LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global petroleum resins market is projected to grow to USD 2,450.2 million by 2021, at a CAGR of more than 7% over the forecast period.
This research report titled ‘Global Petroleum Resins Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| Petroleum resins are amorphous polymers with low molecular weight obtained from synthetic processes and are commonly used to improve the adhesion and cohesion properties of larger polymers. The increase in demand for petroleum resins from the building and construction industry is expected to drive the growth of the global market. |
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Based on resin type, the report categorizes the global petroleum resins market into the following segments:
- C5 resins
- Hydrogenated hydrocarbon resins
- C9 resins
- C5/C9 resins
The top three revenue-generating resin segments in the global petroleum resins market are discussed below:
C5 resins
“C5 resins are made from petroleum-based aliphatic feedstock and are commonly used in adhesives, coatings, road marking, tires, rubber, and paints and coatings due to its excellent tack and cohesive properties,” says Ajay Adikari, a lead analyst at Technavio for plastics, polymers, and elastomers research.
C5 resins occupied a majority 53% of the global petroleum resins market in 2016 and is expected to continue its market dominance through the forecast period. The growth in the market segment is expected to be due to their wide-spread use in the end-user industries such as building and construction, automotive, and personal care.
Hydrogenated hydrocarbon resins
The global petroleum resins market by hydrogenated hydrocarbon resins is expected to be the fastest-growing regional segment, growing at a CAGR of over 8% through 2021. Hydrogenated hydrocarbon resins are manufactured by the controlled hydrogenation of basic monomer of aliphatic and aromatic resins. Partial and selective hydrogenations are carried out to manufacture resins with better stability and compatibility. These resins are not skin sensitive, making them suitable for the manufacture of pharmaceutical adhesives, lipsticks, lip-care products, and fragrance fixatives.
C9 resins
“C9 resins are made of nine-carbon aromatic monomers. C9 resins are aromatic molecules, and they endure little refining prior to the polymerization. They are used mainly in hot-melt adhesives, pressure-sensitive adhesives, printing inks, and paints and coatings,” says Ajay.
These resins come in different forms with varying softening points and molecular weight. The important characteristics of C9 petroleum resin include low acid value, good miscibility, chemical resistance against water, and chemical stability against alkali and acids.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Arakawa Chemical Industries
- Eastman Chemical
- ExxonMobil
- Kolon Industries
- Total Cray Valley
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