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Focus on Essential Product Manufacturing Helps Revive Business during Coronavirus Pandemic

The coronavirus pandemic has altered the way the global society functions. Companies in the hydrocarbon resins market are witnessing supply chain disruptions in various end markets. In order to keep economies running, manufacturers are ensuring business continuity for crucial industries such as construction, personal hygiene, and the tire industry. As such, mass inoculation using COVID-19 vaccines is estimated to offset the losses incurred by the automotive industry during 2020.

Manufacturers in the hydrocarbon resins market are focusing on production for essential goods such as adhesives, rubber compounding, and paints, among others, to revive market growth. They are increasing efforts toward local production and supply strategies, since overseas trade is facing many challenges during the ongoing COVID-19.

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Low Compatibility Range with Base Polymers Affects Demand for Hydrocarbon Resins

The hydrocarbon resins market is expected to clock a favorable CAGR of ~7% during the forecast period. However, hydrocarbon resin tackifiers are manufactured from petroleum-based feedstock, and they have the disadvantage of being linked to the price of oil. Moreover, these resins have a low compatibility range with base polymers than tackifiers produced from natural feedstock. Despite various challenges, manufacturers are increasing their productivity for bookbinding, carpet construction, and polymer modification applications.

Manufacturers are expanding their business in Europe, the Middle East, and Africa to capitalize on revenue opportunities. For instance, Eastman - a global advanced materials and specialty additives company, is increasing its marketing capabilities for its Picco™ A-120 hydrocarbon resin, which offers resistance to acids and acts as a favorable solvent release.

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Protective Coatings, Road Asphalts Fuel Demand for Hydrocarbon Resins

Case & carton closures, protective coatings, and roofing applications are creating incremental opportunities for manufacturers in the hydrocarbon resins market. Chemical companies are gaining a strong research base to manufacture resins with excellent pigment wetting, thermoplastic, and non-reactive properties to boost raw material and end-use product uptake. Manufacturers are increasing their production for resins that have low molecular weight, are extremely water repellent, and show good color stability in commercial printing inks.

Specialty tapes, wires & cables, and road asphalts are fueling the demand for hydrocarbon resins. Companies in the hydrocarbon resins market are capitalizing on this opportunity to develop products that deploy good resistance to oxygen and UV (ultraviolet) light that offer improved tack retention and can be used with both reinforcing and non-reinforcing fillers.

Hydrogenated Hydrocarbon Resins Gain Prominence in Food Packaging, Woodworking Applications

Apart from increasing production in C5 and C9 petroleum resins, manufacturers are boosting their output capacities of hydrogenated hydrocarbon resins. NOVARES by Rain Carbon Inc. is gaining recognition for its hydrogenated hydrocarbon resins (pure series) produced with a well-controlled molecular design and highly efficient hydrogenation and purifying process.

Food packaging, diapers, woodworking, and pressure-sensitive adhesives (PSA) are triggering the demand for hydrogenated hydrocarbon resins. Hence, companies in the hydrocarbon resins market are increasing their production capabilities to meet end user demands whilst adhering to regulatory requirements.

Manufacturers Comply with FDA, EU Regulations for Food Packaging Applications

The hydrocarbon resins market is projected to reach a valuation of US$ 4 Bn by 2031. In order to boost their credibility credentials, manufacturers are producing hydrogenated hydrocarbon resins with low VOC (Volatile Organic Compound) content. This helps manufacturers to comply with FDA (Food & Drug Administration) and EU regulations meant for food packaging applications that involve the formulation of clean and safe adhesives for direct and indirect food contact.

Hydrogenated hydrocarbon resins are gaining visibility in adhesives used to produce diapers. Manufacturers in the hydrocarbon resins market are supplying adhesives to diaper companies that are odor- and color-free, and deliver high thermostability and compatibility for woodworking applications. Fully hydrogenated resins are growing popular in PSAs utilized in a broad range of temperatures.

