Adhesives and Sealants Segment to dominate Middle East & Africa Hydrocarbon Resins Market during 2020–2028
According to The Insight Partners market research study on “Middle East & Africa Hydrocarbon Resins Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 106.23 million by 2028 from US$ 77.38 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa hydrocarbon resins market along with the drivers and restraints pertaining to the market growth. Heighten new development in hydrocarbon resins applications and increasing expansion of hydrocarbon resins plants, elevating demand for synthetic rubber in automotive industry, and boosting demand from paints & coatings industry are the major factor driving the growth of the Middle East & Africa hydrocarbon resins market. However, reach of substitute products hinders the growth of Middle East & Africa hydrocarbon resins market.
In the Middle East & Africa region, South Africa is among the major countries with a high number of COVID-19 confirmed cases and deaths. The COVID-19 pandemic has had a severe impact on the economy of the Middle East & Africa. The pandemic has significantly slowed down the growth of the hydrocarbon resins market in the region due to negative impact upon the growth of industries such as paint, coatings, and many others. The demand for hydrocarbon resins in the region will depend upon the evolution of the epidemic, vaccination plans, and economic recovery.
The Middle East & Africa hydrocarbon resins market is segmented on the basis of type, application and country. Based on type, the market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. In 2020, C5 petroleum resins segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and other application. In 2020, adhesives and sealants segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into South Africa, Saudi Arabia, the UAE, and Rest of Middle East & Africa. In 2020, the UAE held the largest share in the market, and South Africa is expected to be the fastest growing country during the forecast period.
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.; and Arakawa Chemical Industries, Ltd. are among the leading companies in the Middle East & Africa hydrocarbon resins market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Kolon industries inc. had added another 15,000 tons of annual capacity in its hydrocarbon resin manufacturing. The addition gave Kolon a total capacity of 200,000 tons annually.
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