For FY2021, the proportion of infrastructure investments to the gross domestic product (GDP) of India was estimated to be nearly 3.95%.
Petroleum resins are versatile chemical compounds derived from petroleum or natural gas. These resins are widely used in various industries due to their excellent adhesive properties, high thermal stability, and ability to modify the physical properties of materials. Petroleum resins are amorphous, solid materials that vary in their physical and chemical properties depending on the specific manufacturing process and the feedstock used.
The building & construction industry is one of the major end-users of petroleum resins. Petroleum resins are used in a variety of applications in the building & construction industry, such as adhesives, sealants, coatings, and flooring. The increasing demand for residential and commercial buildings in India is driving the growth of the building & construction industry. This, in turn, is driving the demand for petroleum resins. The rubber industry is also a major end-user of petroleum resins. Petroleum resins are used in a variety of applications in the rubber industry, such as vulcanization agents, processing aids, and reinforcing agents. The increasing demand for tires, hoses, and other rubber products in India is driving the growth of the rubber industry. This, in turn, is driving the demand for petroleum resins.
The paint & coatings industry is another major end-user of petroleum resins. Petroleum resins are used in a variety of applications in the paint & coatings industry, such as binders, dispersants, and thickeners. The increasing demand for decorative and protective coatings in India is driving the growth of the paint & coatings industry. This, in turn, is driving the demand for petroleum resins.
Petroleum resins come in various colors, ranging from light yellow to dark amber. They can be transparent or have a translucent appearance, depending on the specific resin grade. Petroleum resins are soluble in a wide range of organic solvents, including hydrocarbons, esters, ketones, and aromatic solvents. This solubility makes them highly compatible with other materials during formulation. Petroleum resins play a vital role in various industries, providing enhanced adhesion, thermal stability, and modification capabilities. Their diverse applications in adhesives, inks, coatings, rubber compounding, and tackifiers make them indispensable in modern manufacturing processes. However, the environmental impact of petroleum resins necessitates a continued focus on sustainability and the development of eco-friendly alternatives. By prioritizing research and innovation, we can mitigate the environmental challenges associated with these materials while benefiting from their unique properties and applications.
Petroleum resins market in India has witnessed significant growth in recent years, driven by expanding industrial sectors and increasing demand for adhesives, coatings, and rubber compounding applications. Petroleum resins, known for their versatile properties and diverse applications, have become integral components in numerous industries across the country. India is one of the fastest-growing economies in the world, with a burgeoning manufacturing sector and a robust consumer base. This growth has propelled the demand for petroleum resins as essential ingredients in various products. The Indian petroleum resins market encompasses both domestic production and imports to meet the growing demand.
Manufacturing Sector and Rising Demand for Adhesives & Sealants is Driving Market Growth.
India's manufacturing sector has been on a rapid growth trajectory, driven by factors such as favorable government policies, ease of doing business, and the Make in India initiative. This growth has led to increased demand for petroleum resins as crucial ingredients in various manufactured products. Industries such as packaging, automotive, textiles, and construction heavily rely on petroleum resins, fueling market growth.
Increase in Demand in Various End Use Industries are Driving Market Growth
India's automotive sector is experiencing rapid growth, driven by factors such as increasing disposable incomes, urbanization, and government initiatives promoting electric vehicles and sustainable transportation. The Indian automotive industry is the third largest in the world in terms of production. Petroleum resins are utilized in rubber compounding for tire manufacturing, automotive parts, and adhesives. The growing automotive industry has contributed significantly to the demand for petroleum resins in India.
Packaging industry in India is witnessing substantial growth due to rising consumerism, urbanization, and the e-commerce boom. Petroleum resins play a crucial role in packaging adhesives, labels, coatings, and laminates. The rigid sector accounts for 36% of India’s total packaging The demand for attractive packaging, enhanced product protection, and sustainability has further boosted the use of petroleum resins in the packaging sector. India's expanding middle-class population, rising disposable incomes, and changing lifestyles have led to increased consumption of consumer goods. Petroleum resins find applications in various consumer goods, including footwear, textiles, electronics, and appliances. The demand for petroleum resins in these sectors has been on the rise, driven by the growing consumer goods market.
Increasing Focus on Sustainability and Development of New and Innovative Petroleum Resins Driving Market
Major Challenges faced by Petroleum Resins Market
The prices of raw materials used in petroleum resin production, such as crude oil and natural gas, are subject to global market dynamics. Fluctuations in raw material prices can impact the cost of production and pricing of petroleum resins. To address this challenge, manufacturers can explore strategic partnerships, hedging mechanisms, and long-term supply agreements to stabilize raw material costs.
Download Free Sample Report
Recent Trends & Developments
- The Make in India initiative, launched in 2014,
has played a crucial role in promoting domestic manufacturing and reducing
import dependence. The initiative has encouraged investments in the petroleum
resins sector, leading to capacity expansions and the establishment of new
manufacturing facilities in the country.
- The NIP, launched in 2019, aims to develop
world-class infrastructure in India. This initiative has created opportunities
for the use of petroleum resins in coatings, adhesives, and sealants for
infrastructure projects, contributing to market growth. The Indian government's
commitment to achieving the United Nations' Sustainable Development Goals has
influenced the petroleum resins market. Emphasis on environmental
sustainability has led to increased focus on eco-friendly and bio-based
alternatives in resin production
- Arakawa Chemical Industries launched its new hydrogenated
petroleum resin in 2022. The new resin is designed to offer improved thermal
stability and chemical resistance in a variety of applications.
Market Segmentation
Market Players
|
Attribute
|
Details
|
|
Base Year
|
2023
|
|
Historic Data
|
2019 – 2022
|
|
Estimated Year
|
2024
|
|
Forecast Period
|
2025 – 2029
|
|
Quantitative Units
|
Revenue in
USD Million, Volume in Tonnes, and CAGR for 2019-2023 and 2024-2029
|
|
Report coverage
|
Revenue forecast,
volume forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments covered
|
Product Type
End User Industry
|
|
Regional scope
|
North
India, South India, West India, East India
|
|
Key companies profiled
|
Dow
Chemical International Private Limited, Mitsui Chemicals India Private
Eastman Chemical India Pvt. Ltd, Cray Valley Resins India Pvt Ltd, Chemtech
India, Acme Rub Chem, Fine O Chem International Co, Dycon Chemicals , Chemex
Chemicals, Triveni Chemicals.,
|
|
Customization scope
|
10% free
report customization with purchase. Addition or alteration to country, regional
& segment scope.
|
|
Pricing and purchase options
|
Avail customized
purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
|