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Analysts’ Viewpoint

With the aim to revive market growth, chemical companies are increasing the availability of hydrocarbon resins that are safe for food & skin contact, as well as in medical applications during the coronavirus. Manufacturers are innovating in resins that are clean, UV stable, and safe in compatibility with low-polar polymers and substances. However, it has been found that in many cases, hydrocarbon resins have a relatively low compatibility range with base polymers than tackifiers produced from natural feedstock. Hence, manufacturers should diversify their production in essential industries and products such as high-saturated rubbers, road marking paints, and cosmetics to broaden their revenue streams.

Hydrocarbon Resins Market: Overview

  • Hydrocarbon resins are defined as glass-like oligomers that are produced by polymerization of by-product streams, such as aliphatic (C5), aromatic (C9), and DCPD (dicyclopentadiene), which are derived primarily from the cracking of petroleum hydrocarbons for the production of ethylene. These hydrocarbon resins can be later hydrogenated to improve color, odor, and stability, as well as modifying compatibility. Hydrocarbon resins are brittle or gummy materials prepared by the polymerization of several unsaturated constituents of coal tar, rosin, or petroleum.
  • Hydrocarbon resins are characterized by their tack and tack retention, excellent binding properties, high resistance to moisture, UV stability, and good compatibility and solubility. Other properties such as high thermal stability, light color, polymer compatibility, low odor, and excellent cold resistance also make them ideal for a wide range of end uses.
  • Hydrocarbon resins are employed as tackifiers, performance modifiers, and homogenizing agents. They are extensively employed in the manufacture of rubbers, coatings, printing inks, and adhesives. Major applications of hydrocarbon resins are hot melts, PSA tapes, and labels.
  • According to Transparency Market Research’s latest research report on the global hydrocarbon resins market for the historical year 2020 and the forecast period 2021 to 2032, rise in usage of hydrocarbon resins in the building & construction industry is the key factor that is expected to boost the global hydrocarbon resins market during the forecast period
  • In terms of revenue, the global hydrocarbon resins market is expected to reach US$ 4 Bn by 2031, expanding at a CAGR of ~7% during the forecast period

Rise in Usage of Hydrocarbon Resins in Building & Construction Sector: Key Driver

  • Increase in urbanization and construction activities, favorable demographics, rise in household incomes, and expansion of the IT sector have fueled the building & construction industry in numerous developing countries and sub-regions such as China, India, ASEAN, Southeast Asia, Brazil, and Mexico. The building & construction sector is expanding considerably to evolve from an unorganized sector to an organized industry. Hydrocarbon resins are used worldwide in adhesives for construction of buildings. This is boosting the global hydrocarbon resins market.
  • Hydrocarbon resins offer several benefits over other resin counterparts. C5 aliphatic and C9 aromatic resins can be modified and used for various industrial purposes. This includes hydrogenation of all hydrocarbon resins to improve color, odor, and stability, as well as modifying compatibility.

Increase in Demand for Hydrogenated Type of Hydrocarbon Resins in End-use Industries

  • Based on type, the hydrogenated hydrocarbon resins segment dominated the global hydrocarbon resins market in 2020. This can be ascribed to rise in investment in building & construction activities across the world. Furthermore, hydrogenated hydrocarbon resins offer numerous advantages such as water white color, heat stability, weathering resistance, and less smell.
  • Manufacturers of paints and coatings primarily use C9 hydrocarbon resins with high softening points. Hydrocarbon resins are added to paints, as they increase the final finishes of paints, adhesiveness of paint films, and the hardness and resistance to acid and alkaline elements. Thus, growth in usage of hydrocarbon resins in paints and coatings is expected to boost the global hydrocarbon resins market during the forecast period. 

