Growing Use of Hydrocarbon Resins in Printing Inks and Rubber Compounding to Escalate Hydrocarbon Resins Market Growth
According to our latest market study on “Hydrocarbon Resins Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (C5 Petroleum Resins, C9 Petroleum Resins, C5/C9 Petroleum Resins, and Others) and Application (Adhesives and Sealants, Printing Inks, Rubber Compounding, Paints and Coatings, Tapes, and Labels, and Others),” the market was valued at US$ 1,921.30 million in 2021 and is projected to reach US$ 2,730.83 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028. The report highlights key factors driving the hydrocarbon resins market growth, and prominent players and their developments in the market.
Hydrocarbon resins are made from petroleum-based feedstock. The raw materials required for hydrocarbon resins manufacturing include various byproducts of naphtha crackers. There are various ways of producing hydrocarbon resins with different chemical compositions and softening points. The growing use of hydrocarbon resins in paints and coatings is expected to strengthen the hydrocarbon resins market growth during the forecast period. Moreover, hydrocarbon resins find applications in modifying paper, plastic, and bitumen. Demand from various end-use industries are some of the other factors affecting the global hydrocarbon resins market trends.
C9 petroleum resin, C5/C9 copolymer resin, and dicyclopentadiene (DCPD) resin with a high softening point are mainly used in paints. The use of hydrocarbon resins in paints provides enhanced adhesion, gloss, and superior pigment wetting. Hydrocarbon resins offer increased water repellent property, glossiness, and anti-UV property of the film. They also provide improved adhesive strength of film on the applied surface, improved processability due to reduced drying time, and better anti-crack property by applying flexibility to film. Increasing use of hydrocarbon resins in paints is projected to strengthen the hydrocarbon resins market growth over the forecast period.
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.
Impact of COVID-19 Pandemic on Hydrocarbon Resins Market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The demand for adhesives, printing inks, paints & coatings, etc., has declined, owing to the impact of the COVID-19 pandemic. This has impacted the demand for hydrocarbon resins. The COVID-19 pandemic has also impacted the tire and rubber industry, impacting the demand for hydrocarbon resins. However, the market is reviving on account of the significant measures taken by governments. Industries are overcoming the challenges of supply chain disruptions of their raw materials. The demand for hydrocarbon resin is also improving with the increasing consumption of paints and coatings. This is expected to provide the impetus for hydrocarbon resins market growth.
Global Hydrocarbon Resins Market Breakdown – by Region
Hydrocarbon Resins Market Size, Share | Analysis by 2028
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Hydrocarbon Resins Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (C5 Petroleum Resins, C9 Petroleum Resins, C5/C9 Petroleum Resins, and Others) and Application (Adhesives and Sealants, Printing Inks, Rubber Compounding, Paints and Coatings, Tapes and Labels, and Others)
Hydrocarbon Resins Market Size, Share | Analysis by 2028
Download Free SampleHydrocarbon Resins Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (C5 Petroleum Resins, C9 Petroleum Resins, C5/C9 Petroleum Resins, and Others) and Application (Adhesives and Sealants, Printing Inks, Rubber Compounding, Paints and Coatings, Tapes and Labels, and Others)
The report includes the segmentation of the global hydrocarbon resins market as follows:
Based on type, the hydrocarbon resins market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. In terms of application, the hydrocarbon resins market is segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others. Based on geography, the hydrocarbon resins market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. North America includes the US, Canada, and Mexico. Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific consists of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, the UAE, and the Rest of MEA. South and Central America includes Brazil, Argentina, and the Rest of South and Central America.Contact Us
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