Global Petroleum Resins Market 2017-2021
About Petroleum Resins
Petroleum resins are amorphous polymers with low molecular weight obtained from synthetic processes. These resins are commonly used to provide excellent tack and adhesion and are commonly used together with larger polymers to improve the adhesion and cohesion properties.
Technavio’s analysts forecast the global petroleum resins market to grow at a CAGR of 7.33% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global petroleum resins market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Petroleum Resins Market 2017-2021
Technavio recognizes the following companies as the key players in the global petroleum resins market: Arakawa Chemical Industries, Eastman Chemical, ExxonMobil, Kolon Industries, and Total Cray Valley.
Other Prominent Vendors in the market are: Lesco Chemicals, ZEON CHEMICALS, Puyang Shenghong Chemical, Innova Chemical, Anglxxon Chemical Products, Shandong Landun Petroleum Resins, Puyang Tiancheng Chemical, and Neville Chemical.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing demand for green and sustainable resins. There is a strong preference in the developed economies such as Canada, the US, and Germany in the development petroleum resins that are eco-friendly in nature. Green sustainable petroleum resins and other related energy-saving resin systems are increasingly becoming popular in the developing regions along with the developed regions.”
According to the report, one of the major drivers for this market is increase in demand from building and construction industry. The construction industry constitutes both economic and social development strategy and efforts. Energy, transportation, electricity, and telecommunication is vital for the accelerated development and modernization of a country. It is an endless process of progress, where development should be directed, accompanied, and trailed provision and maintenance of sufficient infrastructure facilities.
Further, the report states that one of the major factors hindering the growth of this market is volatility in raw material prices. Petroleum resins are mainly produced by polymerizing diolefins, olefins, and vinyl aromatic compounds, which are byproducts of petroleum fractions. Naphthalene is the main raw material used in the production of petroleum resins. Petroleum feedstocks (C5 and C9 fractions, which are byproducts of petroleum cracking) are important raw materials for petroleum resins. These fractions are mainly produced from petrochemical processes
Arakawa Chemical Industries, Eastman Chemical, ExxonMobil, Kolon Industries, Total Cray Valley, Lesco Chemicals, ZEON CHEMICALS, Puyang Shenghong Chemical, Innova Chemical, Anglxxon Chemical Products, Shandong Landun Petroleum Resins, Puyang Tiancheng Chemical, and Neville Chemical.