PETROLEUM RESINS MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant region in the global petroleum resins market. With the presence of major resin manufacturers and a well-developed end-use industries, the North American market is estimated to account for around 35.7% of the global demand for petroleum resins market in 2024. The U.S. is the world's largest consumer of petroleum resins due to high consumption from industries such as paints & coatings, adhesives & sealants, printing inks, and rubber. The high usage of resins from manufacturers to produce various goods that are then exported globally has made North America an important manufacturing and trading hub for petroleum resins. Some key factors that have contributed to the large market size are the innovation in resin formulations by manufacturers to match diverse performance requirements across industries and strong production capacities built over the years by leading resin producers. Additionally, consolidation activities among competitors have enhanced their distribution networks across the region.

On the other hand, Asia Pacific has shown promising signs of emerging as the fastest expanding market for petroleum resins. With increasing industrial and infrastructure development, nations like China, India, and Southeast Asia are witnessing surge in the consumption of resins by end-use sectors like paints & coatings and adhesive & sealants. Countries like China and India have substantial export-oriented manufacturing industries, fostering demand for petroleum resins. Rising disposable income levels, population growth and foreign investments have augmented the production and output of various end products in Asia requiring resin additives. Stimulus packages by governments aimed at infrastructure projects have also benefitted the resins market. Additionally, many global resin manufacturers have been establishing new production plants or expanding existing ones in the region to leverage low-cost manufacturing and cater to the growing needs of Asia Pacific. With such trends prevailing, the Asia Pacific market is likely to record exponential gains in the coming years.