Hydrocarbon Resins Market to Outstrip $2.73 Billion, Growing Sturdy at 5.2% CAGR by 2028

Hydrocarbon resin is a versatile product serving various applications such as printing ink and rubber compounding. C9 hydrocarbon resins are largely used in printing ink as they offer primary advantages such as color spreading, fast-drying, and brightening effects. Even the manufacturers are now producing the resins with low molecular weight, water repellency, and good color stability for commercial printing ink. In rubber and tire compounding, the hydrocarbon resins are used as tackifying and reinforcement agents. Many rubber formulations require the resins to improve tack. C9 hydrocarbon resin has got mutual solubility and low softening point, hence used with natural rubber particles. Addition of C5/C9 copolymer resin in rubber enhances the adhesion between particles and cords, which is suitable for radial tires.

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C9 petroleum resin, C5/C9 copolymer resin, and DCPD (dicyclopentadiene) resin are mainly used in paints due to their high softening point. Hydrocarbon resins blended with paints offer enhanced adhesion, better gloss, superior pigment wetting, paint film thickness, acid & alkaline resistance, and water & chemical resistance. Addition of resins makes the industrial coatings and road marking paints last longer and weather resistant. Other benefits served by the resins include anti-UV property of the film, adhesive strength, less drying time, enhanced processability, flexibility, etc. These aiding parameters and growing industrial demand fuel the global hydrocarbon resins market.

According to The Insight Partners' research, the global hydrocarbon resins market was valued at US$ 1,869.47 million in 2020 and is estimated to reach US$ 2,730.83 million by 2028 to expand at a CAGR of 5.2% during 2021-2028. The growing use of hydrocarbon resins in printing ink and rubber compounding and surging demand from the paints & coating industries are the crucial factors aiding the market expansion.

Key players dominating the global hydrocarbon resins market are 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, among others.

• In October 2021, Eastman Chemical Company and its subsidiaries entered into a definitive agreement to sell the adhesive resin assets and business to Synthomer Plc for a total valuation of US$ 1 billion.

• In June 2018, Exxon Mobil Corporation started the production at its new hydrogenated hydrocarbon resins plant in Singapore, which has a production capacity of 90,000 tons per year.

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• In June 2021, Kolon Industries added another 15,000 tons of annual capacity in its hydrocarbon resin manufacturing. This increased the total capacity of the company up to 200,000 tons per year

On the contrary, easily available substitute products curtail the growth of global hydrocarbon resins market.

As per the type, the hydrocarbon resins market sphere is split into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. The C5 petroleum resins segment held 48.0% market share in 2020. It amassed US$ 898.07 million in 2020 and is speculated to be worth US$ 1,339.90 million by 2028 to rise at 5.4% CAGR from 2021 to 2028.

According to application, the global hydrocarbon resins market is segmented into adhesives & sealants, printing ink, rubber compounding, paints & coatings, tapes & labels, and others. With 33.3% share of the business, the adhesives & sealants segment led the market in 2020. It was evaluated at US$ 623.41 million in 2020 and is slated to generate US$ 923.48 million by 2028 to grow at 5.3% CAGR during the forecast period.

Our regional analysis states that the Asia Pacific market captured 46.4% share of the domain in 2020 with a revenue total of US$ 868.06 million. It is likely to hit US$ 1,298.29 million by 2028 to surge at the highest CAGR of 5.5% over the forecast period.

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