Building & Construction Sector to Paint the Success of
Hydrocarbon Resin Market
WILMINGTON, Del., July 30, 2024 /PRNewswire/ -- As per the latest
report published by Transparency Market Research (TMR), the
global hydrocarbon resin market is estimated to reach
US$ 4.7 Bn by 2031 at a
noticeable CAGR of 6.8% between 2023 and 2031.
Hydrocarbon resins are synthetic polymers used predominantly as
tackifiers. There are various ways of manufacturing hydrocarbon
resins with diverse softening points as well as chemical
compositions. They can be easily hydrogenated for enhancing their
thermal stability and color.
Hydrocarbon resins are versatile products that hold the
capability of performing crucial functions in several applications
such as production of inks, coatings, rubber, and adhesives. The
rubber industry makes use of hydrocarbon resins for optimizing
traction and rolling resistance of tires. The other applications
constitute modification of paints, paper, bitumen, and plastic.
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C9 resins, in ink industry, are used in several printing
processes such as gravure, flexography, and screen printing. They
enhance ink adhesion, drying properties, gloss, color intensity,
apart from proper printability on diverse substrates, thereby
making them an ideal choice amongst the alternatives that are
available.
Hydrocarbon resins are used in construction activities on
frequent basis as a concrete-curing compound owing to their
exceptional properties of adhesion (as mentioned above), which is
bolstering their sales.
Hydrocarbon Resin Market Report by TMR highlights the
factors that catalyze as well as restrain the
hydrocarbon resin market growth. The latest trends and
opportunities have also been captured in the report.
Key Takeaways from Hydrogen Resin Market Report
• Usage of Hydrocarbon Resins in Paints &
Coatings, and Adhesives & Sealants Sector
Hydrocarbon resins are used in formulating paints & coatings
in order to improve properties such as durability, gloss, and
adhesion. Such resins add water and weather resistance to the
road-making paints and industrial coatings. They are deployed in
rust preventive paints for devising paints resistant to water and
chemicals.
Hydrocarbon resins can be used in pressure-sensitive, hot melt,
carpet and floor backing, and construction applications. The
advantages of hot melt adhesives include lower production costs,
lack of solvents, beneficial regulatory environment, and
environmentally-friendliness.
• Building & Construction Sector to shape the
Trajectory of Hydrocarbon Resin Market Expanse
Southeast Asia, China, India,
Brazil, ASEAN, and Mexico are being swept by urbanization at a
rapid pace, thereby boosting the building & construction sector
in Asia Pacific. Hydrocarbon
resins offer various advantages as compared to the other resins. It
is easily possible to modify C9 aromatic and C5 aliphatic resins
for several industrial uses. It involves altering compatibility and
hydrogenating the hydrocarbon resins to improve odor, color, and
stability.
The developed economies of North
America and Europe are
witnessing refurbishment of the residential as well as commercial
complexes. The EU has pledged to achieve carbon neutrality through
upgradation of buildings by the year 2050.
Hydrocarbon Resin Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2023-2031
|
Base
Year
|
2017-2021
|
Size in 2022
|
US$ 2.6 Bn
|
Forecast (Value) in
2031
|
US$ 4.7 Bn
|
Growth Rate
(CAGR)
|
6.8 %
|
No. of
Pages
|
445
Pages
|
Segments
covered
|
By Type, By Category,
By Function, By Application
|
Hydrocarbon Resin Market Regional Insights
- Asia Pacific – The
Consolidation Partner
Asia Pacific holds close to
39% of the hydrocarbon resin market share and the scenario is
expected to remain unchanged during the forecast period. This is
ascribed to the exponential growth of building & construction
sector in India and China. As per Euromonitor, Asia Pacific is expected to account for almost
40% of construction sector's output value by the year 2030.
Leading Players in Hydrocarbon Resin Industry
Eastman Chemical Company, ExxonMobil Corporation, Mitsui
Chemicals, KOLON Industries Inc., ENEOS Corporation, American
Refining Group, Cray Valley, Zeon Corporation, VNK AS, Lesco
Chemical Limited, Arakawa Chemical Industries Ltd., Puyang Tiacheng
Chemical Co., Ltd., Neville Chemical Company, Qingdao Eastsun New
Materials Corp., and ECOPOWER New Material Co. Ltd.
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Key Strategies by Prominent Hydrocarbon Resin
Manufacturers
The leading players are launching novel products to stand out
from their counterparts in the hydrocarbon resin market. For
instance, in March 2024, SABIC
introduced its new resin and is also one of the finalists for
'Edison Best New Product Awards'.
Similarly, in April 2024, Novoset
announced that it had concluded a licensing agreement with
Shin-Etsu Chemical Co., Ltd. in order to manufacture and market
modified hydrocarbon resins based on the former's intellectual
property. The resins are known for possessing ultra-low dielectric
loss properties at higher frequencies, have low CTE, higher Tg, and
exceptional long-term thermos-oxidative stability at 250 degree
Celsius.
Market Segmentation
- Type
- C5 Resins
- C9 Resins
- C5/C9 Copolymer Resins
- Hydrogenated Resins
- Category
- Function
- Tackifier
- Reinforcing Material
- Curing Agent
- Others
- Application
- Asphalt Paving
- Shingle
- Hot-melt Adhesives
- Pressure-sensitive Adhesives
- Solvent Adhesives
- Road-marking Paints
- Rubber Compounding
- Adhesives Tapes
- Printer Inks
- Flexible Packaging
- Lubricant Additives
- Others
- End-use
- Adhesives & Sealants
- Building & Construction
- Paints & Coatings
- Rubber
- Inks & Dyes
- Tapes & Labels
- Lubricants
- Packaging
- Others
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