Hydrocarbon Resin Market Projected to Reach USD 4.7 Billion by 2031

The global hydrocarbon resin market (Markt für Kohlenwasserstoffharze) is estimated to reach US$ 4.7 Bn by 2031 at a noticeable CAGR of 6.8% between 2023 and 2031.

Hydrocarbon resins are synthetic polymers used predominantly as tackifiers. There are various ways of manufacturing hydrocarbon resins with diverse softening points as well as chemical compositions. They can be easily hydrogenated for enhancing their thermal stability and color.

Hydrocarbon resins are versatile products that hold the capability of performing crucial functions in several applications such as production of inks, coatings, rubber, and adhesives. The rubber industry makes use of hydrocarbon resins for optimizing traction and rolling resistance of tires. The other applications constitute modification of paints, paper, bitumen, and plastic.

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C9 resins, in ink industry, are used in several printing processes such as gravure, flexography, and screen printing. They enhance ink adhesion, drying properties, gloss, color intensity, apart from proper printability on diverse substrates, thereby making them an ideal choice amongst the alternatives that are available.

Hydrocarbon resins are used in construction activities on frequent basis as a concrete-curing compound owing to their exceptional properties of adhesion (as mentioned above), which is bolstering their sales.

Hydrocarbon Resin Market Report by TMR highlights the factors that catalyse as well as restrain the hydrocarbon resin market growth. The latest trends and opportunities have also been captured in the report.

Key Takeaways from Hydrogen Resin Market Report

Usage of Hydrocarbon Resins in Paints & Coatings, and Adhesives & Sealants Sector

Hydrocarbon resins are used in formulating paints & coatings in order to improve properties such as durability, gloss, and adhesion. Such resins add water and weather resistance to the road-making paints and industrial coatings. They are deployed in rust preventive paints for devising paints resistant to water and chemicals.

Hydrocarbon resins can be used in pressure-sensitive, hot melt, carpet and floor backing, and construction applications. The advantages of hot melt adhesives include lower production costs, lack of solvents, beneficial regulatory environment, and environmentally-friendliness.

Building & Construction Sector to shape the Trajectory of Hydrocarbon Resin Market Expanse

Southeast Asia, China, India, Brazil, ASEAN, and Mexico are being swept by urbanization at a rapid pace, thereby boosting the building & construction sector in Asia Pacific. Hydrocarbon resins offer various advantages as compared to the other resins. It is easily possible to modify C9 aromatic and C5 aliphatic resins for several industrial uses. It involves altering compatibility and hydrogenating the hydrocarbon resins to improve odor, color, and stability.

The developed economies of North America and Europe are witnessing refurbishment of the residential as well as commercial complexes. The EU has pledged to achieve carbon neutrality through upgradation of buildings by the year 2050.

Hydrocarbon Resin Market Regional Insights

Asia Pacific - The Consolidation Partner

Asia Pacific holds close to 39% of the hydrocarbon resin market share and the scenario is expected to remain unchanged during the forecast period. This is ascribed to the exponential growth of building & construction sector in India and China. As per Euromonitor, Asia Pacific is expected to account for almost 40% of construction sector's output value by the year 2030.

Leading Players in Hydrocarbon Resin Industry

Eastman Chemical Company, ExxonMobil Corporation, Mitsui Chemicals, KOLON Industries Inc., ENEOS Corporation, American Refining Group, Cray Valley, Zeon Corporation, VNK AS, Lesco Chemical Limited, Arakawa Chemical Industries Ltd., Puyang Tiacheng Chemical Co., Ltd., Neville Chemical Company, Qingdao Eastsun New Materials Corp., and ECOPOWER New Material Co. Ltd.

Key Strategies by Prominent Hydrocarbon Resin Manufacturers

The leading players are launching novel products to stand out from their counterparts in the hydrocarbon resin market. For instance, in March 2024, SABIC introduced its new resin and is also one of the finalists for 'Edison Best New Product Awards'.

Similarly, in April 2024, Novoset announced that it had concluded a licensing agreement with Shin-Etsu Chemical Co., Ltd. in order to manufacture and market modified hydrocarbon resins based on the former's intellectual property. The resins are known for possessing ultra-low dielectric loss properties at higher frequencies, have low CTE, higher Tg, and exceptional long-term thermos-oxidative stability at 250 degree Celsius.

Market Segmentation

Type

C5 Resins
C9 Resins
C5/C9 Copolymer Resins
Hydrogenated Resins

Category

Aromatic
Aliphatic
Function
Tackifier
Reinforcing Material
Curing Agent
Others

Application

Asphalt Paving
Shingle
Hot-melt Adhesives
Pressure-sensitive Adhesives
Solvent Adhesives
Road-marking Paints
Rubber Compounding
Adhesives Tapes
Printer Inks
Flexible Packaging
Lubricant Additives
Others

End-use
Adhesives & Sealants
Building & Construction
Paints & Coatings
Rubber
Inks & Dyes
Tapes & Labels
Lubricants
Packaging
Others

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