Petroleum resins are extensively used as additives in paints & coatings, adhesives, rubber products, and several specialty applications. The paints & coatings industry consumes more than half of the total petroleum resins produced globally. Petroleum resins in paints and coatings act as binders and provide gloss, toughness, adhesion, durability, and flexibility to the final products.

The Global Petroleum Resins Market Size is estimated to be valued at US$ 4259.01 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising consumption of petroleum resins in paints and coatings is one of the major drivers fueling the growth of this market. Paints and coatings is the largest application segment of petroleum resins accounting for more than 55% of the total consumption. Increasing demand for paints and coatings from construction and automotive industries has been driving the petroleum resins market growth. Construction industry globally has been witnessing robust growth supported by rapid urbanization in emerging economies. Growing automotive production is also contributing to the rising demand for automotive coatings.

The mentioned driver is expected to continue propelling the market growth over the forecast period. However, stringent environmental regulations around the globe pertaining to VOCs emissions from paints and coatings is expected to hamper the market growth to some extent over the coming years. Manufacturers are shifting their focus towards developing bio-based and environment-friendly petroleum resins to comply with these regulations.

SWOT Analysis
Strength: The global petroleum resins market is witnessing rise in demand for hot melt adhesives and printing inks applications globally. Majority of petroleum resins used in manufacturing of these applications have properties like odorless, moisture resistance and gloss which help provide good adhesion and durability. Growing usages of adhesives and inks in packaging industry is fueling market growth.

Petroleum resins are cost effective synthetic polymers which serve as substitute for natural resins. Lower prices compared to natural resins is a major strength attracting several end use industries to use petroleum resins.

Weakness: Stringent environmental regulations around the globe regarding usage of petroleum based products can hamper market growth. Petroleum resins are non-renewable and have adverse effect on environment on disposal.

Transportation of petroleum resins also require precautions as these are flammable in nature. Higher transportation costs adds to operating expenses of companies.

Opportunity: Rising demand for bio-based and green petroleum resins from environmentally conscience consumers present new opportunities. Market leaders are investing in R&D to develop bio-based resins from renewable feedstock.

Growth in flexible packaging industry driven by increasing food delivery and takeaway services during pandemic has increased opportunity for petroleum resins consumption in adhesive applications.

Threats: Alternatives like vegetable oil based resins and silicone resins pose competition threat. Superior properties of alternatives like flexibility and resistance to degradation reduces demand for petroleum resins.

Fluctuations in crude oil prices affects petroleum resins prices. Unstable crude prices threatens profitability of resin manufacturers.

Key Takeaways
The global petroleum resins market is expected to witness high growth. The market size is forecasted to reach US$ 6197.86 Mn by 2031 from US$ 4259.01 Mn in 2024, growing at a CAGR of 6.5% during the forecast period.

Regional analysis
Asia Pacific dominates the global market and is expected to continue its dominance holding over 35% market share through 2031. High resin consumption countries like China, India and Japan will drive the region's growth. North America and Europe are other major resin consuming markets.

Key players
Key players operating in the petroleum resins market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others.

These players are focusing on developing innovative bio-based resins using renewable raw materials to capitalize growing demand for green products. Major players also entering into strategic collaborations to strengthen their product portfolio and global presence.

Get More Insights Here: https://www.newsstatix.com/petroleum-resins-market-demand-growth-and-regional-outlook-by-2030/