Growing demand for paints and coatings offering high softening point and thermal stability is anticipated to propel demand for petroleum resins. Such resins offer superior affinity with auxiliary agents and pigments to enhance adhesive properties of paints. Increasing investments in infrastructural development and its maintenance can further impel product demand. Major product variants of petroleum resins are C9, C5, C5/C9, and hydrogenated. These resins are also used in synthetic rubber, labels, and tapes.
C5 Resins to Witness the Maximum Demand
In the coming years, C5 is expected to be the dominant product segment owing to their effective properties, high adhesion strength and chemical resistance, and excellent color retention. Most of the manufacturing companies are focusing on R&D activities to offer modified versions of C5 resins for better industrial use. For instance, Lesco Chemical Limited recently unveiled modified aliphatic version of C5 petroleum resin named LESTAC-R100 as binder for road marking paints. It offers excellent affinity with auxiliary agents, pigments, and resins to increase rigidity, tenacity, and adhesive force of paint material. In addition, this hydrocarbon resin is waterproof and has features such as anti-ultraviolet radiation.
Market Insights
The global petroleum resins market is estimated to reach at USD 4.1 billion by 2025, according to a report by Grand View Research, Inc. Growing use of petroleum resins in paints and coatings is predicted to amplify market growth during the forecast period (from 2018 to 2025). Moreover, growing necessity for eco-friendly, low VOC, and sustainable resins would stimulate market growth in the coming years. High demand for hydrogenated resins owing to superior adhesion properties and chemical resistance is also likely to drive the market. Key companies in the market are Eastman Chemical Company; Kolon Industries, Inc.; and Puyang Changyu Petroleum Resins Co., Ltd., ExxonMobil Corp.; and Zeon Chemicals L.P.
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