Petroleum Resins Market - Global Trends, and Forecast till 2026
Petroleum resins are low molecular weight thermoplastic hydrocarbon resins obtained from cracked petroleum fractions. It has a tackifying effect, which is slight sticky effect and hence, is used in coatings, paints, varnishes, printing inks, paper, lithographic inks, adhesives, concrete curing compounds, rubber, and other applications. It is available in powders, crushed nuggets, flakes, solid block, beads, solutions, and dispersions forms. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1251 Increasing use of petroleum resins for application in different end-use industries including automotive, construction, and consumer goods among others for coating, waterproofing and rubber compounding is driving growth of the petroleum resins market. Growing demand for petroleum resins containing low volatile organic compounds (VOCs) due to stringent government regulations on VOCs emissions such as Directive 1999/13/EC for VOCs emissions from vehicle coatings and others is further fuelling growth of petroleum resins market. Volatility in the cost of raw materials is one of the major factor restraining growth of the global petroleum resins market. Aliphatic C5 resins accounted for the highest market share in 2016. This is due to advantages of aliphatic C5 resins such as better glutinosity, good anti-ageing properties, fluidity, low volatility, and minimized odor. These are used in hot-melt adhesives, pressure sensitive adhesives, solvent-based adhesives, rubber damping pieces, rubber for inner tube of tires and other applications. Adhesive and sealants accounted for the largest market share over the forecast period. Petroleum resins are used as tackifiers in adhesives and sealants to improve tack, peel strength, specific adhesion, balance adhesion and cohesion, enhance high temperature performance, and decrease cohesive strength. Automotive industry accounted for the highest market share in 2016 owing to the use of petroleum resins in rubber compounding to enhance modulus of the compound and chipping resistance. According to the International Organization for Motor Vehicles Manufacturers (OICA), the global motor vehicle production was 90,780,583