Global Petroleum Resins Market Report and Forecast 2025-2034

Global Petroleum Resins Market Size

The global petroleum resins market value reached about USD 4.60 billion in 2023. The market is further estimated to grow at a CAGR of 5.90% in the forecast period of 2024-2032 to reach a value of around USD 7.73 billion by 2032.

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Global Petroleum Resins Market Growth

Petroleum resins, also called hydrocarbon resins, are a low polymer with a molecular weight between 300-3000 and are derived from cracked petroleum fractions. The characteristics of petroleum resins include resistance to water, ethanol, and chemicals. It is employed in combination with other resins as promoters, adjusting agents, and modifiers in various applications, which further contributes to the growth of the petroleum resins market.

The rising use of petroleum resins in various sectors, owing to their exceptional characteristics, is leading to market expansion. The resins are also available in several forms, such as powder, flake, crushed nuggets, beads, solid blocks, molten, dispersions, and solutions. The booming construction sector and the government initiatives towards rapid infrastructural developments are providing impetus to the petroleum resins industry growth, as the product is widely used in paints, coatings, and adhesives applications.

Global Petroleum Resins Market Analysis

The emergence of the e-commerce sector is leading to the adoption of flexible packaging, which is contributing to the application of petroleum resins to stiffen paper in packaging. The expanding production of automobiles and the use of petroleum resins to improve the tackiness of raw rubber are invigorating the market growth. Further, the demand for hydrogenated petroleum resins to enhance the colour and UV stability is aiding the petroleum resins market demand.

Global Petroleum Resins Industry Outlook

In May 2024, U.S. production of major plastic resins reached 8.7 billion pounds, marking a 6.6% increase from the previous month and a 13.3% rise compared to May 2023, according to the American Chemistry Council (ACC).

According to the Automotive Tyre Manufacturers’ Association, India's total tyre production surged to 2173.52 lakh units in 2022-23, up from 1919.81 lakh units in 2018-19, reflecting a 13.2% increase. Agricultural and tractor tyre production has been estimated at 103.81 lakh units. The production of total commercial vehicle (CV) tyres, including truck and bus (T&B) and light truck tyres, increased to 314.07 lakh units, marking an 11% increase from 2021-22. Passenger car tyre production significantly increased by 7%, reaching 582.40 lakh units. Meanwhile, production of two and three-wheeler tyres (motorcycle and scooter) rose significantly to 1146.28 lakh units.

As per the American Chemistry Council (ACC), in May 2024, sales and captive use of major plastic resins totalled 8.6 billion pounds, reflecting a 2.2% increase from the previous month and a 9.1% rise from May 2023, driving the petroleum resins industry revenue.

According to the Japan Automobile Tyre Manufacturers Association, Inc., the production of automobile tires reached 132.45 million units in 2022. Passenger car tyres accounted for 94,790,000 units, representing 94.5% of the previous year's output. Light truck tyre production remained at 21,975,000 units, maintaining 99.6% of the 2021 level. Meanwhile, truck and bus tyre production increased significantly to 10,673,000 units, indicating a 5.1% rise from 2021.

In 2022-23, Australia consumed around 760,000 tonnes of new tyres, with passenger tyres accounting for approximately 37% of this total and truck tyres contributing about 30%. The remaining 33% was made up of off-the-road (OTR) tyres, showing significant consumption across these three major categories, according to Tyre Stewardship Australia.

The U.S. Census Bureau reports that in June 2024, residential construction activity included the issuance of 1,446,000 building permits, indicating consistent demand for new housing projects. New privately owned housing starts reached 1,353,000 units, representing a 3.0% increase from May 2024. This sustained construction activity highlights the growth of the petroleum resins market, which are used in paints and coatings.

Petroleum resins are used in paints, adhesives, rubber, and other industries, expanding the market.

• Lower production costs compared to alternative resins contribute to the demand of the petroleum resins market.

• Steady consumption from sectors like construction, packaging, and automotive industries supports market stability.

Vulnerability to fluctuations in crude oil prices impacts profitability and cost management.

• Production processes may generate harmful byproducts, necessitating environmental management.

• Synthetic alternatives with enhanced properties pose competitive threats to petroleum resins.

Growth opportunities in emerging markets and new application areas diversify market usage.

• Development of resins with specialised properties enhances petroleum resins market opportunities.

• Investments in eco-friendly production methods align with increasing environmental consciousness.

Reduced demand during economic slowdowns affects consumption in key end-user industries.

• Heightened regulations increase compliance costs and operational challenges.

• Price volatility and intense competition lead to margin pressures and market instability.

Key Players in the Global Petroleum Resins Market and Their Key Initiatives

Lesco Chemical Limited

• China's petroleum resin demand and production growing rapidly. 

• Eastman expands the hydrogenated hydrocarbon resin facility to meet the growing demand of the petroleum resins market. 

Zeon Corporation

• Implemented a price increase for petroleum resins and thermoplastic elastomers. 

• Build a plant for recycling resin to capture the petroleum resins market opportunities.

Eastman Chemical Company

• Expanded production capacity at their Kingsport facility. 

• Eastman expands their portfolio of sustainability offerings with Cristal™ One recyclable resin for cosmetics. 

Kolons Industries, Inc.

• Expanded high-value speciality petroleum products plant. 

• Partnered with Stora Enso to produce biomaterials, including renewable binder resin formulations.

Global Petroleum Resins Industry Segmentation

“Global Petroleum Resins Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product 

• C5

• C9

• C5/C9

• Hydrogenated

Market Breakup by Application 

• Paints

• Adhesives

• Rubber and Tires

• Printing Inks

• Tapes and Labels

• Others

Market Breakup by End Use 

• Automotive

• Construction

• Packaging

• Personal Hygiene

• Consumer Goods

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Petroleum Resins Market Share

Petroleum resins, also called hydrocarbon resins, are a low polymer with a molecular weight between 300-3000 and are derived from cracked petroleum fractions. The characteristics of petroleum resins include resistance to water, ethanol, and chemicals. It is utilized alongside other resins as promoters, adjusting agents, and modifiers in various applications, which contributes to the increasing petroleum resins demand growth.

Leading Companies in the Petroleum Resins Market

The companies are involved globally in exploring, producing, refining, and marketing oil and gas products. Additionally, they are actively investing in renewable energy sources and technologies that promote low-carbon emissions.

• Lesco Chemical Limited 

• Zeon Corporation 

• Eastman Chemical Company 

• Kolons Industries, Inc. 

• Puyang Changyu Petroleum Resins Co., Ltd. 

• Others

Key Highlights of the Report

Petroleum Resins Market Report Snapshots

Petroleum Resins Market Size

Petroleum Resins Market Growth

Petroleum Resins Market Analysis

Petroleum Resins Market Share

Petroleum Resins Companies