New York, United States , June 24, 2024 (GLOBE NEWSWIRE) -- The Global Hydrocarbon Resins Market Size is to Grow from USD 1.87 Billion in 2023 to USD 3.63 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.86% during the projected period.
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Hydrocarbon resins are amorphous thermoplastic polymers created through the polymerization of unsaturated hydrocarbons. They can be hydrogenated to change their color and improve thermal stability. The global hydrocarbon resins market is divided into four categories: C5, C9, C5/C9, and other. C5 resins are available with a range of softening points and molecular weights. These resins have excellent adhesive, binding, and heat properties, making them useful in a wide range of industrial applications. Furthermore, the widespread use of hydrocarbon resins in the manufacture of coatings, rubbers, adhesives, and printing inks contributes to the profitable growth of the global hydrocarbon resins market. In addition, hydrocarbon resins are used to make rubber and tires. The growing automotive sector in various countries around the world is increasing demand for tires, which will propel the hydrocarbon resins market during the forecast period. However, hydrocarbons are not readily biodegradable because they are derived from petroleum products. When inhaled, hydrocarbons emit gases that harm the lungs and cause coughing, choking, and neurological issues. When ingested, they cause gastrointestinal irritation, diarrhea, and environmental pollution. All of these factors are expected to slow global hydrocarbon resins market growth.
Browse key industry insights spread across 206 pages with 110 Market data tables and figures & charts from the report on the "Global Hydrocarbon Resins Market Size, Share, and COVID-19 Impact Analysis, By Type (DCPD, C5 Petroleum Resins, C9 Petroleum Resins, C5/C9 Resins, and Others), Application (Paints & Coatings, Adhesives and Sealants, Printing Inks, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The C5/C9 resins segment is anticipated to hold the greatest share of the global hydrocarbon resins market during the projected timeframe.
Based on the type, the global hydrocarbon resins market is divided into DCPD, C5 petroleum resins, C9 petroleum resins, C5/C9 resins, and others. Among these, the C5/C9 resins segment is anticipated to hold the greatest share of the global hydrocarbon resins market during the projected timeframe. C5/C9 resins are widely used in adhesives as tackifiers, which improve formulation adhesion. They're also used in road marking paints, tire compounding, hot melt adhesives, and other products.
The adhesives and sealants segment is anticipated to grow at the fastest pace in the global hydrocarbon resins market during the projected timeframe.
Based on the application, the global hydrocarbon resins market is divided into paints & coatings, adhesives and sealants, printing inks, and others. Among these, the adhesives and sealants segment is anticipated to grow at the fastest pace in the global hydrocarbon resins market during the projected timeframe. The inclusion of hydrocarbon resin in adhesives improves adhesive strength, water resistance, acid resistance, and alkali resistance. Hydrocarbon resins are primarily used as tackifiers in adhesives, particularly hot melts. The growing demand for adhesives in construction and other applications will create new opportunities for the adhesives and sealants segment of the global hydrocarbon resins market.
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North America is expected to hold the largest share of the global hydrocarbon resins market over the forecast period.
North America is expected to hold the largest share of the global hydrocarbon resins market over the forecast period. This expansion can be attributed to a variety of factors, including increased demand in industries like adhesives, coatings, and printing inks. This expansion has been aided further by the region's thriving manufacturing sector, as well as technological and resin formulation advancements. Furthermore, the growing emphasis on sustainability and environmental regulations has prompted the use of hydrocarbon resins as environmentally friendly substitutes for traditional petroleum-based products. North America, particularly the United States and Canada, has extensive hydrocarbon reserves, including oil and natural gas.
Asia Pacific is predicted to grow at the fastest pace in the global hydrocarbon resins market during the projected timeframe. This is a result of rapid industrialization and urbanization in countries like China, India, and Southeast Asia. The growing automotive and construction industries have driven up demand for these resins in coatings and adhesives for a wide range of manufacturing applications. Furthermore, favorable government policies encouraging infrastructure development and foreign investment have fueled the market's upward trend. Furthermore, economic development in several countries in the region, including Vietnam, India, Indonesia, and South Korea, is expected to drive regional market growth. Rising infrastructure development, aided by government policies to repair damaged construction sectors, is expected to drive market growth. The growing use of hydrocarbon resins in rubber and other adhesives is expected to fuel market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hydrocarbon Resins Market include Kolon Industries Inc., EXXON MOBIL CORPORATION, Puyang Tiancheng Chemical Co., Ltd., Shandong Landun Petroleum Resin Co., Ltd., Lesco Chemical Limited, Shanghai Jinsen Hydrocarbon Resins Co., Ltd, Eastman Chemical Company, Arakawa Chemical Industries, Ltd., Henan Anglxxon Chemical Co., Ltd., Neville Chemical Company, RESIN CHEMICALS CO., LTD, and Others.
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Recent Developments
- In February 2022, EnLink Midstream collaborated with ExxonMobil to identify additional CCS opportunities in the Gulf Coast. The initiative intends to extend beyond the southeast Louisiana Mississippi River Corridor to several other areas, addressing one of the highest concentrations of industrial CO2 emissions in the United States.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Hydrocarbon Resins Market based on the below-mentioned segments:
Global Hydrocarbon Resins Market, By Type
- DCPD
- C5 Petroleum Resins
- C9 Petroleum Resins
- C5/C9 Resins
- Others
Global Hydrocarbon Resins Market, By Application
- Paints & Coatings
- Adhesives and Sealants
- Printing Inks
- Others
Global Hydrocarbon Resins Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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