Petroleum Resins Market Size Worth $4.1 Bn by 2025 | Cagr: 6.9%

Tuesday 5 December 2017, Amsterdam

The global petroleum resins market is expected to reach USD 4.1 billion by 2025, growing at a CAGR of 6.9% from 2017 to 2025, according to a new report by Grand View Research, Inc. The rising demand for petroleum resins in EVA-based adhesives, contact adhesives for footwear, printing inks, sealants, paints, specialty tapes, repositionable tapes, packaging tapes, and permanent labels is expected to increase the market size.

Increasing demand for hydrocarbon resins in adhesives owing to properties such as good adhesion, improved adhesive bond strength, acid resistance, alkali resistance, and water resistance is expected to the drive industry expansion over the forecast period.The development of various petrochemical complex and catalytic polymerization to increase the output of resins is likely to augment the market size over the next eight years.

Automotive was the prominent segment and accounted 23.9% of the overall revenue share in 2016. The segment is expected to register substantial gains owing to the increasing production of passenger cars, light commercial vehicles, and heavy commercial vehicles in countries such as India, Thailand, and China.

Moreover, the Chinese auto sector policies and measures such as Automotive Readjustment and Revitalization Plan, Energy-Saving and New-Energy Auto Industry Plan, and Foreign Direct Investment opportunities are augmenting vehicle production, which in turn is expected to propel the market growth.