Market Dynamics:
The petroleum resins market growth is primarily driven by rising adoption of petroleum resins in coating and adhesive applications. Petroleum resins provide properties such as adhesion, tack, flexibility and heat resistance which makes them ideal for coatings and adhesive applications. According to Invest India, the Indian adhesive market is expected to grow at 8-10% annually owing to rapid growth of end use industries such as construction, footwear, packaging and automotive. Moreover, increasing demand for durable and versatile adhesives from various industries is also expected to boost the demand for petroleum resins over the forecast period. However, availability of substitutes such as olefin resins and specialty resin is expected to hinder the market growth.

Key Takeaways:

The Global Petroleum Resins Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing demand from construction and automotive industries. Petroleum resins are used in various construction applications such as pavement marking, gypsum board, roofing materials, and flooring due to their good adhesion and binding properties. In the automotive industry, they are used in applications such as blister/wax compounds, under the hood applications, lubricants, and sealants.

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