The next 10 years to witness derivation of the
Hydrocarbon Resins Market at a CAGR of 7% between
2021 and 2031
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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