GIA announces the release of a comprehensive global report on Petroleum Resins market. World petroleum resins market is forecast to reach 2.59 million tons by the year 2017, buoyed by proliferation of end-use industries such as paints and coatings, printing inks, adhesives, and compounding agents. Future growth in petroleum resins market will be based on the state of the economy post recession, growth of private industrial commercial output, and increased maintenance and repair activity. Dominance of Asian markets such as China and Japan is likely to continue, driven by growing economic prosperity and rising resin consumption.
San Jose, California (PRWEB) April 19, 2012
Follow us on LinkedIn – Market for petroleum resins is highly variable and dependent on factors, such as economic conditions, growth in GDP, consumer purchasing power, and the overall health of end-use industries. The downturn in world economy and subsequent financial crunch, worked as a market dampener, though the market began to look up with the resumption of normalcy beginning from 2011. Future growth in petroleum resins market will be based on complete revival of economy, growth of private industrial commercial output, and increased maintenance and repair activity. Petroleum resins are rather new type of polymer materials, which have a bearing on many industries and sectors, such as repair and finishing activities, paints, papermaking, and tire and rubber business. The chemistry of petroleum resins, and the range of commercially available variations allow a very broad range of properties. Due to excellent adhesion, heat and chemical resistance, and good-to-excellent mechanical properties, petroleum resin have been among the most preferred resin material for paints and coatings, printing inks, adhesives, and compounding agents. In the recent past, the production of C5 petroleum resin was primarily concentrated in countries with advanced chemical and petroleum industries such as Germany, the US, Russia, Japan, Britain, Holland and France. However, presently, the petroleum resin industry is dominated by China and Japan. China demonstrated an increased interest towards petroleum resins some time ago driven by the general economic trends, and the growth in some petroleum resins consuming sectors, such as paint and varnish industry.
Traditionally, ethylene production requires oil-based heavy feedstocks that in turn produce a large amount of by-products such as propylene, isoprene and resin oils. Inconsistent oil pricing fundamentals have prompted developed nations to shift towards light feedstocks. For example, in Europe the relatively high oil prices impelled some ethylene producers to use light feedstocks such as liquid petroleum gas (LPG) whereas ethylene producers in the US are utilizing natural gas based light feedstocks such as propane, butane, and ethane. This trend towards light feedstocks has decreased the amount of by-products produced outside the Asia-Pacific. Specifically, countries in the advanced stages of development, such as Japan and the US, are facing a significant shortage of C5 Petroleum Resin production. As a result, demand for Asian ethylene by-products and by-product derivatives will witness significant growth. In the race to plug the supply gap a swathe of new ethylene projects as well as expansions to existing plants will be unveiled across the region providing huge potential export opportunities for C5 petroleum resin makers of China.
Turning on the heat in the petroleum resins market is the increased competition from bioplastics, biodegradable plastic resins, or resins derived from plant-based sources, which are pitted as competitors in terms of both performance and cost effectiveness. Rising crude oil and natural gas prices will allow bioplastics to be more cost-competitive against petroleum-based resins. Also, consumer demand for eco-friendly products, trend towards sustainability, the development of bio-based feedstocks, and stringent regulatory controls on the use of non-degradable plastic products will be key growth factors. Several widely used petroleum-based resins have been subject to scientific and consumer concerns and debatable with regards to their consumer safety. These concerns, coupled with cases of tainted plastic products manufactured in China, lead to greater interest in environmentally friendly alternatives such as bioplastics.
The petroleum resins market worldwide is traditionally dominated by developed and mature western markets of Europe and North America, as stated by the new market research report on Petroleum Resins. Asia-Pacific, led by advancements in China is forecast to forge ahead at the strongest CAGR of 6.3% through 2017. Consumption of petroleum resins in China has rapidly surged over the past few years on the back of manufactured goods shipments, and availability of cheap & reliable gas/energy supply. Economic growth has also contributed substantially to raise domestic consumption by accelerating business activities. Besides continual economic growth, Asian demand for the ethylene by-products such as resin oils also expanded due to other natural raw material shortages. The Chinese petroleum resin market is currently dominated by domestic players. The continued growth of petroleum resin market in China has attracted the attention of Western manufacturers, such as ExxonMobil and Eastman, which recently established facilities in the country.
Key players profiled in the report include Arakawa Chemical Industries Ltd, Eastman Chemical Company, Innova Chemical Co Ltd, Lanzhou Huifeng Petrochemical Co Ltd, Nanjing Shuangning Resin Science and Technology Co Ltd, Nanjing Yangzi Eastman Chemical Ltd, Neville Chemical Company, Ningbo Yonghua Resin Co Ltd, Puyang Ruisen Petroleum Resins Co Ltd, Puyang Tiancheng Chemical Co Ltd, Puyang Zhongde Petroleum Resins Co Ltd, Qingdao Bater Chemical Co Ltd, RÜTGERS Group, Shanghai Jinsen Hydrocarbon Resins Co Ltd and ZEON Corporation.
The research report titled “Petroleum Resins: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The single-segment report provides market estimates and projections (in Thousand Tons) for major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Petroleum_Resins_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/
###
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebpetroleum_resins_market/C5_resins/prweb9420550.htm
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
