The increasing use of hot-melt adhesives made with petroleum resin is expected to be the main growth factor in the global market for petroleum resin during the predicted period. In addition, as petroleum resin is used to produce many different types of paints for the construction industry as well as the automotive industry, the growing demand for paints and coatings in the global market is another factor driving the market. The petroleum resins market is becoming more and more consolidated, with a few number of international companies controlling the majority of the market. As a result, a developing trend in the industry is to diversify the product portfolio with cutting-edge goods. As a result, firms are embracing product innovation as a differentiating attribute to get an advantage over the competition. There has also been constant research and development for the creation of better grade with superior characteristics and thermal stability in the global petroleum resins market.
Coherent Market Insights predicts that Global Petroleum Resins Market was estimated at US$ 3149.18 Mn in 2021 in terms of revenue, exhibiting a CAGR of 8.35 % during the projected period (2022 to 2030). (2022 to 2030).
Key Companies in the Petroleum Resins Industry
1. Arakawa Chemical Industries
The company was founded in 1876 and is based in Japan. Arakawa Chemical Industries, Ltd. produces and sells additives for paper as well as resins for printing inks. Chemicals for functional coating agents, paper manufacturing, resins for printing inks and adhesives, materials for electronic materials, etc. are all produced and sold by Arakawa Chemical Industries, Ltd.
2. Eastman Chemical Company,
The company was founded in 1920 and has its main office in Kingsport, Tennessee, United States. Eastman produces and sells plastics, textiles, and chemicals. It manufactures copolyesters for packaging, supplies coatings, adhesives, and speciality plastics goods. Eastman revealed plans to construct a methanolysis plant that will turn polyester waste into long-lasting products in January 2021. Eastman stated in January 2022 that it would spend up to $1 billion building a facility in France for material-to-material molecular recycling.
3. Exxon Mobil Corporation, Ltd.,
The company was established in 1882 and is located in spring, Texas, U.S. The Corporation runs enterprises in petrochemicals and petroleum. The Business conducts exploration and production of oil and gas, electric power generation, coal, and minerals operations. In oct 2022, ExxonMobil reported successful commencement of one of the largest sophisticated recycling facilities in North America. ExxonMobil added two new discoveries to its extensive portfolio of development opportunities in October 2022 at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana.
4. Kolon Industries, Inc.,
The company was established in 1957 and is headquartered in Seoul, South Korea. Numerous chemical fibres and textiles are produced by Kolon Industries Inc., including nylon yarns and fabrics, chamude, tyre cord fabrics, and air bag fabrics. The Firm also produces films and media materials including polyester films, nylon films, and audio/video tapes.
5. Zeon Corporation,
The firm was founded in 1950 and is based in Tokyo, Japan. The company ZEON CORPORATION manufactures resins, synthetic latex, and rubbers. To speed up the development of their biomanufacturing method for sustainable chemicals, Zeon Corporation invested in US startup Visolis in February 2023. Zeon Company made the decision to boost hydrogenated nitrile rubber production capacity in the US in November 2022.
6. Neville Chemical Company,
The company was established in 1925 and is headquartered in Pittsburgh, Pennsylvania, United States. The company sells aliphatic hydrocarbon resins, diluents, and plasticizers, among other things. Recognized as a pioneer and important producer of hydrocarbon resins is Neville Chemical Company.
7. Total Cray Valley,
The company was founded in 1987 and is based in Courbevoie, France. The company manufactures and provides liquid polybutadienes, rubber, polymers, additives, related composite solutions, and hydrocarbon resins for a variety of applications. Cray Valley released Wingtack® 20 Hydrocarbon Resin in April 2022 for High Performance in Demanding Applications. In Nov 2022, Cray Valley gained new ISCC PLUS certification for the manufacture of its sustainable resins in Carling
*Definition: Petroleum fractions that have been broken yield low molecular weight thermoplastic hydrocarbon resins known as petroleum resins. It is found in powders, broken chunks, flakes, firm block, pellets, liquids, and dispersions types.
