Hydrocarbon Resin Market

Hydrocarbon Resin Market Outlook (2024 to 2034)

Forecasted to expand at a CAGR of 6.6%, the global hydrocarbon resin market is projected to increase from a size of US$ 1.55 billion in 2024 to US$ 2.93 billion by the end of 2034.

Demand for hydrocarbon resins is on the rise in the chemical industry due to their attributes such as color stability and volatility. A hydrocarbon resin, categorized as an aromatic hydrocarbon, exerts a tackifying effect and finds utility in paints, printing ink, and rubbers.

Also referred to as petroleum resins, hydrocarbon resins are amorphous thermoplastic polymers derived from the polymerization of unsaturated hydrocarbons. These resins typically exhibit high glass transition temperatures, thereby facilitating enhancements in compound viscosity and mold flow. They solidify at ambient temperatures, thus ensuring the maintenance of compound hardness. These characteristics play a pivotal role in industrial applications, driving their popularity and augmenting market conditions.

Hydrocarbon resins enhance paint gloss, film adhesion, hardness, acid, and alkali resistance. In addition, they possess non-hazardous properties, enabling safe storage in cold environments without posing risks. This attribute significantly diminishes production costs and delivery timelines, rendering them more appealing than other resin alternatives in the market. Consequently, these factors are contributing to the expansion of the hydrocarbon resin market size.

Key Market Growth Drivers

• In paints, hydrocarbon resins are used primarily to enhance final finishing while improving the adhesiveness of film coats. Moreover, they are highly resistant to acids and alkalis, offering safe wall paint with no risk of acidic reactions, which contributes to their popularity in the paint industry.
• Hydrocarbon resins are utilized as additives in coatings, playing an important role in protecting the surfaces of various materials. These coatings enhance the lifespan of materials, making hydrocarbon resins a significant component for industry players.
• Among all the hydrocarbon resins, aliphatic C5 has been employed in car tires, pressure-sensitive adhesive tapes, and rubber agents due to their exceptional properties, including low acid value and low molecular weight.
• C9 resins can be employed in other uses such as plasticizers, sealants, caulks, and synthetic lubricants, opening new market opportunities for suppliers to expand their presence.
• In the ink industry, C9 resins are used in various printing processes such as flexography, gravure, and screen printing. They help improve ink adhesion, color intensity, gloss, and drying properties, along with good printability on different substrates, making hydrocarbons a perfect choice among available alternatives.
• Besides these uses, hydrocarbon resins are frequently used in construction activities as a concrete-curing compound due to their excellent properties of tackiness and adhesion, which is boosting the overall sales of hydrocarbon resins in various countries.

Report Attribute	Detail
Hydrocarbon Resin Market Size (2024E)	US$ 1.55 Billion
Forecasted Market Value (2034F)	US$ 2.93 Billion
Global Market Growth Rate (2024 to 2034)	6.6% CAGR
Canada Market Growth Rate (2024 to 2034)	7.1% CAGR
China Market Value (2034F)	US$ 617.6 Million
North America Market Share (2024E)	28.6%
East Asia Market Share (2034F)	38.4%
Key Companies Profiled	Total Cray Valley; Eastman Chemical Company; ExxonMobil; Arakawa Chemical; Kolon Industries; Lesco Chemical; Puyang Ruisen Petroleum Resins; Zeon Corporation.

Which Hydrocarbon Resin Market Trends are Helping Manufacturers Increase Their Profit Margins?

“Focus on Investments in Chemically Modified Hydrocarbon Resins and PV Cell Cost Reduction”

High-quality and durable component materials are indispensable for photovoltaic (PV) modules to operate reliably for over twenty years while reducing the cost of solar cells. As a result, ongoing research has focused on developing an adhesion-enhanced PV encapsulant material to replace the traditional EVA commonly used for crystalline silicon-based solar cells. Several vendors have invested in the development and fabrication of a chemically modified hydrocarbon resin (m-HCR) incorporating γ-methacryloxypropyl trimethoxy silane (MTS) to enhance tackiness and adhesion to glass substrates.

A polyolefin encapsulant material suitable for solar modules was successfully created by blending polyolefin elastomer (POE) with chemically modified hydrocarbon resin (m-HCR), synthesized through a radical reaction of MTS with HCR. This chemically modified hydrocarbon has paved new pathways and yielded fruitful results over the years. Major players in the solar industry have increased their investments in modified hydrocarbon resins, significantly boosting the sales of HCR and creating more favorable market conditions for profitability.

“Extensive Use of Hydrocarbon Resins in Aircraft Tires to Improve Takeoff and Landing”

Aircraft tires serve critical roles across three stages: taxiing, takeoff, and landing. During taxiing, the tire temperature remains relatively low due to the limited speed. However, the tread temperature experiences a significant rise during takeoff and landing, attributed to the high-speed friction between the tire and the runway.

