Adhesives and Sealants Segment to dominate Europe Hydrocarbon Resins Market during 2020–2028

According to a new market research study on “Europe Hydrocarbon Resins Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 675.64 million by 2028 from US$ 488.63 million in 2021. The market is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The report provides trends prevailing in the Europe hydrocarbon resins market along with the drivers and restraints pertaining to the market growth. Fostering demand from paints & coatings industry, boosting use of hydrocarbon resins in printing inks and rubber compounding, and intensifying new development in hydrocarbon resins applications and increasing expansion of hydrocarbon resins plants are the major factor driving the growth of the Europe hydrocarbon resins market. However, availableness of substitute products hinders the growth of Europe hydrocarbon resins market.

In Europe, currently, France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The massive outbreak of the pandemic has created a temporary distortion in operation efficiencies of industrial bases in the European market. The market for hydrocarbon resins has been negatively impacted due to disruptions in the supply chain. The pandemic has impacted the demand for hydrocarbon resins from sectors such as adhesives, paint, coating, etc. However, the various industries are coming on track after supply constraints affecting these industries are resolving gradually. The demand for hydrocarbon resins from the downstream adhesive and paint sector is improving, as the construction sector of the region is gradually recovering from the pandemic devastation.

The Europe hydrocarbon resins market is segmented on the basis of type, application and country. Based on type, the market is segmented into C5 petroleum resins, C9 petroleum resins, C5/C9 petroleum resins, and others. In 2020, C5 petroleum resins segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and other application. In 2020, adhesives and sealants segment held the largest share in the market, and rubber compounding is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Germany, France, Italy, the UK, Russia, and Rest of Europe. In 2020, Germany held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

Eastman Chemical Company; EXXON MOBIL CORPORATION; 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.; and Arakawa Chemical Industries, Ltd. are among the leading companies in the Europe hydrocarbon resins market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Kolon industries inc. had added another 15,000 tons of annual capacity in its hydrocarbon resin manufacturing. The addition gave Kolon a total capacity of 200,000 tons annually.

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