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Expansion was a key strategy adopted by the industry players to achieve growth in the Petroleum Resins Market between 2011 and 2016.
Expansion was a key strategy adopted by the industry players to achieve growth in the petroleum resins market between 2011 and 2016. This strategy accounted for the largest share among all the strategies adopted by the market players. The physical properties of petroleum resins such as high chemical resistance, pressure resistance, low molecular weight, and water miscibility are boosting its use in the adhesives & sealants, paints & coatings, printing inks, rubber compounding, tapes & labels, and others applications. Moreover, the use of petroleum resins is environmentally safe. These aspects have encouraged companies to adopt the strategy of expansion in the petroleum resins market. Some of the leading petroleum resins makers such as ExxonMobil Corporation (U.S.), Total CrayValley (U.S.), Eastman Chemical Corporations (U.S.), are adopting this strategy to develop their businesses, globally.
Besides expansions, the companies have adopted the strategy of new product launches; investments; and mergers to expand their market share and distribution network. These strategies also accounted for a significant share of the total number of growth strategies adopted by the players in the global petroleum resins market between 2011 and 2016.
Key companies such as are Total CrayValley (U.S.), Exxon Mobil Corporation (U.S.), Kolon Industries, Inc. (South Korea), Arakawa Chemical Industries Limited (Japan), Eastman Chemical Company (U.S.), Lesco Chemical Limited (China), Puyang Ruisen Petroleum Resins Co., Ltd. (China), Zeon Corporation (Japan), Innova (Tianjin) Chemical Co., Limited (The Netherlands), Shandong Landun Petroleum Resin Co., Ltd. (China), Puyang Tiacheng Chemical Co., Ltd. (China), and Shanghai Jinsen Hydrocarbon Resins Co., Limited (China) are the most active players in the global petroleum resins market.
In 2014, Exxon Mobil Corporation (U.S.) announced to build specialty polymers units at Singapore Chemical Plant. This expansion helped the company to provide competitiveness of its business in Singapore. In 2015, Zeon Corporation (Japan) completed the Expansion of C5 Petroleum Resin in its Thailand plant. The demand for this resin has increased for the fast few years. By this expansion, the company is enabled to fulfill the demand from Europe, U.S., and Asia-Pacific for hygiene materials, traffic paint, and other applications. In 2012, Puyang Ruisen Petroleum Resins Co., Ltd. (China) launched PRS-A2020, a liquid aromatic hydrocarbon modified C5 petroleum resin. This all developments would help the companies in fulfilling the increasing demand of petroleum resins in future.
Petroleum Resin Market by Type (C5, C9, Hydrogenated Hydrocarbon Resins and C5/C9 Resins), Application (Adhesive & Sealants, Printing Inks, Paints & Coatings), End-Use Industry (Building & Construction, Tire) and by Region - Global Forecast to 2021
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