NEW YORK, July 25, 2016 /PRNewswire/ -- "Upward growth for the building & construction industry, substantiating the petroleum resins market growth"
The global petroleum resins market size is projected to reach USD 2.58 billion by 2021, at a CAGR of 7.7%. The growth is due to petroleum resins' properties such as high chemical resistance, miscibility, low odor, low molecular weight, low solution viscosity, and inherently high solubility. These unique properties make it a valuable product for building & construction end-use industry which further drive the petroleum resins market.
"Increasing future opportunities for hydrogenated hydrocarbon resins is a major driver of the petroleum resins market"
Petroleum resins are segmented into four major types such as C5 petroleum resins,
C9 petroleum resins, hydrogenated hydrocarbon resins, and C5/C9 petroleum resins. Hydrogenated hydrocarbon resins are expected to register the highest growth rate between 2016 and 2021. The properties such as less pollutant, chemical resistance, high adhesion strength, helped in driving the market for these resins in various applications such as paints & coatings, printing inks, rubber compounding, and adhesives & sealants.
"Rising demand from developing economies is a major driver of the petroleum resins market"
In 2015, Asia-Pacific is estimated to register the highest growth rate between 2016 and 2021, and is estimated to remain the same in the next five years. Growing end-use industries such as automotive, personal hygiene, and tire in this region highly drive the market. China led the demand for petroleum resins due to increased demand of building & construction activities in the last few years.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 - 33 %, Tier 2 – 60% and Others - 7%
- By Designation - C level - 56%, Director level - 33%, Others - 11%
- By Region - North America – 13%, Middle East & Africa-13%, Latin America-7%, Asia-Pacific – 20%, Europe – 47%
The key companies profiled in this market research report include Total CrayValley (U.S.), Exxon Mobil Corporation (U.S.), Kolon Industries, Inc. (South Korea), Arakawa Chemical Industries Limited (Japan), and Eastman Chemical Company (U.S.).
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the petroleum resins market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across different verticals and regions.
2. The report helps the stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes new product developments, partnerships, and mergers & acquisitions.
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