High Application of Hydrocarbon Resins in Adhesives and Sealants

  • Based on application, the adhesives & sealants segment dominated the hydrocarbon resins market in 2020. Demand for hydrocarbon resins in adhesives & sealants is significantly high in the construction industry, as adhesives & sealants can be used in hot melt, pressure sensitive, floor and carpet backing, and construction applications.
  • Increase in usage of hydrocarbon resins in hot-melt adhesives is projected to drive the market. Hot melt adhesives have been gaining popularity across the globe over the past few years, owing to their low processing cost and favorable regulatory scenario, as hot melt adhesives are solvent-free and carry less environmental impact.

Hydrocarbon Resins Market: Competition Landscape

  • Detailed profiles of providers of hydrocarbon resins have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global hydrocarbon resins market are
    • Eastman Chemical Company
    • ExxonMobil Corporation
    • Shandong Landun Petroleum Resin Co., Ltd.
    • Puyang Tiacheng Chemical Co., Ltd.
    • Shanghai Jinsen Hydrocarbon Resins Co., Limited

Hydrocarbon Resins Market: Key Developments

  • Key providers of hydrocarbon resins, such as Eastman Chemical Company, ExxonMobil Corporation, and Shandong Landun Petroleum Resin Co., Ltd. are focusing on capacity expansion and cost-effective production of hydrocarbon resins. Major developments in the global hydrocarbon resins market are highlighted below:
    • Eastman Chemical Company focuses on accelerating innovations across its product portfolio by strengthening its specialty business. In 2018, Eastman Chemical Company increased its investments by US$ 50 Mn, which included 10 plant startups and expansions in order to cater to the demand for specialty chemicals.  
  • In the global hydrocarbon resins market report, we have discussed individual strategies, followed by company profiles of providers of hydrocarbon resins. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global hydrocarbon resins market.

Hydrocarbon Resins Market – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global hydrocarbon resins market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global hydrocarbon resins market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global hydrocarbon resins market would expand during the forecast period of 2021 to 2031.

The report offers intricate dynamics about different aspects of the global hydrocarbon resins market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global hydrocarbon resins market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global hydrocarbon resins market and estimates statistics related to growth of the market in terms of value (US$ Mn) and volume (Kilo Tons).

This study covers a detailed segmentation of the global hydrocarbon resins market, along with key information and a competitive outlook. The report mentions company profiles of players that are currently dominating the global hydrocarbon resins market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Hydrocarbon Resins Market

The report provides detailed information about the global hydrocarbon resins market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global hydrocarbon resins market, so as to help them design successful strategies and make target-driven decisions.

  • Which application segment of the global hydrocarbon resins market would emerge as a major revenue generator during the forecast period?
  • How are key market players successfully earning revenues out of advantages of hydrocarbon resins?
  • What would be the Y-o-Y growth trend of the global hydrocarbon resins market between 2021 and 2031?
  • What are the winning imperatives of leading players operating in the global hydrocarbon resins market?
  • Which type segment is expected to create lucrative opportunities for the global hydrocarbon resins market during the forecast period?
  • Which are leading companies operating in the global hydrocarbon resins market?

Research Methodology – Hydrocarbon Resins Market

The research methodology adopted by analysts for compiling the global hydrocarbon resins market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global hydrocarbon resins market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global hydrocarbon resins market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global hydrocarbon resins market.

Hydrocarbon Resins Market – Segmentation

TMR’s research study assesses the global hydrocarbon resins market in terms of type, application, end user, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects for the global hydrocarbon resins market.

Type
  • C5 Petroleum Resins
  • C9 Petroleum Resins
  • C5/C9 Petroleum Resins
  • Hydrogenated Hydrocarbon Resins
Application
  • Adhesives & Sealants
  • Printing Inks
  • Rubber Compounding
  • Paints & Coatings
  • Tapes & Labels
  • Others (including Lubricants)
End User
  • Building & Construction
  • Personal Hygiene
  • Tires
  • Automotive
  • Others (including Oil & Gas)
Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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Hydrocarbon Resins Market

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