Hydrocarbon Resins Market which delivers detailed overview of the global hydrocarbon resins market in terms of market segmentation by type, application, end-user, and by region.Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Hydrocarbon Resins Market Statistics –
- USD 2054 Million revenue in 2022
- The market size is projected to record a valuation of over USD 2054 Million by 2035
- The hydrocarbon resins industry is slated to observe 7% growth rate through 2023-2035
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The global hydrocarbon resins market is estimated to garner a moderate revenue by growing at a ~7% CAGR over the forecast period, i.e., 2023–20305 The market is segmented on the basis of application, into printing inks, paints & coatings, tapes & labels, sealants, adhesives, and others, out of which, the adhesives segment is anticipated to garner a notable market share over the forecast period, owing to the extensive use of adhesives in manufacturing, and consumer electronics industry. Furthermore, the paints & coatings segment is also anticipated to hold significant share during the forecast period owing to the increasing demand for chemical and temperature resistant paints in the construction industry, backed by urban development globally.
The growth of the global hydrocarbon resins market can be attributed to the various advantages of hydrocarbon resins, such as, resistance to moisture, good binding properties, UV stability, high thermal stability and solubility, which makes it highly useful for various end-user industries. Increasing demand for hydrocarbon resins in the construction, manufacturing, automotive and other industries, for different purposes, such as, paint, coating, rubber additives, ink, adhesives and others is estimated to boost the market growth. Furthermore, increasing adoption of petroleum products, along with global industrial development is estimated to further fuel the market growth.
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 the largest market share over the forecast period owing to the booming automotive industry in counties, including, US and Canada. According to the International Trade Administration (ITA), in 2018, U.S. light vehicle sales reached 17.2 million units, and the total foreign direct investment in the U.S. automotive industry was USD 114.6 billion. Currently the automotive industry in US is the second largest tin the world. Use of hydrocarbon resins for making tires, carpet coatings, and others in the automotive industry is estimate to boost the market growth in the region.
According to a recent study by Research Nester, the hydrocarbon resins market size is anticipated to surpass ~ USD 4627 Million by 2035 and is projected to expand at a CAGR of over 7 % from 2023 to 2035.
Major players include in the global hydrocarbon resins market:
- Lesco Chemical Limited,
- 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., and
- Kolon Industries, Inc.
Growth in the End-User Industries to Boost the Market Growth
Increasing construction activities and production of automobiles, among others, are the major factors estimated to increase the demand for hydrocarbon resins, which, in turn, will boost the market growth. However, the price for crude oil, which is the raw material for hydrocarbon resins fluctuates frequently. This is expected to operate as key restraint to the growth of global hydrocarbon resins market over the forecast period.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydrocarbon resins market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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