In recent years, high growth has been witnessed of adhesives & sealants and paints & coatings industries. Increased use of hydrocarbon resins in the manufacturing of these products has surged market growth. With growth in these industries and production innovation, the global hydrocarbon resins market is anticipated to progress at a healthy growth rate over the next decade. The global hydrocarbon resins market is estimated to expand at a CAGR of around 7% by value during the forecast period of 2022–2030.
Key Takeaways from Hydrocarbon Resins Market Study
- The global adhesives and sealants market has witnessed tremendous growth in recent years. Demand for hydrocarbon resins squarely grows with the growth of this industry.
- The paper industry is also showing significant growth in the global market, which will result in increased demand for hydrocarbon resins in the coming years. In North America, increased supply of hydrogenated hydrocarbon resins is favoring market growth.
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- Demand for DCPD in China continues to be strong, resulting in higher prices for the same. Expansion of crude C5 extraction and processing capacity in China is adding to the growth of the global hydrocarbon resins market.
- The global ink market is growing at a moderate CAGR, manly driven by emerging countries, which directly impacts the hydrocarbon resins market in a positive way.
- High adoption of C5 hydrocarbon resins in road marking applications in emerging countries provides high CAGR growth to the paints & coatings segment. Adhesives & sealants account for the maximum market share in the global hydrocarbon resins market.
- China is one of the countries with the fastest growth of petroleum resins in the world, with demand ever-increasing. Hydrocarbon resin manufacturers in China have huge export potential, and are actively expanding their overseas markets.
- The COVID-19 pandemic has resulted in import-export, trade, and manufacturing restrictions. As such, demand for hydrocarbon resins from end-use industries will be adversely affected in the near term.
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Market Landscape Continues to Remain Moderately Fragmented
The competitive landscape in the global hydrocarbon resins market is competitive, with moderate fragmentation at regional and domestic levels. Tier-1 players account for more than one-third of the total market share. Key players are focused on capturing profitable growth through collaborations with end-use customers and continuing to meet or exceed targets through continued operational excellence.
Hydrocarbon Resins Market: Conclusion
The global hydrocarbon resins market is occupied by a number of manufacturers. Most manufacturers will to strengthen their global supply systems and meet demand by expanding their regional presence. Requirements are expected to surge for use in adhesives for hygiene materials, traffic paints, and other applications. Regions such East Asia and North America hold major portions of the global hydrocarbon resins market. Also, increasing demand from various applications is further anticipated to catalyze the growth of the hydrocarbon resins market through 2030.
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