Apr 5, 2022   SOURCE: BusinessWire

Global Hydrocarbon Resins Markets, 2021-2028: New Developments in Hydrocarbon Resins Applications and Increasing Expansion of Hydrocarbon Resins Plants - ResearchAndMarkets.com

The "Hydrocarbon Resins Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application (Adhesives and Sealants, Printing Inks, Rubber Compounding, Paints and Coatings, Tapes and Labels, and Others)" report has been added to ResearchAndMarkets.com's offering.

The hydrocarbon resins market was valued at US$ 1,921.30 million in 2021 and is projected to reach US$ 2,730.83 million by 2028; it is expected to grow at a CAGR of 5.2% from 2021 to 2028.

Hydrocarbon resins are made from petroleum-based feedstock. They are highly versatile products used in various applications, including adhesives and sealants, printing inks, rubber compounding, paints and coatings, and tapes and labels. Hydrocarbon resins have good adhesion. Hydrocarbon resins are used in rubber formulations to improve tack.

Based on application, the global hydrocarbon resins market has been segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others. The adhesives and sealants segment held the largest share of the global hydrocarbon resins market in 2020.

The use of hydrocarbon resin in adhesives improves adhesive strength, water resistance, acid resistance, and alkali resistance. Hydrocarbon resin is mainly used as a tackifier in adhesives, particularly in hot melts. The growing demand for adhesives in construction and other applications will offer more growth opportunities for the market.

In 2020, Asia Pacific held the largest revenue share of the global hydrocarbon resins market. The growing building and construction industry in the region strongly contributes to the market's growth. Moreover, various countries in the region have adopted policies to embrace foreign direct investment in automotive and construction sectors, leading to various companies choosing the Asia Pacific as a base to establish manufacturing units. This factor is further expected to contribute to developing the hydrocarbon resins market in the region.

Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements.

Key Market Dynamics

Market Drivers

  • Growing Use of Hydrocarbon Resins in Printing Inks and Rubber Compounding
  • Rising Demand from Paints & Coatings Industry

Market Restraints

  • Availability of Substitute Products

Market Opportunities

  • Use of Sustainable Feedstock
  • Growing demand for Synthetic Rubber in Automotive Industry

Future Trends

  • New developments in hydrocarbon resins applications and increasing expansion of hydrocarbon resins plants

Company Profiles

  • Eastman Chemical Company
  • Exxon Mobil
  • Kolon Industries Inc.
  • Shandong Landun Petroleum Resin Co., Ltd.
  • Puyang Tiancheng Chemical Co., Ltd.
  • Shanghai Jinsen Hydrocarbon Resins Co., Ltd
  • Lesco Chemical Limited
  • Henan Anglxxon Chemical Co.,Ltd.
  • Arakawa Chemical Industries,Ltd.
  • RESIN CHEMICALS CO., LTD

For more information about this report visit https://www.researchandmarkets.com/r/1jgfdc