PUNE, India, Oct. 25, 2023 (GLOBE NEWSWIRE) — Brandessence Market Research has published a new report title, “Hydrocarbon Resins Market Size, Share, Manufacturers & Trends Analysis Report By Type (C5 Petroleum Resins, C9 Petroleum Resins, C5/C9 Petroleum Resins, Hydrogenated Hydrocarbon Resins), By Application (Adhesives & Sealants, Printing Inks, Rubber Compounding, Paints & Coatings, Tapes & Labels, Others), By End-User (Building & Construction, Personal Hygiene, Tires, Automotive, Others) Based On Region, And Segment Forecasts, 2023 – 2027”. Increasing number of cyber security attacks is one of the major factors driving the growth of the Global hydrocarbon resins Market.
Growing Demand in Construction to Propel Global Hydrocarbon Resin Market at 7.1% CAGR. “The hydrocarbon resin market is expected to witness tremendous growth during 2020-2027, thanks to rebound in demand in construction, automotive, and prominent application in packaging. Advanced technology like hot melting promises major growth in applications like packaging for the e-commerce sector. Furthermore, prints, and coatings for electric vehicles is also a burgeoning opportunity in the hydrocarbon resin market.
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Global Hydrocarbon Resin: An Overview
Growing demand for hydrocarbon resins in conventional applications such as building and construction, paints & coatings, and printing inks remains a promising prospect. Among these, the construction sector in particular is likely to resurge, recovering from an immediate slump during the covid-19 pandemic. The global construction activity witnessed a major slump in 2020, with growth rate slowing to just over 2%. However, this growth slowdown, largely due to the covid-19 pandemic spread, and related lockdowns in Europe, and North America is expected to witness a new lease of life during 2020-2027. Promising investments in infrastructure in key regions of North America and growing opportunities in Asia Pacific, in India, and China remain key drivers of growth in the global hydrocarbon resin market.
Hydrocarbon resins are essential for construction activity as adhesives, and sealants. These resins are ideal for specialty adhesive applications as well as regular adhesive. Their high tensile strength and cost-effectiveness remains promising prospect of growth, amidst an expected boom of construction sector, driven by increased investments in global infrastructure. Similar to US president’s infrastructure bill, investments amounting to over trillions have been announced by Indian and Chinese government authorities.
Global Hydrocarbon Resin Market: Key Drivers
The global hydrocarbon resins are ideal as packing solution for e-commerce. The new hot melt technology is considered ideal for packaging cardboard boxes, self-adhesive strips, packaging tape and more. According to United Nation Conference on Trade and Development (UNSTAD), the covid-19 pandemic resulted in increased share for online commerce, resulting in 19% total share in 2020. The global e-commerce jumped to a whopping total of USD 26.7 trillion, rising by 4% globally. Furthermore, in countries like South Korea, this resulted in an increase of 25.9% in 2020, rising from 20.8% in the previous year. Growing demand for e-commerce globally, increased demand for hot melt adhesive technology, and specialized application of hydrocarbon resin in packaging are likely to remain key drivers of growth.
The global hydrocarbon resin market is also expected to witness major growth in telecommunications, thanks to promising prospect of 5G globally. The hydrocarbon resins are ideal for producing a flooding compound which wraps jackets of telecommunication cables to improve waterproofing, and flexibility. These resins are required during manufacturing of both copper wire, and fiber optic. Thanks to growing prospect of 5G, the investment in 5G fiber infrastructure, both private, and public are rising. For example, the 2Africa consortium, promises to extend its cable system by over 45,000 kms connecting Arabian gulf, India, and Pakistan. Similar initiative are undertaken by private investors like Facebook. The company plans to build a undersea network of fiber-optic cable that will stretch between Europe, and the US. The optic cable, made up of 24 fiber pairs will likely conduct data transfers at half-petabit per second. Increasing demand for high-speed data transfers, increased availability of technology, and ideal application as compound filler remains promising prospect for players in the global hydrocarbon resin market.
Hydrogenated copolymers promise a robust application in adhesives, as compared to conventional block copolymers. The conventional block copolymers, made up of polybutadiene, and polyisoprene remain highly unsaturated, with susceptibility to oxidative, and thermal degradation. On the other hand, the hydrogenated copolymers show high stability. The growing advancement in technology will likely make hydrocarbon resins ideal for new applications like rubber manufacturing for tires in electric vehicles, among others.
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Hydrocarbon Resin Market: Key Uses
Hydrocarbon resin is produced from petroleum feed stocks. These are aromatic (C9), aliphatic (C5), DCPD (dicyclopentadeiene), or a combination. Hydrocarbon resins are ideal as homogenizing agents, tackifiers, and performance modifiers. Hydrocarbon resin uses include applications in coatings, manufacturing of rubber, as adhesives, and in printing inks. Hydrocarbon resin manufacturers deploy unsaturated hydrocarbons like diolefins, and olefins to polymerize the final product.
Global Hydrocarbon Resin market: Regional Analysis
The global hydrocarbon resin market report is divided by key regions into North America, Europe, Asia Pacific, Africa & Middle East, and Latin America. Among these, the Asia Pacific region is set to witness robust growth, thanks to growing investment in infrastructure development. For example, China has announced its multi-trillion investment in Belt & Road initiative. Similar announcements have been made by India, ranging above USD 1.4 trillion between 2019-2023. The growing investment in infrastructure and key application of hydrocarbon resin in road asphalt remains a promising opportunity for growth for players in the global hydrocarbon resin market. Apart from construction, growing demand for electric vehicle globally also remains a major opportunity for growth in the global hydrocarbon resin market. Hydrocarbon resins used in production of rubber, and other adhesives can deliver more efficiency to vehicles, and also provide higher performance. The growing race to build more efficient electric vehicles, and important role of adhesives, paints & coatings in vehicle manufacturing are expected to drive robust new niches for growth.
Global Hydrocarbon Resin market: Competitive Analysis
The global hydrocarbon resin market remains an open, innovative, and opportunity-laden landscape. Thanks to growing application in new areas, opportunities for low-cost innovation keep growing. Moreover, major players in the hydrocarbon resin market landscape are increasingly looking for new opportunities for merger, and collaboration. Some key players in the global hydrocarbon resin market are Some of the key players of global hydrocarbon resins market are ExxonMobil Corporation, Eastman Chemical Company, Puyang Tiacheng Chemical Co., Ltd., Shandong Landun Petroleum Resin Co., Ltd, Shanghai Jinsen Hydrocarbon Resins Co., Limited and others.
The regions covered in global hydrocarbon resins market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global feminine hygiene is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
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