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CHEMICALS AND ADVANCED MATERIALS

Hydrocarbon Resins Market Segmentation by Type (C5 Resin, C9 Resin, Hydrogenated Hydrocarbon Resin, and Others); by Application (Printing Inks, Paints & Coatings, Tapes & Labels, Sealants, Adhesives, and Others); by End-User (Automotive, Construction, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Hydrocarbon Resins Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·   June 2021: Eastman Chemical Company announced its collaboration with One Rock Capital Partners, LLC, to sell tire additives, and other performance resins products.

Global Hydrocarbon Resins Market Highlights over 2022-2030

The global hydrocarbon resins market is estimated to garner a moderate revenue by growing at a CAGR of ~7.5% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing application of hydrocarbon resins in various end-user industries, such as, automotive, consumer electronics, manufacturing, printing, and construction industries. The salient features of hydrocarbon resin, including excellent binding properties, UV stability, resistance to moisture, high thermal stability and good solubility abilities, are estimated to up-surge its demand amongst these end-user companies for various applications, which, in turn, is estimated to boost the market growth. The growth of the construction industry is estimated to directly impact the hydrocarbon resin market, owing to its extensive use in roofing, painting, and others. According to the World Bank national accounts data, construction industry contributed 24.78% of the total global GDP in 2019. Moreover, the use of hydrocarbon resins in the automotive industry for making tires, floor and carpet backing, paint coatings and others, is estimated to further boost the market growth.

Global Hydrocarbon Resins Market

The global hydrocarbon resins market is segmented by type into C5 resin, C9 resin, hydrogenated hydrocarbon resin, and others, out of which, the hydrogenated hydrocarbon resin segment is anticipated to witness highest growth in the market during the forecast period on account of its properties, such as, chemical resistance and high adhesion strength. Moreover, these are less polluting as compared to other hydrocarbon resins, which is estimated to boost the segment growth significantly.  CLICK TO DOWNLOAD SAMPLE REPORT

On the basis of end-user, the market is segmented into automotive, construction, and others, out of which, the construction segment is estimated to garner significant share over the forecast period, on the back of increasing application of hydrocarbon resins for various construction processes, such as, roofing. Moreover, increasing construction activities, backed by the growing population is expected to drive the segment growth.

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals value

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Hydrocarbon Resins Market Regional Synopsis

Regionally, the global hydrocarbon resins market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of increasing application of hydrocarbon resins in the automotive market for making tires and other parts of automobiles. Furthermore, the growing industrial development in the region, especially in the U.S., along with the presence of major market players are estimated to boost the regional market growth.

The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the increasing demand for petroleum-based resins in countries, such as, China, backed by the growing construction and consumer electronics industries. In 2019, over 50 million people were involved in the construction industry in China, which witnessed a raise of 20 million within a decade. Moreover, economic development in various countries in the region, including Vietnam, India, Indonesia and South Korea, is estimated to boost the market growth in the region.  

Hydrocarbon Resins Market

The global hydrocarbon resins market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global hydrocarbon resins market includes the following segments:

By Type

  • C5 Resin
  • C9 Resin
  • Hydrogenated Hydrocarbon Resin
  • Others

By Application

  • Printing Inks
  • Paints & Coatings
  • Tapes & Labels
  • Sealants
  • Adhesives
  • Others

By End-User

  • Automotive
  • Construction
  • Others

Growth Drivers

  • Increasing Construction Activities
  • Growing Applications of Hydrocarbon Resins in Manufacturing Industry

Challenges

  • Fluctuating Cost of Petroleum

Top Featured Companies Dominating the Market

  • Lesco Chemical Limited
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Puyang Tiancheng Chemical Co. Ltd.
  • TOTAL Cray Valley
  • Exxon Mobil Corporation
  • Shandong Landun Petroleum Resin Co., Ltd.
  • Zeon Corporation
  • Shanghai Jinsen Hydrocarbon Resins Co., Limited
  • Eastman Chemical Company
  • Arakawa Chemical Industries,Ltd.
  • Kolon Industries, Inc.

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