North America Hydrocarbon Resins Market
Market Introduction
North America consists of developed economies such as the US, Mexico and Canada; it also consists of developing nations like Mexico. Hydrocarbon resins are amorphous thermoplastic polymers made by the polymerization of unsaturated hydrocarbons. These are produced from petroleum-based feedstocks, either aromatic (C9), aliphatic (C5), dicyclopentadiene (DCPD), or mixtures of these. The producers of paints & coatings extensively use C9 hydrocarbon resins with high softening points. Hydrocarbon resins are added to paints as they increase the adhesiveness of paint films, final finishes of paints, hardness, and resistance to acid and alkaline elements. Consequently, growth in the use of hydrocarbon resins in paints & coatings in the region is predicted to strengthen the hydrocarbon resins market during the projection period.
North America is one of the worst affected economies due to the COVID-19 pandemic. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing has had a negative impact on the demand for hydrocarbon resins in the region. The demand for adhesives, printing inks, paints & coatings, etc. has declined owing to the impact of COVID-19 pandemic. This has impacted the demand for hydrocarbon resins. The COVID-19 pandemic has also impacted tire and rubber industry, creating an impact on hydrocarbon resins demand. However, the market is reviving on account of the government's significant measures, such as vaccination drives. The various industries is also overcoming the challenges of supply chain disruptions of their raw materials. The demand for hydrocarbon resin is improving with increasing consumption of paint and coatings. This is expected to provide the impetus for market growth.
Market Overview and Dynamics
The hydrocarbon resins market in North America is expected to grow US$ 420.38 million in 2021 to US$ 597.25 million by 2028; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028. Synthetic rubber serves as a substitute for natural rubber in many cases, especially when improved material properties are required. Synthetic rubbers are widely utilized in various industries, such as automobiles, footwear, belting, etc. Synthetic rubber is procured from extremely reliable sources from tested parameters like composition, purity, and effectiveness. Further, near about 60% of rubber used in the tire industry is a synthetic rubber. This synthetic rubber uses petroleum-derived hydrocarbon resins. Hydrocarbon resins are suitable for use as a tackifier for various synthetic rubbers. Synthetic rubber provides specific properties in the areas of longevity and rolling resistance. Moreover, synthetic rubber is mainly used for passenger car and motorcycle tires as it provides them with good grip performances. With the robust growth in the automotive sector, the demand for synthetic rubber in automotive applications is increasing. This will offer ample opportunities to the players in the hydrocarbon resins market.
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 North America 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 Neville Chemical Company among others.
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North America Hydrocarbon Resins Market Segmentation
North America Hydrocarbon Resins Market – By
Type
North America Hydrocarbon Resins Market – By Application
North America Hydrocarbon Resins Market – By
Country
North America Hydrocarbon Resins Market – Companies Mentioned
Strategic insights for the North America 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$ 420.38 Million |
| Market Size by 2028 | US$ 597.25 Million |
| Global CAGR (2021 - 2028) | 5.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America Hydrocarbon Resins Market is valued at US$ 420.38 Million in 2021, it is projected to reach US$ 597.25 Million by 2028.
As per our report North America Hydrocarbon Resins Market, the market size is valued at US$ 420.38 Million in 2021, projecting it to reach US$ 597.25 Million by 2028. This translates to a CAGR of approximately 5.1% during the forecast period.
The North America 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 North America Hydrocarbon Resins Market report:
The North America Hydrocarbon Resins Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Hydrocarbon Resins Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Hydrocarbon Resins Market value chain can benefit from the information contained in a comprehensive market report.
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