Global Hydrocarbon Resins Market Insights Forecasts to 2033

• The Global Hydrocarbon Resins Market Size was Valued at USD 1.87 Billion in 2023
• The Market Size is Growing at a CAGR of 6.86% from 2023 to 2033
• The Worldwide Hydrocarbon Resins Market Size is Expected to Reach USD 3.63 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Hydrocarbon Resins Market Size is Anticipated to Exceed USD 3.63 Billion by 2033, Growing at a CAGR of 6.86% from 2023 to 2033.

Market Overview

Hydrocarbon resins are unstructured thermoplastic polymers formed by the polymerization of unsaturated hydrocarbons. They can be hydrogenated to change their color and increase their thermal stability. The global hydrocarbon resins market is divided into four types: C5, C9, C5/C9, and others. C5 resins are available in a variety of softening points and molecular weights. These resins have outstanding adhesive, binding, and heat qualities, making them extensively used in a variety of industrial applications. They are classically created by polymerizing aliphatic or aromatic hydrocarbons, resulting in a wide range of molecular weights and compositions suitable for specialized purposes. Hydrocarbon resins are widely cast off in adhesives, coatings, inks, rubber compounding, and other sectors because of their potential to enhance product performance and processability. Additionally, hydrocarbon resin has non-hazardous qualities, which allow for safe storage in cold atmospheres without creating any dangers. This feature considerably lowers production costs and delivery times, making them more appealing than other resin options on the market. As a result, these factors are driving the growth of the hydrocarbon resin market.

Report Coverage

This research report categorizes the market for the global hydrocarbon resins market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global hydrocarbon resins market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global hydrocarbon resins market.

Driving Factors

The wide utilization of hydrocarbon resins in the manufacture of coatings, rubbers, adhesives, and printing inks is serving to drive the profitable growth of the global hydrocarbon resins market. Additionally, hydrocarbon resins are used to compound rubber and tires. The growing automotive sector in numerous countries around the world is increasing demand for tires, which will drive the hydrocarbon resins market over the forecast period. Furthermore, the increase in the paints and coatings industry is expected to drive hydrocarbon resin market growth in the near future. The coatings industry in the United States, Western Europe, and Japan is mature, reflecting the overall health of the economy, particularly in housing, construction, and transportation. Due to these factors, the global hydrocarbon resins market is expanding rapidly.

Restraining Factors

Hydrocarbons are derived from petroleum products and are not easily biodegradable. When inhaled, hydrocarbons produce gasses that harm the lungs and cause coughing, choking, and neurological problems. When ingested, these cause gastrointestinal irritation and diarrhea, as well as environmental pollution. All of these factors are expected to impede the global hydrocarbon resins market growth.

Market Segmentation

The global hydrocarbon resins market share is classified into type and application.

• The C5/C9 resins segment is expected to hold the largest share of the global hydrocarbon resins market during the forecast period.   

Based on the type, the global hydrocarbon resins market is divided into DCPD, C5 petroleum resins, C9 petroleum resins, C5/C9 resins, and others. Among these, the C5/C9 resins segment is expected to hold the largest share of the global hydrocarbon resins market during the forecast period. C5/C9 resins are widely used in adhesives as tackifiers, improving the adhesion properties of the formulations. They are also used in road marking paints, tire compounding, hot melt adhesives, and other applications. The C5/C9 resins segment's dominance in the hydrocarbon resins market is due to its broad application scope.

• The adhesives and sealants segment is expected to grow at the fastest CAGR in the global hydrocarbon resins market during the forecast period.   

Based on the application, the global hydrocarbon resins market is divided into paints & coatings, adhesives and sealants, printing inks, and others. Among these, the adhesives and sealants segment is expected to grow at the fastest CAGR in the global hydrocarbon resins market during the forecast period. The use of hydrocarbon resin in adhesives increases adhesive strength, water resistance, acid resistance, and alkali resistance. Hydrocarbon resin is primarily used as a tackifier in adhesives, specifically hot melts. The increasing demand for adhesives in construction and other applications will provide additional growth opportunities for the adhesives and sealants segment in the global hydrocarbon resins market.

Regional Segment Analysis of the Global Hydrocarbon Resins Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global hydrocarbon resins market over the predicted timeframe.

North America is anticipated to hold the largest share of the global hydrocarbon resins market over the predicted timeframe. This growth can be attributed to a variety of factors, including increased demand in industries such as adhesives, coatings, and printing inks. This growth has been fueled further by the region's thriving manufacturing sector, as well as technological and resin formulation advancements. Furthermore, the growing emphasis on sustainability and environmental regulations has encouraged the use of hydrocarbon resins as eco-friendly alternatives to traditional petroleum-based products. North America, particularly the United States and Canada, has significant hydrocarbon reserves, which include oil and natural gas. The exploitation of shale formations, such as the Bakken and Eagle Ford Formations, has helped to increase the region's hydrocarbon reserves.

Asia Pacific is expected to grow at the fastest pace in the global hydrocarbon resins market during the forecast period. This is the result of rapid industrialization and urbanization in countries such as China, India, and Southeast Asian nations. The growing automotive and construction industries have increased demand for these resins in coatings and adhesives for a variety of manufacturing applications. Furthermore, favorable government policies promoting infrastructure development and foreign investment have contributed to the market's upward trend. Furthermore, economic development in various countries in the region, such as Vietnam, India, Indonesia, and South Korea, is expected to boost regional market growth. Rising infrastructural development, supported by government policies to improve the damaged construction sectors, is expected to boost market growth. The increased use of hydrocarbon resins in rubber and other adhesives is expected to drive market growth. Furthermore, the use of road asphalt in increasing road construction and traffic is expected to drive market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global hydrocarbon resins market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Kolon Industries Inc.
• EXXON MOBIL CORPORATION
• Puyang Tiancheng Chemical Co., Ltd.
• Shandong Landun Petroleum Resin Co., Ltd.
• Lesco Chemical Limited
• Shanghai Jinsen Hydrocarbon Resins Co., Ltd
• Eastman Chemical Company
• Arakawa Chemical Industries, Ltd.
• Henan Anglxxon Chemical Co., Ltd.
• Neville Chemical Company
• RESIN CHEMICALS CO., LTD
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In February 2024, EnLink Midstream worked with ExxonMobil to identify additional CCS opportunities along the Gulf Coast. The initiative aims to expand beyond the southeast Louisiana Mississippi River Corridor to several other areas, addressing one of the highest concentrations of industrial CO2 emissions in the United States.  

• In March 2022, Eastman Chemical Company officially sold its adhesive resins business, which includes hydrocarbon resins such as Eastman Impera tire resins, pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid-based resin product lines. These components were previously part of Eastman's Additives and Functional Products segment. Synthomer plc is the acquiring company.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hydrocarbon resins market based on the below-mentioned segments: 

Global Hydrocarbon Resins Market, By Type

• DCPD
• C5 Petroleum Resins
• C9 Petroleum Resins
• C5/C9 Resins
• Others

Global Hydrocarbon Resins Market, By Application

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

Global Hydrocarbon Resins Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa