Newark, Dec. 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global aromatic hydrocarbon resin market is expected to grow from USD 372.66 million in 2022 to USD 655.19 million by 2030, at a CAGR of 7.31% during the forecast period 2022-2030.
The paint and coating market is growing, especially in the commercial sector. Also, governments worldwide are investing in public infrastructure projects, and there is a surge in construction activities. It has also been observed that there is rapid urbanization and industrialization is happening in emerging economies like India, China, and Southeast Asia. All these factors are propelling the growth of the market. However, the fluctuation in the price of raw materials impacts the industry and its strategy as the unstable price of the raw material impacts the operation of the organization involved in producing aromatic hydrocarbon resins. The raw materials used are petroleum-based feedstocks, and hence they are price sensitive. This certainly is affecting the price of the finished products. Also, it has been observed that some of the C9 capacities are getting converted to Hydrogenated hydrocarbon resins production, and many facilities are getting shut down due to stricter regulations. All these factors are acting as a restraint on the growth of the market.
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Competitive Strategy
To enhance their market position in the global aromatic hydrocarbon resin market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For example, in April 2022, Synthomer plc acquired the adhesive resins business of Eastman Chemical Company, including pure monomer resins, hydrocarbon resins, polyolefin polymers, fatty-acid-based resins and others product lines. This has led Synthomer to form new Adhesive Technologies Division which produces and markets tackifying resins and additives for adhesive products having a robust focus on the end-user market like packaging, hygiene and high-performance tire additives.
Market Growth & Trends
C9 petroleum resin is manufactured using the process of thermal polymerization, fractionation, flash evaporation, and molding with C9 as the raw material from ethylene fragmentation. It has fine gloss, transparency, insulation, compatibility, excellent solubility, stability towards acid-based chemicals, good bonding, and good thermal conductivity. Aromatic hydrocarbon resin has broad applications. For instance, paints generally utilise C9 hydrocarbon resin having high softening points. The addition of C9 hydrocarbon resin can increase the final finishing of paints and paint films' adhesiveness & hardness. It increases the resistance to alkaline and acid elements. Rubbers also utilise C9 hydrocarbon resin having low softening points. These resins have excellent mutual solubilities with natural rubber particles, and there is no impact of sulphurization of rubber. These resins have good adhesiveness and hence improve the adhesiveness of adhesives and resistance to alkaline, acid and water. Consequently, this helps reduce production costs. Moreover, C9 hydrocarbon resin with a high softening point is utilised for printing inks as it helps increase printing properties like color spreading and the fast dry and brightening effects that the resins offer.
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Key Findings
- In 2022, the paint segment dominated the market with the largest market share of 39.19% and market revenue of 146.06 million.
The application segment is divided into paint, rubber, adhesive & sealant, printing ink and others. In 2022, the paint segment dominated the market with the largest market share of 39.19% and market revenue of 146.06 million. It is broadly utilised in alkyd coating and marine paint. It can improve the adhesive power, glossiness, hardness, resistance of acid and alkali.
- In 2022, the thermal polymerization segment dominated the market with the largest market share of 60.51% and market revenue of 225.50 million.
The type segment is divided into thermal polymerization method and catalytic polymerization method. In 2022, the thermal polymerization segment dominated the market with the largest market share of 60.51% and market revenue of 225.50 million. An aromatic hydrocarbon has a chemical stabilizing property to adjust viscosity, acid, alkaline, and thermal stabilizing. Generally, these resins have to be used with other kinds of resins like promoters, adjusting agents, and modifiers and are not used independently.
Regional Segment Analysis of the Aromatic Hydrocarbon Resin 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)
The Asia Pacific region occurred as the largest market for the global aromatic hydrocarbon resin industry, with a market share of 37.71% and a market value of around 140.53 million in 2022. Asia Pacific has the highest market share due to the rapid development in the emerging economies of the region, high demand from the end-user industry products, and availability of many automotive and construction businesses in the region. North America is having the second highest market share in the Aromatic hydrocarbon resin market. C9 is broadly utilised in the runner industry because of its mutual solubility with natural rubber particles. Due to its unsaturation properties, it has its application as a paper-glutting agent.
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Key players operating in the global aromatic hydrocarbon resin market are:
- Resinall Corp. (Subsidiary of Ergon Chemicals, LLC)
- Shandong Qilong Chemical Co., Ltd
- Puyang Changyu Petroleum Resins Co., Ltd
- Henan G&D Chemical Products Co., Ltd
- Neville Chemical Company
- Mitsui Chemicals, Inc
- United Performance Materials Corporation (UPM)
- Puyang Shenghong Chemical Co., Ltd
- Henghe Materials & Science Technology Co., Ltd
- Rain Carbon Inc. (Subsidiary of Rain Carbon Inc.
- Daqing Huake Co., Ltd
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global aromatic hydrocarbon resin market based on below mentioned segments:
Global Aromatic Hydrocarbon Resin Market by Application:
- Paint
- Rubber
- Adhesive & Sealant
- Printing Ink
- Others
Global Aromatic Hydrocarbon Resin Market by Type:
- Thermal Polymerization Method
- Catalytic Polymerization Method
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About the report:
The global aromatic hydrocarbon resin market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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