The global petroleum resins market revenue was around US$ 3.0 billion in 2022 and is estimated to reach US$ 5.0 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2032.

Petroleum resins are used in a variety of applications, like adhesives and sealants, paints, inks, coatings, rubber, and plastic compounding industries, and others. Moreover, there has been an upsurge in the demand for petroleum resins in hot melt adhesives. This is due to its attributes, which have high thermal stability and low odor.

Factors Influencing Market Growth

- The demand for petroleum resins is profiting from the transformation of customer expectations and regulatory mandates, which is propelling the growth of the petroleum resins market.

- The low compatibility scope of petroleum resins with base polymers has a negative influence on the demand for petroleum resins, which, in turn, has a negative influence on the growth of the market.

- The development of enhanced process technologies is anticipated to deliver lucrative opportunities for the growth of the petroleum resins market.

Impact of COVID-19

The impact of the COVID-19 pandemic had a positive influence on the global petroleum resins market. The pandemic led to a surge in demand for packaging materials, particularly for food delivery and e-commerce services. Petroleum resins are commonly utilized in the production of packaging films and adhesives, which saw augmented demand as people moved to online shopping and takeout orders. Also, the market witnessed unprecedented demand in the healthcare industry, personal hygiene, and sanitation products.

Regional Analysis

The Asia-Pacific region is anticipated to dominate the global petroleum resins market during the forecast period. This region has encountered a surge in the usage of petroleum resins in different industries due to several driving factors. First and foremost, the rapid economic and industrialization growth in countries like India China, and Southeast Asian nations have augmented the requirement for raw materials, including petroleum resins. These resins discover vast applications in coatings, adhesives, and printing inks, catering to the booming manufacturing sectors.

Leading Companies

The leading prominent companies profiled in the global petroleum resins market are:

- Arakawa Chemical Industries, Ltd.
- Exxon Mobil Corporation
- Henan Anglxxon Chemical Co., Ltd.
- INNOVA (TIANJIN) Chemical Co., LTD
- Kolon Industries, Inc.
- Lesco Chemical Limited
- Neville Chemical Company
- Puyang Tiancheng Chemical Co., Ltd.
- RuiSen ReSin Co. Ltd.
- Synthomer PLC.
- Other prominent key players

Segmentation Outline

The global petroleum resins market segmentation focuses on Resin, End Use Industry, Application, and Region.

Segmentation based on Resin

- C5 Resins
- C9 Resins
- Hydrogenated Hydrocarbon Resins
- C5/C9 Resins
- Dicyclopentadiene (DCPD) Resin

Segmentation based on End Use Industry

- Building and Construction
- Tire Industry
- Personal Hygiene
- Automotive
- Others

Segmentation based on Application

- Adhesives and Sealants
- Printing Inks
- Paints and Coatings
- Rubber Compounding
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa