Petroleum Resins Market, by Product Type, Application, End-use Industry, and Geography
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, concreate curing compounds, rubber, and other applications. It is available in powders, crushed nuggets, flakes, solid block, beads, solutions, and dispersions forms.
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.
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Aliphatic C5 resins accounted for the highest market share in 2016. This is due to advantages of aliphatic C5 resins such as better glutinosity, good anti-ageing properties, fluidity, low volatility, and minimized odor. These are used in hot-melt adhesives, pressure sensitive adhesives, solvent-based adhesives, rubber damping pieces, rubber for inner tube of tires and other applications.
Adhesive and sealants accounted for the largest market share over the forecast period. Petroleum resins are used as tackifiers in adhesives and sealants to improve tack, peel strength, specific adhesion, balance adhesion and cohesion, enhance high temperature performance, and decrease cohesive strength.
Automotive industry accounted for the highest market share in 2016 owing to the use of petroleum resins in rubber compounding to enhance modulus of the compound and chipping resistance. According to the International Organization for Motor Vehicles Manufacturers (OICA), the global motor vehicle production was 90,780,583 in 2015, which increased to 94,976,569 in 2016. This growth in motor production is increasing demand for petroleum resins in the automotive industry.
Asia Pacific is the dominant petroleum resins market owing to increasing demand from various application segments such as paints, sealants, adhesives, coating from automotive and construction industries. For instance, according to India Brand Equity Foundation — a trust established by the Department of Commerce, Ministry of Commerce and Industry — the passenger vehicle production in India is expected to increase US$ 10 million in 2020 from US$3.2 million in 2015. Also, according to the International Trade Association, Department of Commerce, the total automotive market size in 2015 was 24.94 million units, which increased to 28.36 million units in 2016. Thus, rapid growth in automotive industry in India and China is driving growth of the petroleum resins market in Asia Pacific.
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North America is the second largest petroleum resins market due to growing demand from the automobiles industry. For instance, according to International Organization for Motor Vehicles Manufacturers (OICA), the total automotive sales in the U.S. and Canada was 19,785,141 in 2015, which increased to 19,849,518 in 2016.
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