Petroleum Resins Market Globally Expected to Drive Growth through 2026
Global Petroleum Resins Market: Overview
The demand within the global petroleum resins market has been rising on account of the need to ensure seamless growth across multiple industries. It has lately come to light that the global petroleum resins market has attracted several investments from key stakeholders. These investments have come at a time when the use of petroleum resins in the manufacture of paints and adhesives has gathered swing. Petroleum resins, in essence, are hydrocarbon resins with low molecular weight, and they are obtained via cracking of petroleum fractions. The physical and chemical properties of petroleum resins have played a major role in popularising these resins across a wide of industries. The sticky appeal of these resins has led to their usage across key industries such as printing inks, paper, adhesives, concrete curing compounds, and rubber. Owing to the aforementioned factors, it is safe to prognosticate that the global petroleum resins market would expand at a stellar rate in the years to follow.
The global petroleum resins market may be segmented on the basis of the following parameters: application, type, end-use industry, and region. These segments of the global petroleum resins market are a focal point to understand the key propensities of this market.
A report on the global petroleum resins market sheds light several key dynamics that have aided the growth of this market. The report takes a jaunty approach to give a holistic purview of the forces operating in the global petroleum resins market. Furthermore, the competitive dynamics and business strategies pertaining to the global petroleum resins market have also been enunciated in the report. A separate section is dedicated to the regional trends pertaining to the global petroleum resins market.
Global Petroleum Resins Market: Trends and Opportunities
The paints and oils industry has become a lucrative haven in recent times, and this has given an impetus to the growth of the global petroleum resins market. Furthermore, petroleum resins are being extensively used for manufacturing printing inks which has also propelled market demand. The manufacture of paper also calls for the use of petroleum resins, and the sheer size of the paper industry is projected to aid the growth of the global petroleum resins market. There have been several advances in the manufacturing domain of beads, solid blocks, and concrete compounds over the past decade. This factor shall also reek of growth within the global petroleum resins market in the years to follow.
Global Petroleum Resins Market: Market Potential
The demand within the global petroleum resins market has traced an ascending growth graph due to the proactive efforts of the petroleum industry to supply its subsidiary products. Furthermore, the need to ensure optimal supply of petroleum resins across a wide array of industries has also propelled demand within the global petroleum resins market.
Global Petroleum Resins Market: Regional Outlook
On the basis of geography, the demand within the petroleum resins market in North America has been escalating at a robust rate. This owes to the presence of well-developed paints, paper, and rubber industries in the US and Canada. Furthermore, Asia Pacific is also a strong manufacturing base for varnishes and paints which has also propelled regional market demand.
Global Petroleum Resins Market: Competitive Landscape
Some of the key vendors in the global petroleum resins market are Exxon Mobil Corporation, Ltd., Lesco Chemical Limited, Kolon Industries, Inc., and Zeon Corporation.