India Petroleum Resins market is expected to
grow impressively through 2029 due to the growing automotive and construction industry.
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.
Demand for adhesives and sealants has witnessed
significant growth in India, driven by multiple industries such as packaging,
woodworking, automotive, and construction. Petroleum resins, with their
excellent adhesive properties, play a pivotal role in adhesive formulations.
India adhesives market is approximately USD 1635 million. They enhance tackiness,
bonding strength, and cohesion, making them vital components in a wide range of
adhesive and sealant applications.
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 emphasis on infrastructure development,
including roads, bridges, ports, and airports, has led to increased demand for
coatings, sealants, and adhesives. Petroleum resins are extensively used in
these applications to provide enhanced performance, durability, and protection
against environmental factors. The construction boom has consequently boosted
the demand for petroleum resins in the Indian market.
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
Manufacturers are constantly developing new and
innovative petroleum resins that offer improved performance and durability.
These new resins are helping to meet the growing demand for petroleum resins in
a variety of applications. There is a growing focus on sustainability in the
petroleum resins market. Manufacturers are developing petroleum resins that are
more sustainable, and these resins are becoming increasingly popular.
Major Challenges faced by Petroleum
Resins Market
India relies heavily on imports to meet its
petroleum resins demand. This dependence exposes the market to fluctuations in
international prices, supply chain disruptions, and foreign exchange risks.
Reducing import dependence and promoting domestic production of petroleum resins
through capacity expansion, research, and development initiatives can help
mitigate this challenge.
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.
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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
India
Petroleum Resins Market is segmented based on Product Type, End User Industry, and Region. Based on Product Type, India
Petroleum Resins market is segmented into Aliphatic C5 Resins Sheets, Aromatic
C9 Resins, C5/C9 resins, and Hydrogenated Hydrocarbon Resins. Based on End User
Industry India Petroleum Resins market is categorized into Building &
Construction. Tire, Automotive, Consumer Goods, Personal Hygiene and Others. Based
on Region, India Petroleum Resins market is divided into North India, South India,
West India, East India .
Market Players
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. are some of the key players of the India Petroleum
Resins Market.
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Attribute
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Details
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Base Year
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2023
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Historic Data
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2019 – 2022
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Estimated Year
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2024
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Forecast Period
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2025 – 2029
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Quantitative Units
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Revenue in
USD Million, Volume in Tonnes, and CAGR for 2019-2023 and 2024-2029
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Report coverage
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Revenue forecast,
volume forecast, company share, competitive landscape, growth factors, and trends
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Segments covered
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Product Type
End User Industry
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Regional scope
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North
India, South India, West India, East India
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Key companies profiled
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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.,
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Customization scope
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10% free
report customization with purchase. Addition or alteration to country, regional
& segment scope.
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Pricing and purchase options
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Avail customized
purchase options to meet your exact research needs. Explore purchase options
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Delivery Format
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PDF
and Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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Report Scope:
In this report, India Petroleum Resins market has
been segmented into the following categories, in addition to the industry trends,
which have also been detailed below:
- India Petroleum Resins Market, By Product Type:
- Aliphatic
C5 Resins Sheets
- Aromatic
C9 Resins
- C5/C9
Resins
- Hydrogenated
Hydrocarbon Resins
- India Petroleum Resins Market, By End User Industry:
- Building
& Construction
- Tire
- Automotive
- Consumer
Goods
- Personal
Hygiene
- Others
- India Petroleum Resins Market, By Region:
- North India
- South India
- West India
- East India
Competitive landscape
Company Profiles: Detailed analysis of
the major companies present in India Petroleum Resins market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following customization
options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
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