Hydrocarbon resins are defined as glass-like oligomers, which are produced by polymerization of by-product streams such as aliphatic (C5), aromatic (C9), DCPD (dicyclopentadiene), which derives mostly from the cracking of petroleum hydrocarbons for the production of ethylene. These hydrocarbon resins can be later hydrogenated to improve color, odor, and stability as well as modifying compatibility. These are brittle or gummy materials prepared by the polymerization of several unsaturated constituents of coal tar, rosin, or petroleum. These are inexpensive and have wide applications such as in rubber and asphalt formulations and in coating and caulking compositions. Properties such as high thermal stability, light color, polymer compatibility, low odor, and excellent cold resistance also make them ideal for a wide range of end-use applications.
Increasing usage of hydrocarbon resins in building and construction is a major driver augmenting the hydrocarbon resins market. Rising demand for hydrocarbon resins in printing inks, sealants, paints, specialty tapes, repositionable tapes, packaging tapes, and permanent labels is propelling the hydrocarbon resins market. Increasing demand for hydrocarbon resins in adhesives due to their properties such as good adhesion, improved adhesive bond strength, acid resistance, alkali resistance, and water resistance along with the increasing usage in book binding end-use industries are propelling the hydrocarbon resins market during the forecast period. Increasing regulations on a global level and constant changes as well as increasing shifts toward environment and sustainability trends throughout the value chain are some factors hampering the hydrocarbon resins market.
The global hydrocarbon resins market is segmented based on type, applications, end-use industry, and geography.
Based on type, the global hydrocarbon resins market is segmented into C5 Petroleum resins, C9 Petroleum resins, C5/C9 petroleum resins, and hydrogenated hydrocarbon resins.
In terms of applications, the global hydrocarbon resins market is segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others.
Based on end-use industry, the global hydrocarbon resins market is segregated into building & construction, personal hygiene, tires, automotive, and others.
In terms of geography, the global hydrocarbon resin market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa.
In Asia Pacific countries such as China, India, and Japan are witnessing rapid expansion of the hydrocarbon resins market due to the increase in building and construction in the region. Additionally, rising demand for vehicles due to the increasing production of passenger cars, light commercial vehicles, and heavy commercial vehicles is boosting the hydrocarbon resins market in Asia Pacific nations. Europe follows Asia Pacific in terms of expansion of the hydrocarbon resin market due to the presence of major automotive companies in the region.
Key players operating in the global hydrocarbon resins market include Eastman Chemical Company, ExxonMobil Corporation, Shandong Landun Petroleum Resin Co., Ltd., Puyang Tiacheng Chemical Co., Ltd., and Shanghai Jinsen Hydrocarbon Resins Co., Limited.