South America Hydrocarbon Resins Market
Market Introduction
South America includes Brazil, Argentina, and the Rest of SAM. There is a surge in various infrastructure projects to meet the rapidly growing demand for public and private infrastructures, such as ports, roads, telecommunications, and airports, which is anticipated to create lucrative opportunities for the hydrocarbon resins market in the region. Moreover, growth in the paints & coatings industry in the region is the other factor anticipated to bolster the demand for hydrocarbon resins. As per a recent study by the United Nation's Economic Commission for Latin America and the Caribbean (Eclac), Latin America was hit hard as any other region globally in 2020, during which the region suffered a 7.7% squeeze in economic activity. Despite this enormous setback, recovering sales growth has shifted toward more DIY architectural segment customers and away from public projects involving industrial paints & coatings. Besides, according to Abrafati, in 2020, architectural paint and coatings sales in Brazil were up 5.1% to 1.4 billion liters. Following its optimum performance for 2020, the coatings sector in the country is expected to see paint sales rise at a similar rate to the country's GDP, which, by current projections, could mean growth of 3.5% or more.
Brazil has been ranked to be the third-most affected economy due to the COVID-19 pandemic globally. In South America, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, Chile, among others. The governments in South America have taken an array of actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. This may have an impact on the growth of the hydrocarbon resins market. The hydrocarbon resins market has faced challenges due to reduced demand from various end-use industries. However, the business activities are expected to gradually recover in the coming months as the governments from the region continue to push forward their reopening plan to kick start the economy.
Market Overview and Dynamics
The hydrocarbon resins market in South America is expected to grow US$ 39.87 million in 2021 to US$ 53.42 million by 2028; it is estimated to grow at a CAGR of 4.3% 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 South 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.; and Arakawa Chemical Industries, Ltd. among others.
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South America Hydrocarbon Resins Market Segmentation
South America Hydrocarbon Resins Market – By
Type
South America Hydrocarbon Resins Market – By Application
South America Hydrocarbon Resins Market – By
Country
South America Hydrocarbon Resins Market – Companies Mentioned
Strategic insights for the South 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$ 39.87 Million |
| Market Size by 2028 | US$ 53.42 Million |
| Global CAGR (2021 - 2028) | 4.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South 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 South America Hydrocarbon Resins Market is valued at US$ 39.87 Million in 2021, it is projected to reach US$ 53.42 Million by 2028.
As per our report South America Hydrocarbon Resins Market, the market size is valued at US$ 39.87 Million in 2021, projecting it to reach US$ 53.42 Million by 2028. This translates to a CAGR of approximately 4.3% during the forecast period.
The South 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 South America Hydrocarbon Resins Market report:
The South America Hydrocarbon Resins Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Hydrocarbon Resins Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Hydrocarbon Resins Market value chain can benefit from the information contained in a comprehensive market report.
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