Hydrocarbon Resins Market to Grow at a CAGR of 5.2% to reach US$ 2,730.83 Mn from 2021 to 2028: The Insight Partners

The scope of our recent study on the "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)," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

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The hydrocarbon resins 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. Hydrocarbon resins are made from byproducts of naphtha crackers. They can be hydrogenated to improve their color and thermal stability. Hydrocarbon resins are used in various applications, including adhesives and sealants, printing inks, rubber compounding, paints and coatings, and tapes and labels. Hydrocarbon resins have good adhesion. However, the availability of substitute products may impact market growth.

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Based on application, the global hydrocarbon resins market has been segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others. The adhesives and sealants segment held the largest share of the global hydrocarbon resins market in 2020. Hydrocarbon resins are an important ingredient in the formulation of adhesives and sealants. Hydrocarbon resins are used in the production of hot melt adhesives and pressure sensing adhesives to increase their viscosity, elasticity, etc. The requirement for hydrocarbon resins is expected to increase with the growing demand for adhesives in construction and other applications.

The global hydrocarbon resins market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. In 2020, Asia Pacific held the largest revenue share of the global hydrocarbon resins market. The countries in the region are witnessing a surge due to the rise in urbanization and the robust growth of the automotive and construction sectors. The surge in investment in infrastructure, growth in the construction sector, and broad application scope of hydrocarbon resins are the key drivers for the market in the region. Furthermore, the market players are highly focused on various strategies such as expansion. For instance, in June 2021, Kolon industries inc. added another 15,000 tons of annual capacity in its hydrocarbon resin manufacturing.

Impact of COVID-19 Pandemic on Hydrocarbon Resins Market

The unprecedented rise in the number of COVID-19 cases and the subsequent lockdown of numerous manufacturing facilities in various countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing has had a negative impact on the demand for hydrocarbon resins. The pandemic has impacted the demand for hydrocarbon resins from adhesives, paint, and coating sectors. However, various industries are coming on track after supply constraints affecting these industries are resolving gradually. The demand for hydrocarbon resins from the downstream adhesive and paint sector is improving as the construction sector is gradually recovering from the pandemic devastation. Moreover, many market players are resuming pre-COVID investment plans as businesses gain confidence in stabilizing economies and anticipate increased demand.

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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 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.

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