Hydrocarbon Resins Market Trend, Share, Growth, Size, Analysis and Forecast 2030

The global hydrocarbon resins market was estimated to be worth USD 1,807.99 million in 2022 and is expected to grow to USD 3,083.31 million by the end of 2030, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to rise at a CAGR of 6.90%. The growth factors, barriers, and effects on demand for the worldwide hydrocarbon resins market are examined in this study for the period of forecasting. It will also assist in navigating and investigating the opportunities that present themselves in the industry of hydrocarbon resins.

Hydrocarbon Resins Market: Overview

Low molecular weight polymers known as hydrocarbons are made from the aliphatic C5 and aromatic C9 distillates of crude oil. The processibility of such resins can be altered and managed through the use of hydrocarbon resins and C5 and C9 mixes. The expanding use of hydrocarbon resins in a variety of end-user industries, including the automotive, consumer electronics, manufacturing, printing, and creative sectors, may be the reason behind the expansion of the worldwide hydrocarbon resins market. The noteworthy qualities of hydrocarbon resin, in addition to its excellent binding properties, moisture resistance, UV balance, extreme thermal balance, and true solubility abilities, are anticipated to increase its adoption among those end-user groups for a variety of applications, which will subsequently support the market’s growth. It is anticipated that the development enterprise would grow.

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Hydrocarbon Resins Market: Growth Factors

The diverse applications of hydrocarbon resins in the production of printing inks, rubbers, varnishes, and adhesives have significantly fueled the profitable expansion of the worldwide hydrocarbon resins market. In the market for hydrocarbon resins, case and carton closures, protective coatings, and roofing initiatives are creating new opportunities for manufacturers. Chemical companies are building a research foundation to create resins that have exceptional thermoplastic, pigment-wetting, and non-reactive properties to support the absorption of raw materials and finished products.

Moreover, the market is expanding due to the high demand for low molecular weight polymers in wires and cables and street asphalts since they provide the ideal color balance in printing inks and have exceptional water resistance. In addition, hydrocarbons are used in the adhesives used in the manufacturing of diapers. Due to its ability to aid in the production of odor- and color-free diapers, its supply in diaper firms may increase over the course of the projected period. Hydrocarbon resins, on the other hand, are less compatible with base polymers than natural feedstock since they are predominantly derived from petroleum, which is the source of these resins. Such obstacles could limit the expansion of the worldwide hydrocarbon resins market. However, producers are increasing their productivity for applications such as polymer transformation, carpet construction, and bookbinding, despite a variety of obstacles.

The global society has changed as a result of the coronavirus epidemic. Businesses in the worldwide hydrocarbon resins industry are seeing supply chain disruptions in a number of end sectors. Manufacturers are ensuring business continuity for vital areas like the tire industry, construction, and personal hygiene in order to keep economies afloat. Therefore, it is expected that widespread vaccination with COVID-19 vaccinations will counteract the losses from the vehicle market in 2020. In order to recover market growth, manufacturers in the hydrocarbon resins market are specialized in producing essential products including adhesives, paints, and rubber compounding, among others. Because international trade is increasing, more efforts are being made in the direction of local manufacturing and supply strategies.

Hydrocarbon Resins Market: Segmentation

The market for hydrocarbon resins is divided by type, application, end user, and geography. Aliphatic resins, aromatic resins, and aliphatic/aromatic resins are the three categories of hydrocarbons. The use of hydrocarbons is divided into several categories, including adhesive, paint and ink additives, asphalt additives, and rubber mixing aids. Building and construction, personal hygiene, tires, automobile, and other categories make up the end user category.

Hydrocarbon Resins Market: Regional Analysis

Asia Pacific is anticipated to exhibit a highly dominant position in the worldwide hydrocarbon resins market because of the abundance of manufacturers in China and India, particularly in the areas of tapes, rubber, adhesives, and other related products. The market is being driven by a rapidly expanding production industry as well as increasing urbanization and industrialization. Apart from that, the market for hydrocarbon resins in the region may grow significantly as a result of increased foreign investments made through partnerships and acquisitions in the packaging, paints and coatings, and adhesives industries. North America as a whole is expanding quickly as well, with the US predicted to have the biggest growth. The market for chemical products like hydrocarbon resins is anticipated to expand as a result of the increasing demand from end users, such as those in the building and construction industries.

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Hydrocarbon Resins Market: Competitive Landscape

The leading businesses in the industry are searching for investments, R&D, and market recognition. Product launches, partnerships with other businesses, mergers, acquisitions, and collaborations are the tactics they are doing to become the greatest.

The prominent players in global hydrocarbon resins market include: