Focus on Essential Product Manufacturing Helps Revive Business during Coronavirus Pandemic
The coronavirus pandemic has altered the way the global society functions. Companies in the hydrocarbon resins market are witnessing supply chain disruptions in various end markets. In order to keep economies running, manufacturers are ensuring business continuity for crucial industries such as construction, personal hygiene, and the tire industry. As such, mass inoculation using COVID-19 vaccines is estimated to offset the losses incurred by the automotive industry during 2020.
Manufacturers in the hydrocarbon resins market are focusing on production for essential goods such as adhesives, rubber compounding, and paints, among others, to revive market growth. They are increasing efforts toward local production and supply strategies, since overseas trade is facing many challenges during the ongoing COVID-19.
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Low Compatibility Range with Base Polymers Affects Demand for Hydrocarbon Resins
The hydrocarbon resins market is expected to clock a favorable CAGR of ~7% during the forecast period. However, hydrocarbon resin tackifiers are manufactured from petroleum-based feedstock, and they have the disadvantage of being linked to the price of oil. Moreover, these resins have a low compatibility range with base polymers than tackifiers produced from natural feedstock. Despite various challenges, manufacturers are increasing their productivity for bookbinding, carpet construction, and polymer modification applications.
Manufacturers are expanding their business in Europe, the Middle East, and Africa to capitalize on revenue opportunities. For instance, Eastman – a global advanced materials and specialty additives company, is increasing its marketing capabilities for its Picco™ A-120 hydrocarbon resin, which offers resistance to acids and acts as a favorable solvent release.
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Protective Coatings, Road Asphalts Fuel Demand for Hydrocarbon Resins
Case & carton closures, protective coatings, and roofing applications are creating incremental opportunities for manufacturers in the hydrocarbon resins market. Chemical companies are gaining a strong research base to manufacture resins with excellent pigment wetting, thermoplastic, and non-reactive properties to boost raw material and end-use product uptake. Manufacturers are increasing their production for resins that have low molecular weight, are extremely water repellent, and show good color stability in commercial printing inks.
Specialty tapes, wires & cables, and road asphalts are fueling the demand for hydrocarbon resins. Companies in the hydrocarbon resins market are capitalizing on this opportunity to develop products that deploy good resistance to oxygen and UV (ultraviolet) light that offer improved tack retention and can be used with both reinforcing and non-reinforcing fillers.
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Hydrogenated Hydrocarbon Resins Gain Prominence in Food Packaging, Woodworking Applications
Apart from increasing production in C5 and C9 petroleum resins, manufacturers are boosting their output capacities of hydrogenated hydrocarbon resins. NOVARES by Rain Carbon Inc. is gaining recognition for its hydrogenated hydrocarbon resins (pure series) produced with a well-controlled molecular design and highly efficient hydrogenation and purifying process.
Food packaging, diapers, woodworking, and pressure-sensitive adhesives (PSA) are triggering the demand for hydrogenated hydrocarbon resins. Hence, companies in the hydrocarbon resins market are increasing their production capabilities to meet end user demands whilst adhering to regulatory requirements.
Manufacturers Comply with FDA, EU Regulations for Food Packaging Applications
The hydrocarbon resins market is projected to reach a valuation of US$ 4 Bn by 2031. In order to boost their credibility credentials, manufacturers are producing hydrogenated hydrocarbon resins with low VOC (Volatile Organic Compound) content. This helps manufacturers to comply with FDA (Food & Drug Administration) and EU regulations meant for food packaging applications that involve the formulation of clean and safe adhesives for direct and indirect food contact.
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