Petroleum Resins Market Size

Global Petroleum Resins Market size was valued at USD 4.2 billion in 2023 and is poised to grow from USD 4.46 billion in 2024 to USD 7.16 billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).

The market is expected to witness positive growth during the forecast period. This can be attributed to growing demand from various end-use industries such as paints & coatings, rubber products, adhesives & sealants, and printing inks. Petroleum resins are primarily used to produce coatings, varnishes & paints which have high gloss, toughness and resilience.

Rapid growth of the global paints & coatings industry due to infrastructure development, urbanization and growing automotive industry is boosting the demand for petroleum resins. Increasing usage of petroleum resins in road marking application and printing ink industry is one of the most significant factors driving the market revenue growth during the forecast period.

Petroleum resins are gaining prominence in the global market due to their versatile properties and wide range of applications. Petroleum resins can efficiently replace other materials across several end-use industries with excellent adhesion, flexibility, UV resistance and weatherability. Their ability to blend with other polymers makes them suitable for a variety of applications which conventional polymers may not be able to accomplish. Petroleum resins are being increasingly used in coatings, inks, adhesives, sealants and other applications due to their versatile characteristics. In coatings, they provide good surface hardness, scratch resistance and gloss retention in both interior and exterior paints. They are also being widely used in solvent-borne and waterborne coating systems replacing other resins.

In printing inks, petroleum resins improve the pigment bonding, gloss, color strength and flexibility of the dried ink films. This has augmented their usage in publication, packaging and digital inks. Their excellent adhesion properties make them apt for pressure-sensitive and hot-melt adhesives where high tack and heat resistance are important. They are also replacing other synthetic tackifiers at a good pace in sealants and carpet backing.

Market Key Attributes

In March 2024, SABIC unveiled the LNP™ ELCRES™ SLX1271SR resin, a notable addition to its weatherable LNP SLX copolymer portfolio. This specialty material is engineered to enhance scratch and mar resistance while providing a high-gloss surface finish, offering the automotive industry a viable molded-in color solution for exterior components. Beyond aesthetics, resin delivers exceptional weatherability, continuous UV stability, and robust mechanical performance. These attributes enable manufacturers to eliminate the painting process, thereby reducing environmental impact and potential system costs without compromising the visual appeal and durability of exterior parts. The innovative nature of LNP ELCRES SLX1271SR resin was recognized as it became a finalist in the 2024 Edison Best New Product Awards in the Advanced Materials category.

In September 2022, Arakawa Chemical Industries launched a new hydrogenated petroleum resin aimed at industries requiring high-performance materials. This resin is formulated to provide improved chemical resistance and thermal stability, making it suitable for applications that demand durability under harsh conditions. The introduction of this hydrogenated resin reflects Arakawa Chemical's commitment to advancing material science to meet the stringent requirements of modern industrial applications.

In February 2022, Eastman Chemical Company introduced "Eastman Crystex Lite", a new line of low molecular weight hydrocarbon resins. These resins are specifically designed to offer excellent adhesion and color stability in applications such as hot melt adhesives and pressure-sensitive adhesives. The development of Eastman Crystex Lite addresses the industry's need for materials that maintain performance under varying conditions, ensuring reliability and consistency in end-use applications.