April 18, 2022 10:59 ET | Source: The Insight Partners The Insight Partners
New York, April 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on 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), Application (Adhesives and Sealants, Printing Inks, Rubber Compounding, Paints and Coatings, Tapes and Labels. The market's growth is attributed to the rising use of hydrocarbon resins in printing inks and rubber compounding and increasing demand from the paints & coatings industry. Hydrocarbon Resin For Ink
Hydrocarbon Resins Market: Competition Landscape and Key Developments
The key players operating in the global hydrocarbon resins market include 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.
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In 2020, Asia Pacific held the largest share of the global hydrocarbon resins market. The growing application of hydrocarbon resins in numerous verticals is driving the market in the region. Furthermore, a surge in investment in infrastructure, growth in the construction sector, and broad application scope of hydrocarbon resins are the main drivers for the market in the region. Moreover, the market players are highly focused on developing high-quality and innovative products to fulfill the end users' requirements through research & development and expansion.
Growing Use of Hydrocarbon Resins in Printing Inks and Rubber Compounding
Hydrocarbon resins are highly versatile products. They are used in various applications, including printing inks and rubber compounding. Hydrocarbon resins in inks play an important role in color development, brightening effect, and fast-drying. Hydrocarbon resins significantly improve overall printing performance. Moreover, hydrocarbon resins are used for rubber and tire compounding. C9 hydrocarbon resin with low softening points is used in rubbers. The growing automotive industry in various countries around the globe is creating the demand for tires, thereby driving the hydrocarbon resins market during the forecast period.
Hydrocarbon Resins Market: Segmental Overview
Based on type, the global hydrocarbon resins market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. The C5 petroleum resins segment held the largest share of the global hydrocarbon resins market in 2020. C5 resins are fully compatible with natural rubber and many synthetic elastomers of low polarity and are used in applications such as asphalt modification, roofing, road paving, and modified wax compounds.
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. Using hydrocarbon resin in the adhesive improves the adhesive strength, water resistance, acid resistance, and alkali resistance. Moreover, hydrocarbon resins are used in the production of hot melt adhesives and pressure sensing adhesive to increase their viscosity, elasticity, etc.
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Impact of COVID-19 Pandemic on Hydrocarbon Resins Market
The COVID-19 pandemic has negatively impacted the growth of the hydrocarbon resins market. The governments of various economies have taken possible steps to restrict the spread of the virus by announcing countrywide lockdowns, which has directly impacted the growth of industrial sectors. The various end-use sectors, such as paints, coating, and rubber compounding, have been hit hard by the pandemic, impacting the consumption of hydrocarbon resins. The adhesives and sealants industry has faced many challenges during the pandemic. The COVID-19 pandemic has also impacted demand for hydrocarbon resins from the tire and rubber industry, as many tire plants temporarily halted their production. However, the demand for hydrocarbon resins is expected to rise globally, as the economies are planning to revive their operations. The demand from the paints and coatings sector is also improving due to the re-establishment of construction activities.
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In 2021, Asia Pacific held the largest share of the global hydrocarbon resins market. Various countries from the region are witnessing a surge due to growth in urbanization and the robust growth of the automotive and construction sectors, which offers ample opportunities for key market players in the hydrocarbon resins market.
The C5 petroleum resins segment held the largest share of the global hydrocarbon resins market in 2021. C5 petroleum resins are used in applications such as asphalt modification, roofing, road paving, and modified wax compounds. Additionally, they are used in pressure-sensitive adhesives, tapes & labels, hot melt adhesives for nonwoven products, etc.
C9 petroleum resin, C5/C9 copolymer resin, and dicyclopentadiene (DCPD) resin with a high softening point are mainly used in paints. The use of hydrocarbon resins in paints provides enhanced adhesion, gloss, and superior pigment wetting. Hydrocarbon resins offer increased water repellent property, glossiness, and anti-UV property of the film. They also provide improved adhesive strength of film on the applied surface, improved processability due to reduced drying time, and better anti-crack property by applying flexibility to film. Increasing use of hydrocarbon resins in paints is projected to strengthen the hydrocarbon resins market growth over the forecast period.
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The adhesives and sealants segment held the largest share of the hydrocarbon resins market in 2021. Hydrocarbon resins are an important ingredient in the formulation of adhesives and sealants. Hydrocarbon resins are good tackifiers and are used in adhesives.
The rubber compounding segment is the fastest growing segment in the global hydrocarbon resins market during the forecasted period. Hydrocarbon resins are used in the rubber industry to optimize the rolling resistance and traction of tires. In rubber formulations, hydrocarbon resins are used to improve tack.
Asia Pacific is estimated to register the fastest CAGR in the global hydrocarbon resins market over the forecast period. The building & construction industry, primarily in China and India, is a strong contributor to the market's growth. Furthermore, the market players are highly focused on developing high-quality and innovative products to fulfill the end users' requirements through expansion, and other strategies.
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