High demand for crude oil to bring profitable opportunities for the petroleum resins market

 

Petroleum Resins Market

Petroleum Resins is usually prepared from crude oil, natural gas, kerosene, or other crude oil products with specific additives for specific applications. Petroleum resins can be prepared as a solid, liquid, or gaseous and are extensively used in a wide range of industries such as petrochemical, chemical, transportation, power generation, chemicals, petroleum exploration, and plastics production.

Rapid growth in the end-use industries such as personal hygiene, building & construction, automotive, and tire is driving the growth of the petroleum resins market. These resins are widely used across various applications such as rubber compounding, printing inks, paints & coatings, adhesives & sealants, and other applications is again expected to foster the growth of the petroleum resins market. Growing demand for crude oil is also estimated to augment the growth of the market. Energy Information Administration estimates that U.S. crude oil production will average 11.0 million b/d in 2021—down from 11.3 million b/d in 2020 and 12.2 million b/d in 2019—and will rise to 11.5 million b/d in 2022.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the high demand for petroleum resins from the construction industry. According to the India Brand Equity Foundation, large investment in infrastructure has seen momentum as overall PE (private equity)/VC (venture capital) investment touched an all-time high of US$ 14.5 billion in 2019. Indian Railways has received an allocation of Rs. 72,216 crore (US$ 10.33 billion) under Union Budget 2020-21. Moreover, India plans to spend US$ 1.4 trillion on infrastructure during 2019-23 to have a sustainable development of the country.

Key Developments:

1.      In October 2019, Eastman launched Regalite™ UltraPure hydrocarbon resins, a new class of clean tackifying resins, at the recent 2019 European Adhesive and Sealant Conference & Expo in Dubrovnik, Croatia

2.      In April 2017, Cray Valley has launched new tackifying resins produced with Amyris’ biologically derived Biofene branded farnesene. It is manufactured with piperylene (a volatile hydrocarbon that is a byproduct of ethylene production) as a primary source.

3.      In September 2019, Braskem announced an addition to its Unilene® hydrocarbon resins portfolio - the 'LN' - C9 low-odor resin line. nilene® hydrocarbon resins offer high fixing and tack performance, improve application time due to their quick drying and adhesion time, increase gloss and content of solids, and are compatible with diverse polymers

4.      In March 2020, Purolite Corporation announces the launch of the Purolite Resin System Modeling platform or PRSM™, the latest in resin plant simulation


Location: India

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