Hydrocarbon Resins Market Size, Share, Growth Report 2030
Description
According to the report published by Zion Market Research, the global Hydrocarbon Resins Market size was valued at USD 1,807.99 Million in 2022 and is predicted to reach USD 3,083.31 Million by the end of 2030. The market is expected to grow with a CAGR of 6.90% during the forecast period.
The report analyzes the global Hydrocarbon Resins Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Hydrocarbon Resins Market industry.
Hydrocarbon Resins Market: Overview
Hydrocarbons are polymers which have low molecular weights, produced from aliphatic C5 and aromatic C9 distillates of crude oil. Hydrocarbon resins and blends of C5 and C9 are used to modify and manipulate the processibility of such resins. The growth in global hydrocarbon resins market may be attributed to the growing utility of hydrocarbon resins in diverse end-consumer industries, such as automotive, customer electronics, manufacturing, printing, and creation industries. The salient capabilities of hydrocarbon resin, along with top notch binding properties, UV balance, resistance to moisture, excessive thermal balance and true solubility abilities, are expected to up-surge its adoption among those end-consumer groups for diverse applications, which, in turn, is expected to enhance the market growth. The increase of the development enterprise is expected to immediately affect the hydrocarbon resin market, because of its great use in roofing, painting, and others.
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Hydrocarbon Resins Market: Growth Factors
Wide-ranging use of hydrocarbon resins in the manufacture of coatings, rubbers, adhesives, and printing inks are extensively contributing to the lucrative growth of the global hydrocarbon resins market. Case & carton closures, protecting coatings, and roofing programs are developing incremental possibilities for producers in the hydrocarbon resins market. Chemical agencies are gaining studies base to fabricate resins with remarkable pigment wetting, thermoplastic, and non-reactive characteristics to reinforce raw materials and end-use product uptake.
Furthermore, as low molecular weight polymers resist water extraordinarily, and offer right color balance in printing inks, etc., the demand for it in wires & cables, street asphalts, is promoting the market growth. Other than that, hydrocarbons are also utilized in adhesives for diaper production. It can help in odor and color free diaper and therefore, its supply in diaper companies may also grow during the forecast period. However, as hydrocarbon resins are made from petroleum which is primarily based on feedstock, these resins have low compatibility with base polymers as compared to natural feedstock. Such hindrances may restrain the global hydrocarbon resins market growth. But, despite diverse challenges, producers are growing their productiveness for bookbinding, carpet construction, and polymer change applications.
The coronavirus pandemic has altered the manner the worldwide society functions. Companies in the global hydrocarbon resins market is witnessing disruption in supply chain in numerous end markets. In order to maintain economies running, producers are making sure enterprise continuity for essential industries consisting of personal hygiene, construction, and the tire market. As such, mass inoculation the use of COVID-19 vaccines is anticipated to offset the losses incurred with the aid of using the automobile market throughout 2020. Manufacturers in the hydrocarbon resins market is specializing in manufacturing for vital items consisting of adhesives, rubber compounding, and paints, amongst others, to restore market growth. They are growing efforts in the direction of local manufacturing and supply strategies, for the reason that oversea trades are going through difficult situations owing to the continuing COVID-19.
Hydrocarbon Resins Market: Segmentation
Hydrocarbons resins market is segmented into type, application, end-user and region. The type of hydrocarbons is segmented into aliphatic resins, aromatic resins, and aliphatic/aromatic resins. The application of hydrocarbons is segmented into adhesive, rubber mixing aids, paint & ink additives, and asphalt additives, among others. The end user category is segmented into building & construction, personal hygiene, tires, automotive and others.
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Hydrocarbon Resins Market: Regional Analysis
Asia Pacific is expected to show highly dominating position in the global hydrocarbon resins market due to the availability of large number of manufacturers present in India and China, especially, for instance, tapes, rubber, adhesives, etc. Rapidly developing production industry and growing urbanization & industrialization is driving the market. Other than that, increasing foreign investments through partnerships and acquisitions, in packaging industry, paints & coatings, and adhesives may also increase the market for hydrocarbon resins in the region tremendously. North America is also growing at a rapid pace and US is expected to witness the largest increase. Due to the growing demand among end-users such as in building and construction, the market for such chemical products like hydrocarbon resins is expected to grow. Furthermore, increasing application in automotive market for manufacturing tires and many other parts is also one of the driving factors.
Hydrocarbon Resins Market: Competitive Landscape
The key companies in the market are looking for research and development, investments, to gain popularity in the market. The strategies they are plying for being the best are product launches, collaborations, mergers, partnerships with other companies and also acquisitions. The prominent players in global hydrocarbon resins market include:
- Eastman Chemical Company
- KOLON Industries
- Neville Chemical
- Higree
- Exxon Mobil Corporation
- Puyang Tiacheng Chemical Co., Ltd.
- Shanghai Jinsen Hydrocarbon Resins Co., Limited
- Shandong Landun Petroleum Resin Co., Ltd.
- among others.
The Global Hydrocarbon Resins Market is segmented as follows:
By Type
- aliphatic resins
- aromatic resins
- aliphatic/aromatic resins
By Application
- adhesive
- rubber mixing aids
- paint & ink additives
- and asphalt additives
- among others
By End-user
- building & construction
- personal hygiene
- tires
- automotive and others
Hydrocarbon Resins Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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