Oligomeric hydrocarbon resins play a pivotal role in rubber manufacturing, functioning as processing aids, tackifiers, curing agents, and reinforcing materials. The incorporation of TP (terpene phenol resin) and hydrocarbon C9 resins into an NR/BR blend demonstrates the capability to notably enhance the ICT (ice traction) and WSR (wet skid resistance) of aviation tires.

Resins find extensive application in tire manufacturing, particularly in passenger car tires (PCT), aimed at enhancing viscoelastic properties. The utilization of resins in Silica (SI)-filled PCT enhances traction, handling, tread wear, and rolling resistance. Understanding the diverse impacts of various resin types on the viscoelastic characteristics of rubbers is crucial for tailoring tire attributes.

With an increasing number of individuals opting for air travel, there's a growing global demand for aircraft. This surge in demand necessitates a corresponding increase in the production of aircraft tires, driving up the demand for hydrocarbon resins essential for HCR production.

What are the Hindrances to Hydrocarbon Resin Market Growth?

“Variable Costs of Petroleum-based Raw Materials and Preference for Synthetic Polymers”

Fluctuating prices of crude oil impact sales of hydrocarbon resins derived from petrochemical feedstocks, consequently narrowing manufacturers' profit margins. In certain scenarios, hydrocarbon resins may be substituted with synthetic polymers or alternative resin forms that offer comparable or superior performance. The material choices made by producers and consumers can exert an influence on the hydrocarbon resins industry.

These factors are expected to impact profits and potentially diminish them. End users may opt for substitutes based on prevailing conditions and pricing, potentially reducing market opportunities for players in the hydrocarbon resin market.

Country-wise Evaluation

In the North American region, the Canadian market is expected to lead and become a profitable marketplace. The market in Canada is projected to expand at a CAGR of 7.1% from 2024 to 2034. The country is forecast to occupy a hydrocarbon resin market share of 16.8% in North America by 2034.

Which Industry Extensively Utilizes Hydrocarbon Resins in the United States?

“Widespread Use of Hydrocarbon Resins in Automotive Industry”

Attribute	United States
Market Value (2024E)	US$ 317.6 Million
Growth Rate (2024 to 2034)	7.1% CAGR
Projected Value (2034F)	US$ 627.7 Million

Due to their superior temperature and abrasion resistance, aromatic hydrocarbon resins find extensive use in the automobile industry for paints, coatings, and hot melt adhesives. The surge in demand for both passenger and commercial vehicles in the United States, coupled with favorable government policies promoting industry investments, has led to the growth of the automotive industry in the country.

Increase in vehicle production has led to an increased demand for petroleum resin, as well as heightened utilization of paints, coatings, and adhesive applications. Collectively, these factors serve as driving forces behind the growth of the market in the United States.

Why Do Suppliers See Lucrative Business Prospects China?

“Increase in Property Investments and Automobile Purchases”

Attribute	China
Market Value (2024E)	US$ 321.7 Million
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 617.6 Million

The rise in urbanization has brought about a shift in lifestyles globally, including in China, where demands and necessities have escalated, aiming for a fulfilling life. As a result, there has been a surge in property investments, automobile purchases, furnishings, and travel. Urbanization is projected to drive the growth of the construction sector. With a growing inclination towards luxury and increased spending, there has been a boom in vehicle sales, luxurious residences, and products, a trend likely to persist.

Category-wise Insights

Based on application, the paints and coatings segment is forecasted to expand at a CAGR of 6.6% from 2024 to 2034.

Which Specific Properties of Hydrocarbon Resins are Crucial for Use in Adhesives and Sealants?

“Tackifying Property of Hydrocarbon Resins Enhancing Adhesion Characteristics”

Attribute	Adhesives & Sealants
Segment Value (2024E)	US$ 447.6 Million
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 854 Million

Primary reason for hydrocarbon resins to be used in the adhesive and sealant industry is their tackifying property. They improve hot tack, wetting characteristics, and open time as well as adhesion. All these factors have steadily boosted the usage of hydrocarbon resins in the sealant industry, consequently increasing the sales of hydrocarbon resins.

Business Competition

The global hydrocarbon resin market is somewhat fragmented, with various global, medium-sized, and small-scale firms engaging in it. The market is very competitive due to the existence of a large number of regional and local companies.

Key players in the hydrocarbon resin industry are Eastman Chemical Company, ExxonMobil Corporation, Total SA (Cray Valley), KOLON Industries Inc., Lesco Chemical Limited, ZEON CORPORATION, and Arakawa Chemical Industries Ltd.

Fact.MR provides detailed information about the price points of key manufacturers of hydrocarbon resins positioned across the world, sales growth, production capacity, and speculative technological expansion, in its new market report.

Key Segments of Hydrocarbon Resin Market Research

• By Type :

  • C5 Resins
  • C9 Resins
  • Pure Monomers
  • C5/C9 Resins
  • DCPD
  • Others

• By Application :

  • Adhesives & Sealants
  • Printing Inks
  • Paints & Coatings
  • Others

• By Region :

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa