PETROLEUM RESINS MARKET ANALYSIS

The fluctuations in global crude oil prices have significantly restrained the growth of the global petroleum resins market in recent years. Petroleum resins are primarily derived from petroleum-based feedstock such as C5 and aromatic hydrocarbons which are by-products obtained during the refining of crude oil. Hence, the prices of crude oil have a direct impact on the production costs and operating margins of petroleum resins manufacturers. Over the past few years, benchmark international crude oil prices have witnessed high volatility driven by various geopolitical and macroeconomic factors.

Opportunities: Development of bio-based resins

The development of bio-based resins presents a major opportunity for growth in the global petroleum resins market. Petroleum resins are traditionally derived from petroleum-based feedstocks. However, increasing concerns about sustainability and reliance on non-renewable resources are driving demand for more eco-friendly bio-based alternatives. Transitioning to bio-based resins allows product manufacturers to reduce their carbon footprint and meet stringent environmental standards. As governments and corporations adopt net-zero emissions targets, bio-based resins offering are gaining immense traction.