ALBANY, N.Y., March 01, 2022 (GLOBE NEWSWIRE) -- The increasing demand for hydrocarbon resins from the building & construction sector is providing monumental opportunities in the hydrocarbon resins market. Prior to the outbreak of COVID-19, the growth of the construction sector in China and India led to a significant demand for a range of intermediate chemical compounds, including hydrocarbon resins, thus diving the hydrocarbon resins market.
Despite supply chain disruptions due to the pandemic, the hydrocarbon resins market is estimated to expand at a CAGR of 6.7% during the forecast period from 2021 – 2031.
Hydrocarbon Resins Market – Key Findings of Report
Adhesives, Sealants to Stay Leading Application Segments
The increasing use of hydrocarbon resins in adhesives and sealants that are extensively used in building and construction projects is driving the hydrocarbon resins market. Holt melt adhesives are increasingly becoming popular due to their low processing cost and environmental impact, and they are solvent-free as well.
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Furthermore, hydrocarbon resins increase the bond strength of hot melt adhesives considerably on contact with substrate with low pressure or zero pressure. Therefore, with increasing demand for hot adhesives across a range of end-use industries, the hydrocarbon resins market is at an advantage.
Hydrogenated Hydrocarbon Resin Variant to Gain Prominence
Besides wide use of C5 and C9 products, manufacturers in the hydrocarbon resins market are increasing the output of hydrogenated hydrocarbon resins. Thus, players are redesigning production at the molecular level, and combining it with the highly efficient hydrogenation and purifying process.
Hydrogenated hydrocarbon resins are associated with low VOC content. This increases the demand for hydrogenated hydrocarbon that comply with FDA and EU regulations. In particular, hydrogenated hydrocarbon resins are preferred in food packaging applications for safe and clean adhesives that may or may not come in contact with food.
Hydrogenated hydrocarbon resins are witnessing an uptick in the demand for adhesives used to manufacture diapers. Odor-free and color-free properties, along with high thermo stability and compatibility attributes of hydrogenated hydrocarbon resins make them suitable for use in diapers and woodworking applications.
Pressure-sensitive adhesives is another key application of hydrogenated hydrocarbon resins.
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Novel Applications of Hydrocarbon Resins to Favor Market Growth
New applications such as case and carton closures, roofing, and protective coatings of hydrocarbon resins are creating significant opportunities in the hydrocarbon resins market. Chemical companies in the manufacture of hydrocarbon resins are strengthening their research base to improve their properties in terms of pigment wetting, thermoplasticity, and non-reactiveness to expand application base.
Efforts to increase the production of low molecular weight, extreme water repellant attributes, and color stability for use in commercial printing inks are being carried out by market players.
These attributes are expanding the application base of hydrocarbon resins for specialty tapes, road asphalts, and wires & cables. In order to capitalize on this, manufacturers in the hydrocarbon resins market are striving to develop products with increased resistance against the impact of oxygen and ultraviolet light. This improves the tack retention of hydrocarbon resins for novel applications, and can be used with reinforcing as well as non-reinforcing fillers.
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Substantial Revenue Contribution by Asia Pacific, Europe, North America to Hydrocarbon Resins Market
Asia Pacific is a key region in the global hydrocarbon resins market, as it is leading consumer and producer of hydrocarbon resins. The growth of the construction sector in emerging economies of the region has led to expansion of several chemical sectors directly or indirectly.
Europe accounts for a significant demand for hydrocarbon resins due to high volume use of adhesives in the automotive sector of the region.
Powered by the U.S., North America holds substantial revenue in the hydrocarbon resins market to serve a wide range of end users such as paints & coatings and construction.
Hydrocarbon Resins Market: Growth Drivers
- Favorable physical and chemical properties of hydrocarbon resins make them suitable for hot melt adhesives. They are extensively used in automotive, chemical, and construction sectors, thus driving the hydrocarbon resins market.
- Preference for hydrocarbon resins due to their adaptability fuels the hydrocarbon resins market growth
Hydrocarbon Resins Market – Key Players
Some key players operating in the hydrocarbon resins market are;
- Eastman Chemical Company
- Shandong Landun Petroleum Resin Co. Ltd.
- Shanghai Jinsen Hydrocarbon Resins Co. Ltd.
- ExxonMobil Corporation
- Puyang Tiacheng Chemical Co. Ltd.
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Global Hydrocarbon Resins Market: Segmentation
Hydrocarbon Resins Market, by Type
- C5 Petroleum Resins
- C9 Petroleum Resins
- C5/C9 Petroleum Resins
- Hydrogenated Hydrocarbon Resins
Hydrocarbon Resins Market, by Application
- Adhesives & Sealants
- Printing Inks
- Rubber Compounding
- Paints & Coatings
- Tapes & Labels
- Others (including Lubricants)
Hydrocarbon Resins Market, by End User
- Building & Construction
- Personal Hygiene
- Tires
- Automotive
- Others (including Oil & Gas)
Hydrocarbon Resins Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Egypt
- Nigeria
- Rest of Middle East & Africa
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