The Petroleum Resin market size is estimated to grow from USD 1.78 Billion in 2016 to USD 2.58 Billion by 2021, at a CAGR of 7.7%. Petroleum resins are categorized into four major types by such as C5 petroleum resins, C9 petroleum resins, hydrogenated hydrocarbon resins, and C5/C9 petroleum resins. These are the widely used types of petroleum resins. In 2015, C5 petroleum resins accounted for the largest market share in terms of both value and volume due to easy availability and cost-effective nature. Petroleum resins are used in adhesives & sealants, printing inks, paints & coatings, rubber compounding, tapes & labels, and other applications. These are the main applications considered. In 2015, the adhesives & sealants application segment accounted for the largest market share as compared to other applications, in terms of value and volume, due to its increasing usage in building & construction and book binding end-use industries. The key players in the Petroleum Resin Market are Eastman Chemical Company (U.S.), ExxonMobil Corporation (U.S.), Total CrayValley (U.S.), and Kolon Industries (South Korea), Petro-China Company, Ltd. (China), and Shanghai Jinsen Hydrocarbon Resins Co., Limited (China), etc.
The market is driven by the increasing need in end-use industries such as personal hygiene, tire, automotive, and building & construction. The Middle East & Africa and Latin America are estimated to witness a strong growth in the next five years. The demand across these regions is reinforced by the increasing personal hygiene market in Saudi Arabia, Brazil, and Nigeria.