Hydrocarbon resins are amorphous thermoplastic polymers that are produced by the polymerization of unsaturated hydrocarbons. They can be hydrogenated to improve their color and thermal stability. Based on type, the global hydrocarbon resins market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. C5 resins are available in a wide range of softening points and molecular weights.
In 2020, Asia Pacific held the largest revenue share of the global hydrocarbon resins market. The building & construction industry, primarily in China and India, is a strong contributor to the market's growth. In India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP. Furthermore, with the growing application of hydrocarbon resins in numerous verticals and the efforts undertaken by leading chemical companies, the hydrocarbon resins market is predicted to grow in the Asia Pacific region.
The COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the hydrocarbon resins market. The significant decline in the growth of several industrial sectors has impacted the demand for hydrocarbon resins in the global market. The demand for hydrocarbon resins has contracted with the reduced demand for C5 and C9 petroleum resins. The adhesives and sealants industry has faced many challenges during the pandemic. The COVID-19 pandemic has also impacted demand for hydrocarbon resins from the tire and rubber industry as many tire plants temporarily halted their production. However, as the economies are planning to revive their operations, the demand for hydrocarbon resins is expected to rise globally. The demand for hydrocarbon resins from the downstream adhesive and paint sectors has started rising with the resumption of business activities and the lifting of lockdown measures globally.
Hydrocarbon resins are used in various applications, including printing inks and rubber compounding. C9 hydrocarbon resins are highly used in printing inks. They have various advantages, such as color spreading, fast-drying, and brightening effects. Moreover, hydrocarbon resins are used for rubber and tire compounding. The growing automotive industry in various countries around the globe is creating the demand for tires, thereby driving the hydrocarbon resins market during the forecast period.
Based on application, the global hydrocarbon resins market has been segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others. The adhesives and sealants segment held the largest share of the global hydrocarbon resins market in 2020. Hydrocarbon resins are an important ingredient in the formulation of adhesives and sealants. Hydrocarbon resins are good tackifiers. The growing demand for adhesives for various applications is boosting the hydrocarbon resins market growth.
The key players operating in the global hydrocarbon resins market include Eastman Chemical Company; EXXON MOBIL CORPORATION; Kolon Industries Inc.; Shandong Landun Petroleum Resin Co., Ltd.; Puyang Tiancheng Chemical Co., Ltd.; Shanghai Jinsen Hydrocarbon Resins Co., Ltd; Lesco Chemical Limited; Henan Anglxxon Chemical Co., Ltd.; Arakawa Chemical Industries, Ltd.; RESIN CHEMICALS CO., LTD; and Neville Chemical Company. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements.
The regional trends and factors influencing the Hydrocarbon Resins Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hydrocarbon Resins Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.92 Billion |
| Market Size by 2028 | US$ 2.73 Billion |
| Global CAGR (2021 - 2028) | 5.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Hydrocarbon Resins Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Hydrocarbon Resins Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Asia Pacific is estimated to register the fastest CAGR in the global hydrocarbon resins market over the forecast period. The building & construction industry, primarily in China and India, is a strong contributor to the market's growth. Furthermore, the market players are highly focused on developing high-quality and innovative products to fulfill the end users' requirements through expansion, and other strategies.
The rubber compounding segment is the fastest growing segment in the global hydrocarbon resins market during the forecasted period. Hydrocarbon resins are used in the rubber industry to optimize the rolling resistance and traction of tires. In rubber formulations, hydrocarbon resins are used to improve tack.
The adhesives and sealants segment held the largest share of the hydrocarbon resins market in 2021. Hydrocarbon resins are an important ingredient in the formulation of adhesives and sealants. Hydrocarbon resins are good tackifiers and are used in adhesives.
The C5 petroleum resins segment held the largest share of the global hydrocarbon resins market in 2021. C5 petroleum resins are used in applications such as asphalt modification, roofing, road paving, and modified wax compounds. Additionally, they are used in pressure-sensitive adhesives, tapes & labels, hot melt adhesives for nonwoven products, etc.
In 2021, Asia Pacific held the largest share of the global hydrocarbon resins market. Various countries from the region are witnessing a surge due to growth in urbanization and the robust growth of the automotive and construction sectors, which offers ample opportunities for key market players in the hydrocarbon resins market.
The major players operating in the global hydrocarbon resins market are Eastman Chemical Company; EXXON MOBIL CORPORATION; Kolon Industries Inc.; Shandong Landun Petroleum Resin Co., Ltd.; Puyang Tiancheng Chemical Co., Ltd.; Shanghai Jinsen Hydrocarbon Resins Co., Ltd; Lesco Chemical Limited; Henan Anglxxon Chemical Co.,Ltd.; Arakawa Chemical Industries,Ltd.; RESIN CHEMICALS CO., LTD; Neville Chemical Company; among others.