Hydrogenation Petroleum Resin Market is Estimated to Grow at a CAGR of 6.5% from 2022 to 2028
As stated in our extensive report; the Global Hydrogenation Petroleum Resin Market accounted for USD 1.4 Billion in 2021.
The Hydrogenation Petroleum Resin Market is to ascend rapidly in the estimated period as there is an increase in construction spending brought on by population expansion, urbanization, and government infrastructure programs. Hydrogenation Petroleum Resin will continue to be in high demand due to its wide range of uses in products like contact adhesives, hot melt adhesives, footwear and leather, wax modification, and rubber and plastic modification. Its advantages include excellent thermal stability, tack ability, peeling strength, and heat resistance. The demand for Hydrogenation Petroleum Resin is expected to increase over the next several years due to sustained industrialization and growing foreign investment in the packaging, paints & coatings industries.
Factors Influencing Global Hydrogenation Petroleum Resin Market Growth
The growth of the Global Hydrogenation Petroleum Resin Market can be attributable to the following:
- Expansion in the consumption of petroleum resins in tapes, synthetic rubber, paints & coatings, and labels drive the Global Hydrogenation Petroleum Resin Market growth.
- The demand for hydrocarbon resins in adhesives is much elevated in the construction industry, as adhesives can be used in hot melt, pressure sensitive, floor and carpet backing, and construction applications. As a result, the adhesive market segment contributes to market growth.
- Another aspect driving this market’s expansion is encouraging the growing use of hydrocarbon resins in the building and construction industry.
- This industry would grow because of the rapid development of natural resources, hospitals, energy, transportation, and social infrastructure.
- The increasing usage of C5 resins in the tire, building & construction, and automotive industries will likely fuel the market demand.
- The change in customer and regulatory needs is enhancing the requirement for hydrocarbon resins, another vital factor fuelling the growth of Hydrogenation Petroleum Resin Market.
Asia Pacific region Dominates the Global Market
Geographically, Asia Pacific holds the largest market share in the Hydrogenation Petroleum Resin Market and is expected to continue this trend in the coming years. In developing countries like China and India, rising consumer awareness of newborn baby care products is anticipated to be a significant development driver for Hydrogenation Petroleum Resin throughout the forecast period. Petroleum resins are used as binder resins and offer several advantages, including quick drying, resistance to alkalis, and abrasion resistance. In addition, the chemical also boosts adhesion, hardness, and acid and alkali resistance while enhancing paint gloss. Also, the government of India’s “Make in India” initiative and favorable FDI regulations will provide growth prospects for the market.
The growing consumption of paints and coatings in the Hydrogenation Petroleum Resin Market and the expanding use of the petroleum resin market to produce hot-melt adhesives have positively impacted the overall Hydrogenation Petroleum Resin Market.
The well-known players of the Global Hydrogenation Petroleum Resin Market include ExxonMobil (US), Kolon Industries (South Korea), Eastman Chemical Company (US), Formosan Union Chemical Corp (Taiwan), Arakawa Chemical Industries Ltd. (Japan), Idemitsu Kosan (Japan), China Petroleum Lanzhou Chemical (China), Heyun Group (China), Hebei Qiming (China), Zhejiang Henghe (China) and others.