Hydrocarbon Resins Market: Introduction
Transparency Market Research delivers key insights on the global hydrocarbon resins market. In terms of revenue, the global hydrocarbon resins market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global hydrocarbon resins market.
The global hydrocarbon resins market is broadly affected by several factors, including usage of hydrocarbon resins in hot melt adhesives. Thus, increase in applications of hydrocarbon resins in adhesives and sealants is propelling the global hydrocarbon resins market.
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Hydrocarbon Resins Market: Dynamics
The increase in the demand for hydrocarbon resins in the building & construction industry is expected to boost the global hydrocarbon resins market during the forecast period. The expansion of the building & construction industry in India and China is projected to boost the consumption of hydrocarbon resins during the forecast period.
Hydrocarbon resins offer several benefits over other resin counterparts. C5 aliphatic and C9 aromatic resins can be modified and used for various industrial purposes. This includes hydrogenation of all hydrocarbon resins to improve color, odor, and stability, as well as modifying compatibility.
Compared with rosin-based resins and polyterpene-based resins, hydrocarbon resins possess various benefits such as high thermal stability, polymer compatibility, light color, low odor, direct food contact, and excellent cold resistance. These benefits provide hydrocarbon resins an advantage over their counterparts. This, in turn, propels the demand for hydrocarbon resins.
Hydrocarbon resins considerably increase the bond strength of hot melt adhesives immediately on contact with another substrate, with low pressure or without pressure. This is projected to fuel the demand for hot melt adhesives, thus boosting the hydrocarbon resins market across the globe during the forecast period.
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Hydrocarbon Resins Market: Prominent Regions
Asia Pacific is a prominent producer and consumer of hydrocarbon resins across the globe. The demand for hydrocarbon resins is anticipated to increase at a rapid pace in Asia Pacific compared to that in other regions. This can be ascribed to the increase in the demand for hydrocarbon resins in developing countries such as China and India in the region.
Europe accounts for a significant share of the global hydrocarbon resin market. Countries and sub-regions such as Germany, France, and Russia & CIS hold key share of the hydrocarbon resins market in the region. Europe is a key region for automotive and building & construction industries. Furthermore, countries such as Germany, Spain, France, and the U.K. are among the leading producers of automobiles in the world.
North America, especially the U.S., is expected to create significant opportunities for the hydrocarbon resins market during the forecast period, due to the expansion of paints & coatings, adhesives & sealants, automotive, and building & construction industries in the country.
Hydrocarbon Resins Market: Key Players
The global hydrocarbon resins market is consolidated with the presence of a few large players. Key players operating in the global hydrocarbon resins market are Eastman Chemical Company, ExxonMobil Corporation, Shandong Landun Petroleum Resin Co., Ltd., Puyang Tiacheng Chemical Co., Ltd., and Shanghai Jinsen Hydrocarbon Resins Co., Limited.
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