Petroleum Resins Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024
Technavio has been monitoring the petroleum resins market and it is expected to grow by $ 926.28 mn, accelerating at a CAGR of almost 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Petroleum Resins Market: Key Trends to impact market growth
The High demand from automotive industry is one of the key petroleum resins market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Petroleum Resins Market: Top Drivers to Boost Demand
The demand from building and construction industry is one of the primary factors driving the growth of the petroleum resins market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Arakawa Chemical Industries Co. Ltd., Eastman Chemical Co. and Exxon Mobil Corp. are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Arakawa Chemical Industries Co. Ltd., Eastman Chemical Co., Exxon Mobil Corp., Idemitsu Kosan Co. Ltd., Kolon Industries Inc., Mitsui Chemicals Inc., Rain Carbon Inc., Sojitz Corp., Total SA, and Zeon Corp. are some of the major market participants.
For more insights on this market: Download a Free Sample Report
Petroleum Resins Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the global petroleum resins market and it is expected to grow by USD 926.28 million accelerating at a CAGR of almost 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Petroleum Resins Market: Segmentation by Geography
During 2019, APAC was the largest Petroleum Resins Market owing to the high growth of the automotive, and building and construction industries in the region. Moreover, the presence of dominant vendors will significantly drive petroleum resins market growth to the extent that 55% of the market growth will originate from APAC during the forecast period. China and South Korea (Republic of Korea) are the key markets for petroleum resins in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Petroleum resins are specifically used in the automotive industry in tire rubber compounding as they improve chipping resistance, enhance modulus of the compound, and are compatible with both natural as well as synthetic rubber. The use of petroleum resins has also increased in the tire industry due to its enhanced bonding and tackiness and its assistance in the proper distribution of fillers during tire vulcanization. Furthermore, regions such as APAC are foreseen to witness high growth in the automotive segment on the basis of the growth in per capita income, road infrastructure, and increase in per capita of vehicles owned, in turn, propelling the market growth.
Petroleum Resins Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Arakawa Chemical Industries Co. Ltd., Eastman Chemical Co. and Exxon Mobil Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
