Hydrocarbon Resins Market Projected to Garner Significant Revenues 2028 – The Insight Partners.

Posted by niket gore on July 25th, 2022

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 amorphous thermoplastic polymers that are produced by the polymerization of unsaturated hydrocarbons. They can be hydrogenated to improve their color and thermal stability. Based on type, the global hydrocarbon resins market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. C5 resins are available in a wide range of softening points and molecular weights.In 2020, Asia Pacific held the largest revenue share of the global hydrocarbon resins market. The building & construction industry, primarily in China and India, is a strong contributor to the market's growth. In India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP. Furthermore, with the growing application of hydrocarbon resins in numerous verticals and the efforts undertaken by leading chemical companies, the hydrocarbon resins market is predicted to grow in the Asia Pacific region.

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Impact of COVID-19 Pandemic on Hydrocarbon Resins Market

The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The demand for adhesives, printing inks, paints & coatings, etc., has declined, owing to the impact of the COVID-19 pandemic. This has impacted the demand for hydrocarbon resins. The COVID-19 pandemic has also impacted the tire and rubber industry, impacting the demand for hydrocarbon resins. However, the market is reviving on account of the significant measures taken by governments. Industries are overcoming the challenges of supply chain disruptions of their raw materials. The demand for hydrocarbon resin is also improving with the increasing consumption of paints and coatings. This is expected to provide the impetus for hydrocarbon resins market growth.

Global Hydrocarbon Resins Market Breakdown – by Region

The report includes the segmentation of the global hydrocarbon resins market as follows:

 

  • Based on type, the hydrocarbon resins market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. In terms of application, the hydrocarbon resins market is segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others. Based on geography, the hydrocarbon resins market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. North America includes the US, Canada, and Mexico. Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific consists of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, the UAE, and the Rest of MEA. South and Central America includes Brazil, Argentina, and the Rest of South and Central America.

 

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niket gore

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niket gore
Joined: July 6th, 2022
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