive
- Others
- Building and Construction
- Tire Industry
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific

- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA

- South America
- Brazil
- Argentina
- Rest of South America