LOS ANGELES, Feb. 26, 2019 (GLOBE NEWSWIRE) -- The global petroleum resin market was valued at US$3.61 bn in 2018 and is expected to reach US$4.78 bn by 2025. The market is expected to rise at a CAGR of 3.6% from 2019 to 2025. QY Research gives a detailed analysis of the market in its latest report, titled “Global Petroleum Resin Market Analysis Report, 2014-2025.” The global petroleum resin market is exponentially growing number of factors.
Global Petroleum Resin Market: Drivers
With the rapid growth of economy and urbanization, the demand for downstream application industries will increase the need for more petroleum resin. As a result, petroleum resin has great market potentiality. The manufacturers of the industry are engaged in trying to produce high-quality petroleum resin to improve the manufacturing process have positively impacted on the market.
It tends to believe that, this market is arising, and the increasing demand will result in a smooth growth.
Global Petroleum Resin Market: Restraints
The rising price of feedstock has become one of the prominent restrains that is thwarting the market. On the other hand, the trend of eco-friendly bio-based resins is also obstructing the growth of the petroleum resins market globally. These alternatives are lower in VOC (volatile organic compounds) and thus tend to be harmless than the conventional petrochemical resins and drawing back the market growth.
Global Petroleum Resin Market: Segmental Analysis
The global petroleum resin market is segmented by type, form, size, and application. In terms of the type form and size, the market is segmented in three sections such as C5 petroleum resin, C9 petroleum resin, C5/C9 petroleum resin, and modified petroleum resin. Based on the application the market is segmented as printing ink, paint, rubber, adhesive and sealant, building and construction, tires, automotive, personal hygiene, and others.
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Global Petroleum Resin Market: Forecast by Region
Global petroleum resin market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific countries namely India, China, and Japan are witnessing speedy expansion with the increasing demand in this region. North America and Europe are the close competitors, who will be followed closely by Asia Pacific.
Global Petroleum Resin Market: The Key Players
The key players that are studied in the market research are ExxonMobil, Kolon, Eastman, ZEON, Mitsui Chemicals, Arakawa Chemical, RÜTGERS Group, Formosan Union, Idemitsu, Shangdong Qilong, Neville, Jinlin, Fuyuan, Resinall, Zhejiang Henghe, Zibo Luhua, and Puyang Changyu.
All the key players of the global petroleum resin market are moving forward with individual strategies and calculative plans to stay strong in the competition. One of the leading companies, ExxonMobil, recently collaborated with Qatar Petroleum for the Golden Pass LNG export project that will benefit both the companies through exports. The move is also expected to generate employment and revenue for both the giants. Companies such as ExxonMobil are expected to collaborate with bigger companies to create opportunities and business expansion to stay ahead of the competition.
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