The hydrocarbon resins market was valued at US$ 1,921. 30 million in 2021 and is projected to reach US$ 2,730. 83 million by 2028; it is expected to grow at a CAGR of 5. 2% from 2021 to 2028.
New York, June 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrocarbon Resins Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application" - https://www.reportlinker.com/p06232561/?utm_source=GNW
Hydrocarbon resins are made from petroleum-based feedstock.They are highly versatile products used in various applications, including adhesives and sealants, printing inks, rubber compounding, paints and coatings, and tapes and labels.
Hydrocarbon resins have good adhesion. Hydrocarbon resins are used in rubber formulations to improve tack.
Based on application, the global hydrocarbon resins market has been segmented into adhesives and sealants, printing inks, rubber compounding, paints and coatings, tapes and labels, and others.The adhesives and sealants segment held the largest share of the global hydrocarbon resins market in 2020.
The use of hydrocarbon resin in adhesives improves adhesive strength, water resistance, acid resistance, and alkali resistance.Hydrocarbon resin is mainly used as a tackifier in adhesives, particularly in hot melts.
The growing demand for adhesives in construction and other applications will offer more growth opportunities for the market.
In 2020, Asia Pacific held the largest revenue share of the global hydrocarbon resins market.The growing building and construction industry in the region strongly contributes to the market’s growth.
Moreover, various countries in the region have adopted policies to embrace foreign direct investment in automotive and construction sectors, leading to various companies choosing the 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 key players operating in the global hydrocarbon resins market include 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.; RESIN CHEMICALS CO., LTD; and Neville Chemical Company. Players operating in the market are highly focused on developing high-quality and innovative product offerings to fulfill the customer’s requirements.
The overall size of the hydrocarbon resins market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the hydrocarbon resins market.
Read the full report: https://www.reportlinker.com/p06232561/?utm_source=GNW
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