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.
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
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.
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.
The global hydrocarbon resins market is further classified on the basis of region as follows:
Our in-depth analysis of the global hydrocarbon resins market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing construction activities on a global level, along with rising automotive industry are the key factors driving market growth.
The market is anticipated to attain ~7.5% CAGR over the forecast period, i.e., 2022-2030.
Fluctuating price of the crude oil is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing the increased economic development along with growing construction industry in the region.
The major players dominating the hydrocarbon resin market are TOTAL Cray Valley, Exxon Mobil Corporation, Shandong Landun Petroleum Resin Co., Ltd., Zeon Corporation, Shanghai Jinsen Hydrocarbon Resins Co., Limited, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and region.
With respect to application, the adhesive segment is anticipated to hold the largest market share owing the increasing application of adhesives in manufacturing, consumer electronic, and other industries.
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