Asia Pacific Hydrocarbon Resins Market
Market Introduction
Asia Pacific comprises several economies such as China, India, Japan, South Korea, Australia, and the Rest of APAC. These countries are witnessing a surge due to growth in urbanization and the robust growth of the automotive and construction sectors, which offers ample opportunities for key market players in the hydrocarbon resins market. Further, the building & construction industry, primarily in China and India, is a strong contributor to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP. 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 region. Besides, these countries have adopted policies to embrace foreign direct investment in the automotive and construction sectors, leading to various companies choosing 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.
The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The Asian economies have been hit hard due to the pandemic. The governments of various Asia Pacific economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of industrial sectors. The various end-use sectors, such as adhesives, paints, coating, rubber compounding, etc., have been hit hard by the pandemic, impacting the consumption of hydrocarbon resins in the region. However, the demand from the paints & coatings sector is improving due to re-establishment of construction activities in the region. Many players are resuming pre-COVID investment plans as businesses gain confidence in stabilizing economies and anticipate increased demand.
Market Overview and Dynamics
The hydrocarbon resins market in Asia Pacific is expected to grow US$ 895.04 million in 2021 to US$ 1298.29 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. Hydrocarbon resins are highly versatile products. Hydrocarbon resins are used in various applications, including printing inks and rubber compounding. C9 hydrocarbon resins are highly used in printing inks. They have various advantages, such as color spreading, fast-drying, and brightening effects. The use of hydrocarbon resins to inks plays an important role in color development, brightening effect, and fast-drying. Hydrocarbon resins significantly improve overall printing performance. 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. Further, compared with polyterpene-based resins and rosin-based resins, hydrocarbon resins possess various benefits such as polymer compatibility, high thermal stability, light color, direct food contact, low odor, and excellent cold resistance. These benefits provide hydrocarbon resins an advantage over their counterparts. This, in turn, propels the demand for hydrocarbon resins in printing inks applications. Moreover, hydrocarbon resins are also used for rubber and tire compounding. Hydrocarbon resins are used in rubber compounding as tackifying agents and reinforcement agents. Hydrocarbon resins are essential in many rubber formulations to improve tack. C9 hydrocarbon resin with low softening points is used in rubbers. C9 hydrocarbon resins have very good mutual solubilities with natural rubber particles. In rubber-related applications, adding C5/C9 copolymer resin can increase the adhesion between the particles and improve the adhesion between the particles and the cord, which is suitable for radial tires and other rubber products. The growing automotive industry in various countries around the globe is creating demand for tires which in turn drives demand for hydrocarbon resins during the forecast period.
Key Market Segments
In term of type, C5 petroleum resins segment held a larger market share of the hydrocarbon resins market in 2020. In term of application, adhesives and sealants segment held a larger market share of the hydrocarbon resins market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the hydrocarbon resins market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.; Arakawa Chemical Industries, Ltd.; and RESIN CHEMICALS CO., LTD among others.
Reasons to buy report
Asia Pacific Hydrocarbon Resins Market Segmentation
Asia Pacific Hydrocarbon Resins Market – By
Type
Asia Pacific Hydrocarbon Resins Market – By Application
Asia Pacific Hydrocarbon Resins Market – By
Country
Asia Pacific Hydrocarbon Resins Market – Companies Mentioned
Strategic insights for the Asia Pacific Hydrocarbon Resins provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 895.04 Million |
| Market Size by 2028 | US$ 1298.29 Million |
| Global CAGR (2021 - 2028) | 5.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Hydrocarbon Resins refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Asia Pacific Hydrocarbon Resins Market is valued at US$ 895.04 Million in 2021, it is projected to reach US$ 1298.29 Million by 2028.
As per our report Asia Pacific Hydrocarbon Resins Market, the market size is valued at US$ 895.04 Million in 2021, projecting it to reach US$ 1298.29 Million by 2028. This translates to a CAGR of approximately 5.5% during the forecast period.
The Asia Pacific Hydrocarbon Resins Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Hydrocarbon Resins Market report:
The Asia Pacific Hydrocarbon Resins Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Hydrocarbon Resins Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Hydrocarbon Resins Market value chain can benefit from the information contained in a comprehensive market report.
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