Petroleum resins are usually prepared from crude oil, natural gas, or diesel. The price and volume of petroleum depend on the type of crude oil and vary according to the kind of commodity. There is a wide range of petroleum grades such as light oil, medium oil, heavy oil, specialty oil, gasoline, and diesel. The petroleum derivatives are used for a variety of purposes such as lubrication, air conditioning, drying, painting, flameproofing, tire dressing, etc. Resins have an exceptional property of resistance to wear caused by heat, chemicals and abrasion, and low density, which makes them the most efficient product for a variety of uses.
Petroleum resins can be crystalline, amorphous, or polymeric in their structure and contain polyimide units. These units may include aromatic substances and the different number of chains, or simple sugars. All types of petroleum resins have one or more key functional groups which include mechanical properties, antimicrobial property, flame retardant property, thermosetting properties, solubility properties, electrical properties, physical properties, adhesive bonding property, anti-corrosion property, thermoforming property, chemical bonds, mechanical stability, dimensional stability, chemical bonding, structural stability, and pH value. Some of the major petroleum resins, which are used worldwide are ethylene-propylene monomer (EPM), polyethylene (PE), polypropylene (PP), and polyimide.
Increasing production of petroleum all over the world is the main factor that is driving the growth of the global petroleum resins market. For instance, according to the US Energy Information Administration (EIA), global oil production is estimated to increase from 80 million b/d in 2018 to around 107 million b/d in the year 2050. Moreover, the growing usage of petroleum resins for application in several end-use industries such as consumer goods, construction, and automotive for rubber compounding, waterproofing, and coating is also increasing the demand in the global petroleum resins market.
All sorts of petroleum resins are either crystalline or amorphous, but some are capable of being polymerized. Polymerization gives rise to different thermodynamic properties. Some of the important polymerization processes include the chemical bath method, the chemical cross-link method, the denaturation method, and the ligation method. Polymerization of petroleum resins has become a significant industry and several producers in the world focus mainly on producing this highly demanded and profitable liquid. However, the cost of high-quality resins is the main restraining factor that is hindering the growth of the global petroleum resins market.
With the increasing production of petroleum in the region, North America is witnessing high demand in the global petroleum resins market. For instance, according to the US Energy Information Administration (EIA), in 2020 the U.S. crude oil production was around 11.3 million barrels per day. Moreover, the increasing investment in the petroleum and oil sector in the region is also boosting the growth of the market. Owing to these factors there have been several significant developments in the global petroleum resins market. For instance, in June 2021, Origin Materials along with Ford Motor Company introduced Net Zero Automotive Program.